Two-time former state chess champion Karun Duggal has served the All India Chess Federation (AICF) with a legal notice demanding Rs 1 crore in compensation for the removal of his Elo rating and a ban in 2010. Duggal claims the ban was due to his participation in a tournament organized by a rival federation, the Chess Association of India (CAI). He argues that the AICF’s actions were unjustified and cost him valuable playing time.
Tesla shareholders will decide on Elon Musk’s massive $56 billion compensation plan on June 13th. Tesla Chair Robyn Denholm emphasizes Musk’s unique role and the company’s exceptional nature, while former audit committee chair Steve Westly voices opposition due to financial concerns. Despite resistance, early voting indicates strong shareholder support for the package. Denholm’s letter highlights Musk’s potential departure if incentives are not adequate, emphasizing the importance of retaining exceptional talent while safeguarding shareholder interests.
A day after the tragic TRP game zone fire incident in Rajkot, the police have arrested the entertainment facility’s manager, Nitin Jain, and Yuvrajsinh Solanki, a partner in Raceway Enterprise, which operated the game zone. The police have also registered an FIR against several individuals, including the proprietors of Dhaval Corporation and Raceway Enterprise, for culpable homicide not amounting to murder, attempt to commit culpable homicide, causing hurt by an act that endangers life, and causing grievous hurt by an act that endangers life. The accused did not have proper firefighting equipment and had not obtained the local fire department’s no-objection certificate. The probe has been handed over to the crime branch and a Special Investigation Team (SIT) of the Rajkot police. The Gujarat government has also formed a five-member SIT to probe the incident.
Compensation: State Chief Minister Bhupendra Patel announced an ex gratia of 4 lakh to the kin of each of the deceased and 50,000 to each injured. Prime Minister Narendra Modi announced an ex-gratia of 2 lakh from the PM’s National Relief Fund for the next of kin of each deceased.
Nvidia CEO Jensen Huang’s compensation surged 60% to $34.2 million in the fiscal year, driven by the strong demand for the company’s AI chips.
Swiggy, a popular food delivery app, has been penalized for failing to deliver an ice cream order worth 187 rupees. The incident occurred in January 2023 when a customer placed an order for an ‘Nutty Death by Chocolate’ ice cream. The customer alleged that the order was picked up by the delivery agent but never reached her, despite the app showing it as delivered. After failing to receive a refund from Swiggy’s customer care, the customer filed a complaint with the Bengaluru Consumer Court.
Tesla shareholders are once again being asked to approve Elon Musk’s extraordinary compensation package, worth roughly $47 billion. This request comes at a time when the company’s share price has been down significantly, profits have declined, and Tesla has announced layoffs. As Tesla becomes a large, multinational corporation, the debate over Musk’s pay raises fundamental questions about the nature of startups and the role of a single individual in leading a company of this magnitude.
Despite a slight improvement in its first-quarter financial report, Boeing continues to grapple with ongoing safety concerns and production issues, resulting in a pushback in its financial recovery and a $443 million compensation to airline customers. The company reported a core operating loss of $388 million, an improvement compared to the previous year’s loss, but revenue tumbled by 8% to $16.6 billion due to a sharp drop in jet deliveries. While Boeing is taking steps to address quality issues, anticipated fixes will cause additional losses and missed delivery targets, further impacting its financials. The incident involving an Alaska Airlines flight, where a door plug blew off, has sparked investigations and highlighted concerns about Boeing’s aircraft safety and quality, leading to compensation agreements with affected airlines. Shares of Boeing dropped 3% in afternoon trading following the earnings call, despite early gains. The company’s outlook remains uncertain, with Moody’s downgrading its credit rating and projecting headwinds for commercial airplanes persisting until at least 2026.
Ari Emanuel, CEO of TKO Group Holdings, the parent company of UFC and WWE, received a compensation package of approximately $65 million in 2023. This includes a base salary of $911,538, a $24 million cash bonus, and stock awards worth $40 million. The compensation also includes stock grants worth $40 million that will vest over four years and is related to the UFC-WWE merger closed in September 2023.
Among other TKO executives, WWE president Nick Khan had a compensation package worth $32 million in 2023. Former WWE CEO Vince McMahon, who resigned earlier this year, earned a salary of $369,231.
Endeavor, which owns TKO Group, is going private with private-equity firm Silver Lake, giving the company an equity value of $13 billion. Emanuel is expected to receive a $25 million transaction bonus and quarterly royalty payments from WME as part of this deal.
Ryanair is taking legal action against air traffic control body Nats after severe disruption last summer affected over 700,000 passengers. The incident occurred on August 28, 2022, when a technical glitch at Nats grounded flights at UK airports. An inquiry into the incident revealed a lack of multi-agency preparation for such a large-scale disruption. Ryanair CEO Michael O’Leary stated that the airline aims to recover compensation costs from Nats, criticizing the organization’s performance and calling for the resignation of its chief executive. Nats has acknowledged receiving legal proceedings over the Ryanair claim. Additionally, aviation organizations will conduct an industry-wide rehearsal of major flight disruption scenarios in response to the August incident.
The Bombay High Court has directed the Brihanmumbai Municipal Corporation (BMC) to provide a special compensation of Rs 10 lakh to the parents of two children who drowned in an open water tank at Maharshi Karve Garden in Wadala on March 18. The parents, who were living on a footpath outside St Joseph’s High School, have expressed their intention to relocate to Baroda, Gujarat, once they receive the compensation. The BMC has also demolished illegal hutments in the area where the family was residing.
