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The ongoing issue involving Supreme Infrastructure India Limited (<keyword id="23294280" type="General" weightage="20" keywordseo="SIIL" source="keywords">SIIL</keyword>) and the State Bank of India (<keyword id="19898108" type="General" weightage="100" keywordseo="SBI" source="keywords">SBI</keyword>) has become a focal point in India’s financial and political landscape. It concerns SIIL’s default on significant loans and SBI’s decision to convert this debt into equity, raising concerns about the precedent it may set for future debt resolutions in India. <h2>SIIL's financial troubles</h2>SIIL, a construction and infrastructure company, was once engaged in large-scale projects such as roads and bridges across India. Over the years, however, the company faced severe financial troubles due to project delays and insufficient revenues. As SIIL’s cash flow problems worsened, it struggled to repay its loans, leading to the company’s default. The State Bank of India (SBI), being SIIL’s largest lender, found itself at the centre of this financial turmoil, as SIIL declared bankruptcy. In response, SBI decided to take an unusual step to recover its dues. <h2>SBI's debt-to-equity conversion decision</h2>In a surprising move, SBI converted its outstanding debt into equity in SIIL. This means that instead of pursuing traditional recovery methods or selling off assets, SBI has now become an equity stakeholder in SIIL, shifting from being its primary lender to part-owner. The controversial decision also involved other lenders who agreed to take a 93.45% “haircut” on the debt, which indicates that they are recovering only a fraction of the original loans extended to SIIL. <h2>Criticism and concerns</h2>The decision has drawn sharp criticism, particularly from political circles. <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> leader Jairam Ramesh, through a post on the social media platform X (formerly Twitter), criticised SBI’s approach and raised several concerns. He highlighted that SBI’s decision to become an equity stakeholder in a company that declared bankruptcy could set a "dangerous precedent in India’s <keyword id="20575563" type="General" weightage="20" keywordseo="corporate-debt" source="keywords">corporate debt</keyword> landscape". "This arrangement creates a dangerous precedent in India's corporate debt landscape — it encourages other defaulting companies to seek similar deals, where they can retain control and value even after significant defaults," Ramesh noted. <div type="Article" hostid="261" msid="112987756" title="Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit" mstype="2" mssubtype="0"></div>His concerns extend to how this move might affect the <keyword id="20158086" type="General" weightage="20" keywordseo="Insolvency-and-Bankruptcy-Code" source="keywords">Insolvency and Bankruptcy Code</keyword> (IBC) and India’s overall framework for handling distressed companies. By converting <keyword id="22921090" type="General" weightage="20" keywordseo="debt-to-equity" source="keywords">debt to equity</keyword>, SBI could be seen as aligning itself with the interests of the defaulting borrower (SIIL) rather than prioritising the recovery of public funds, which are at stake in cases involving <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> like SBI. “The SBI appears to be aligning itself with the interests of the defaulting borrower (SIIL) rather than prioritising the recovery of public funds,” Ramesh further argued. "The Reserve Bank of India (RBI) needs to step in and examine SBI's decision-making process in this matter." Given the unusual nature of this debt restructuring and the potential risks it introduces, Congress is urging the Reserve Bank of India (RBI) to step in and examine SBI’s decision-making process. Ramesh emphasised the need for regulatory scrutiny to ensure that public sector banks maintain discipline in their approach to resolving bad loans. Congress' position is that SBI’s move could create a moral hazard within India’s <keyword id="19964544" type="General" weightage="20" keywordseo="banking-sector" source="keywords">banking sector</keyword>, encouraging more companies to default on their loans with the hope of retaining control through similar debt-to-equity swaps. Ramesh pointed out that the entire situation raises questions about how distressed assets should be managed by public sector banks, and whether SBI’s actions are truly in the best interests of the public. <div type="Article" hostid="261" msid="113620397" title="SEBI report reveals the ugly truth of F&amp;amp;O trading in India – 93% of retail traders incurred losses" mstype="2" mssubtype="0"></div>"There is a pressing need to ensure that public sector banks maintain strict discipline in their approach to debt resolution and avoid creating moral hazards in the financial system." <h2>Broader implications</h2>This situation shines a light on broader challenges in India’s banking and insolvency frameworks. When public sector banks like SBI take significant financial losses (haircuts) and switch from creditors to shareholders, it risks undermining confidence in the banking sector’s ability to handle bad loans effectively. Moreover, it raises questions about the long-term sustainability of the Insolvency and Bankruptcy Code (IBC) if companies that default can avoid paying back substantial portions of their debt and still retain operational control. (With inputs from PTI)

Congress criticises SBI's decision to convert SIIL debt into equity, urges RBI intervention

<ul class="summary-list"><li>OpenAI is changing its corporate structure.</li><li>The changes will likely give it more leeway over decisions and a defense against activist investors.</li></ul>OpenAI is in the midst of a <a target="_blank" href="https://www.businessinsider.com/what-openai-needs-to-do-to-become-for-profit-altman-2024-9">massive corporate restructuring</a>.The <a target="_blank" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT maker</a> announced last month that it would transition to a public benefit corporation, in line with competitors like Anthropic and xAI.Since its launch in 2015, <a target="_blank" href="https://www.businessinsider.com/openai-valuation-funding-ai-race-competition-2024-10">OpenAI</a> has operated under the supervision of a nonprofit board, with a mission to develop artificial general intelligence that is safe and benefits humanity. It added a for-profit arm in 2019 to help it raise money to fund that mission.Now, as the company grows more valuable, its backers want to see returns on their investment. As part of the latest round of funding — the <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">$6.6 billion deal</a> it closed this month, one of the largest in Silicon Valley history — OpenAI will be transitioning to a regular for-profit structure. If it doesn't complete this transition within the next two years, its investors can ask for their money back, Axios reported.Public benefit corporations are for-profit businesses "created to generate social and public good, and to operate in a responsible and sustainable manner," <a target="_blank" href="https://www.law.cornell.edu/wex/public_benefit_corporation">according to the Legal Information Institute</a> at Cornell Law School.Unlike traditional for-profit businesses, which are primarily focused on maximizing shareholder value, public benefit corporations must balance stakeholder interests with those of their employees and customers.Travis Borden, the founder and president of advisory firm <a target="_blank" class="" href="https://www.keeneadvisors.com/about">Keene Advisors</a> helps purpose-driven companies like public benefit corporations raise capital, pursue mergers and acquisitions, and conducts a broad range of strategic consulting work. He told Business Insider that one of the benefits of OpenAI's proposed new structure is that it can serve as a bulwark against the demands of activist investors.In a regular company, "if their stock price is lagging and they're not growing as quickly as they could, activist investors can come in, take a position on the board, they can sort of threaten shareholder lawsuits and things like that and force the company to do really profit maximizing things," he said.In a public benefit corporation, however, the board has more discretion."They can say, well, in addition to making profit and maximizing value, we also have this public benefit that's in our charter that we are going to pursue. So it gives them some kind of cover to say, we don't have to maximize short-term profits at all costs," Borden said.Investors can also question why a company isn't progressing on its stated public benefit.Borden said that once OpenAI gets the approval of its shareholders to transition, it will need to change its structure under Delaware law — where many corporations are based — and its articles of incorporation, the legal documents filed with the state to create a corporation. It will also need to define its "public benefit" as part of its new corporate charter, he added.That public benefit, for now, is laid out in OpenAI's mission: to develop the technology in a way that is safe and benefits humanity.But OpenAI's restructuring comes when those inside and outside the company are questioning its commitment to that mission.Last November, the company's board <a target="_blank" href="https://www.businessinsider.com/what-sam-altman-did-so-bad-he-got-fired-openai-2023-12">unsuccessfully ousted Altman as CEO</a>, saying he was not "consistently candid in his communications." The ousting publicized a growing rift in the company between those looking to maximize profits and those worried about the dangers of too aggressively developing the technology. In the months since, <a target="_blank" href="https://www.businessinsider.com/openai-leaders-who-left-since-2023-sam-altman-leadership-struggle-2024-9">several high-profile researchers and executives</a>, many of them part of a team focused on safety, have left the company, including chief scientist and cofounder Ilya Sutskever, head of alignment Jan Leike, and most recently, chief technology officer Mira Murati.So as OpenAI restructures, the pressure is now on the company to clearly articulate its public mission and show that it's serious about it."I think that they talk about ensuring that it benefits all of humanity, and that may be part of what they would try to incorporate into their public benefit, that their tool will, in addition to obviously generating returns for shareholders, will benefit all of humanity," Borden said. But "that's a pretty broad statement."He said the good news is that once they've specified their mission, the board and management teams will have more "latitude" in decision-making.Jens Dammann, a professor at the University of Texas School of Law, told The Information that OpenAI would likely find that proposition attractive."If you can convey the idea to people that you are a good enterprise, a morally safe enterprise and that comes with very little constraints, that has to be tempting to entrepreneurs," she told the outlet.OpenAI did not immediately respond to a request for comment from Business Insider.

OpenAI will need to prove it's in the public's best interest as it becomes a for-profit company

<ul class="summary-list"><li>Shareholders are voting on whether to approve <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>'s massive compensation package.</li><li>It's essentially a vote deciding how central Musk is to <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>, investor <keyword id="21425720" type="General" weightage="20" keywordseo="Roger-McNamee" source="keywords">Roger McNamee</keyword> <a href="https://www.youtube.com/watch?v=WqnXpOVU2z8" target="_blank">told CNBC</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>'s path forward in the stock market is now in the hands of its shareholders as they vote on CEO Elon Musk's <a href="https://www.businessinsider.com/tesla-elon-musk-pay-shareholders-vote-again-2024-4">$47 billion compensation package</a>, says investor Roger McNamee. If the pay deal doesn't get approved, it could likely cost the company Musk's leadership, he said in a <a href="https://www.youtube.com/watch?v=WqnXpOVU2z8" target="_blank">CNBC interview</a>. "It's a test of Tesla as a meme stock, because if Musk is no longer viewed as central to the story going forward, then I think Tesla starts to trade like a car company, as opposed to an extension of Elon Musk," the Elevation Partners co-founder said. The sentiment echoes prior criticism Tesla has faced, with short-sellers like Jim Chanos nicknaming it a <a href="https://markets.businessinsider.com/news/stocks/jim-chanos-tesla-stock-valuation-elon-musk-twitter-geopolitics-china-2022-10">"hopes and dreams" stock</a>: its success built more on a fascination with Musk, and <a href="https://markets.businessinsider.com/news/stocks/short-seller-jim-chanos-crypto-bitcoin-tesla-ai-tech-etf-2023-11">not based in fundamentals</a>. It's the latest hurdle for the electric-vehicle maker, which has seen shares tank close to 40% this year, and who just announced new layoffs. Those job cuts came as the firm reported weaker-than-expected <a href="https://www.businessinsider.com/tesla-sales-deliveries-q1-elon-musk-disappoint-fsd-2024-4">deliveries in the first quarter</a>, notching its first year-over-year quarterly decline since 2020. The hiccups prompted many analysts across Wall Street to <a href="https://www.businessinsider.in/stock-market/news/as-negative-as-we-have-seen-in-the-last-few-years-why-a-number-of-wall-street-analysts-are-souring-on-tesla/articleshow/108882119.cms" target="_blank">trim their price targets on the EV giant</a>. McNamee also cited Musk's recent behavior as contributing to the stock downturn, a <a href="https://www.businessinsider.com/elon-musk-tesla-reputation-turning-buyers-off-ev-caliber-2024-4">frustration</a> other <a href="https://africa.businessinsider.com/markets/teslas-stock-plunge-could-turn-around-quickly-if-it-gets-a-real-ceo-investor-ross/bfkkg9v" target="_blank">investors have also made public</a>. Controversies have included the CEO's interaction with an anti-semitic post, and concern that he was distracted by his other companies. But McNamee does expect the package to ultimately be approved. Wedbush Securities' Dan Ives agreed, but wrote on Wednesday that this won't spell the end to Tesla's difficulties: "In our view the clock has struck midnight for Musk to now layout the growth strategy, give realistic delivery and margin goal posts, discuss why significant layoffs now, and most importantly give a clear outlook to the Street around Model 2," he wrote in a note, citing vagueness in what Tesla was actually focused on. Amid other corrective measures, Ives has previously suggested for Musk to be offered a compensation package that <a href="https://markets.businessinsider.com/news/stocks/tesla-market-value-stock-drop-ai-initiatives-wedbush-dan-ives-2024-1#:~:text=To%20that%20end%2C%20Ives%20called,vehicle%20in%202025%2C%20he%20said.">would retain him as CEO til at least 2030</a>. "This vote is the test that investors get to say which way they want to go," McNamee said.

Elon Musk's pay-deal vote is the ultimate 'meme stock' test for Tesla, investor says

New Delhi: <keyword id="19904868" type="General" weightage="100" keywordseo="Ecom-Express" source="keywords">Ecom Express</keyword> Ltd has filed draft papers with capital markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> to garner Rs 2,600 crore through an initial share-sale. The company's <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) comprises a fresh issue of equity shares worth Rs 1,284.50 crore and an Offer for Sale (OFS) of shares valued Rs 1,315.50 crore by promoters and other shareholders, according to the draft red herring prospectus (DRHP). Proceeds from the fresh capital to the tune of Rs 387.44 crore will be used for setting up new processing centres with automation and new fulfilment centres, Rs 73.71 crore for computers and IT equipment, Rs 239.23 crore for enhancing technology, data science capabilities, and cloud infrastructure, and Rs 87.92 crore for payment of debt. Also, the remaining funds will be used for general corporate purposes and potential acquisitions, according to the draft papers filed on Wednesday. The company may consider raising Rs 257 crore through a pre-IPO placement. If such placement is undertaken, the amount raised will be deducted from the total fresh issue size. Ecom Express operates a pan-India express logistics network that handles first-mile pick-up, mid-mile transportation, last-mile delivery, returns, and warehousing services. By offering essential logistics infrastructure and using technology, the company connect digital retailers and <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> platforms with consumers across the country. According to RedSeer report, the <keyword id="22803827" type="General" weightage="20" keywordseo="Indian-e-commerce-market" source="keywords">Indian e-commerce market</keyword> is projected to grow significantly, with a compound annual growth rate (CAGR) of 21 per cent over the next five years. It is expected to increase from Rs 5.1 lakh crore in 2024 to Rs 12.5-13.5 lakh crore by 2029. Growth is notably strong in Tier 2+ regions, which are expected to account for 70-80 per cent of B2C e-commerce shipments by 2029, up from 62 per cent in 2024, the report added. Axis Capital Ltd, IIFL Securities Ltd, Kotak Mahindra Capital Company Ltd and UBS Securities India Private Ltd are the book running lead managers to the company's public issue.

Ecom Express files papers with Sebi for Rs 2,600-crore IPO

<ul class="summary-list"><li>Tesla shareholders say Elon Musk has been diverting AI resources away from the company.</li><li>They allege in a new lawsuit that Musk has treated the company with "brazen disloyalty."</li></ul>Some Tesla shareholders allege Elon Musk has been draining the company's AI talent dry in an act of "brazen disloyalty" to his company.The group of shareholders — the Cleveland Bakers and Teamsters Pension Fund, Michael Giampietro, and Daniel Hazen — filed a lawsuit Thursday on behalf of Tesla itself against Musk and Tesla in Delaware, where the company is incorporated.In it, the shareholders accuse Musk of diverting critical AI talent and resources away from Tesla and into his new AI-focused company, xAI.They also allege that Tesla's board hasn't tried to stop him.Representatives for Tesla did not immediately respond to a request for comment.The plaintiffs allege in the suit that Musk has recently touted Tesla as more of an artificial-intelligence company than simply an electric-car maker.He has, for example, repeatedly said that building out AI capabilities is essential to Tesla's growth and success, doubling down on this commitment both to investors and in Securities and Exchange Commission filings, the lawsuit says.During Tesla's quarterly earnings report in April, the company gave investors a sneak peek at its <a target="_blank" href="https://www.businessinsider.com/tesla-reveals-uber-competitor-ride-hailing-app-photos-2024-4?utm_campaign=business-sf&amp;utm_source=twitter&amp;utm_medium=social">plans for a robo-taxi fleet</a>, sending the stock soaring despite posting weak financial data.But the plaintiffs say that ever <a target="_blank" href="https://www.businessinsider.com/elon-musk-seeks-raise-one-billion-for-xai-openai-2023-12">since he founded xAI in 2023</a>, Musk has poached AI-focused employees from Tesla and into his startup. At one point, in response to a suggestion that a major AI researcher should work for Tesla, Musk publicly commented that he should join xAI instead, the lawsuit says.It's not just AI talent that Musk is accused of pilfering from Tesla — the shareholders also allege that Musk has <a target="_blank" href="https://www.businessinsider.com/elon-musk-sent-500-million-tesla-nvidia-chips-to-x-2024-6">redirected critical Nvidia graphics processing units</a> from Tesla to xAI, despite previously saying that the car company would gobble up the hardware as fast as Nvidia could deliver it.And Musk has flirted with focusing his AI efforts outside Tesla unless he gets a bigger stake in the company.In January, Musk <a target="_blank" href="https://x.com/elonmusk/status/1746999488252703098?lang=en">posted on X</a>: "I am uncomfortable growing Tesla to be a leader in AI &amp; robotics without having ~25% voting control. Enough to be influential, but not so much that I can't be overturned. Unless that is the case, I would prefer to build products outside of Tesla." The shareholders referenced that post in their lawsuit.As for Tesla's board of directors, the shareholders allege it's just bowing down to Musk."Consistent with its long history of obsequiousness to Musk, the Tesla Board has utterly failed to even attempt to meet its unyielding fiduciary duty to protect the interests of Tesla and its stockholders in the face of Musk's brazen disloyalty," the suit says.The shareholders demand that Musk and Tesla's board answer for what the suit says is their "disloyalty" and return what it describes as the value that Musk has pulled away from Tesla.Quite a lot of company value has been lost from Tesla of late, though it's unclear whether that's solely due to Musk's actions around talent.Tesla's stock has dropped more than 25% this year; some critics have argued Musk is being distracted by other projects.The sharp decline in Tesla stock has even affected <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-payday-reckoning-2024-6">Musk's proposed pay package</a>, dropping it from an estimated $55 billion to $45 billion.

Elon Musk has been draining Tesla's AI talent dry, shareholders allege in lawsuit

<ul class="summary-list"><li>The final results of Tesla's shareholder vote aren't out yet, but Elon Musk is celebrating already.</li><li>Musk said the proposals on his pay deal and to reincorporate in Texas were "passing by wide margins."</li></ul>It's been a pretty rough week for <a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>.Besides watching his rival <a target="_blank" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">Sam Altman</a> get a leg-up in the AI race with the <a target="_blank" href="https://www.businessinsider.com/apple-cannot-hype-chatgpt-collab-without-conceding-defeat-ai-race-2024-6">Apple</a>-<a target="_blank" href="https://www.businessinsider.com/history-of-openai-company-chatgpt-elon-musk-founded-2022-12">OpenAI</a> team-up, Musk was also hit by a sprawling piece from <a target="_blank" href="https://www.businessinsider.com/elon-musk-spacex-female-employees-tesla-shareholder-vote-2024-6">The Wall Street Journal</a> — and a bombshell <a target="_blank" href="https://www.businessinsider.com/former-spacex-employees-lawsuit-elon-musk-execs-spanking-video-2024-6">lawsuit</a> — both of which contained new allegations about his behavior with staffers at SpaceX.But it looks like something is finally going his way.The billionaire said on Wednesday night that the shareholder votes to pass his <a target="_blank" href="https://www.businessinsider.com/elon-musk-pay-package-tesla-stock-price-shareholder-vote-gerber-2024-6">huge pay package</a> and to <a target="_blank" href="https://www.businessinsider.com/elon-musk-start-shifting-tesla-state-incorporation-to-texas-2024-2">reincorporate Tesla in Texas</a> were "<a target="_blank" href="https://x.com/elonmusk/status/1801084780035154058">passing by wide margins</a>.""Thanks for your support!!" Musk said in an X post.The package was once valued at $55.8 billion, but is now worth about $45 billion following a sharp decline in Tesla stock this year.It's unclear where Musk obtained the screenshots he included in his X post. But the final results of the vote are set to be announced at a <a target="_blank" href="https://www.tesla.com/2024shareholdermeeting">shareholder meeting</a> at Tesla's headquarters in Austin on Thursday.Winning both votes would be a huge boost for Musk, who's pulled out all the stops to woo Tesla shareholders. Aside from <a target="_blank" href="https://x.com/elonmusk/status/1799577948262957370">campaigning</a> on his social-media platform, X, Musk has also offered shareholders the opportunity to go on a <a target="_blank" href="https://x.com/Tesla/status/1795410566099374251">personally guided tour</a> of Tesla's Gigafactory in Texas.Musk even sought to turn what's been widely <a target="_blank" href="https://www.businessinsider.com/tesla-shareholders-criticize-elon-musk-nvidia-chips-pay-package-2024-6">viewed as a disadvantage</a> — running half a dozen companies simultaneously —into an advantage.The billionaire spent his weekend pitching shareholders on the benefits of having Tesla as a part of his sprawling business empire, also known as the "<a target="_blank" href="https://www.businessinsider.com/elon-musk-enticing-tesla-shareholders-with-access-to-the-muskonomy-2024-6">Muskonomy</a>."He's also argued that a Musk-led Tesla would not only allow the electric-vehicle giant to use <a target="_blank" href="https://x.com/boringcompany/status/1799937765028835341">technology from his other companies</a> but also grant shareholders access to his future IPOs."I've mentioned something like this before, but if any of my companies goes public, we will prioritize other longtime shareholders of my other companies, including Tesla," <a target="_blank" href="https://x.com/elonmusk/status/1799621606744162548">Musk said</a> on Saturday."Loyalty deserves loyalty," he added.But Musk's overtures to shareholders ran into a speed bump on Tuesday when <a target="_blank" href="https://www.wsj.com/business/elon-musk-spacex-employee-relationships-8bca2806">The Wall Street Journal</a> published an extensive story about his <a target="_blank" href="https://www.businessinsider.com/elon-musk-spacex-intern-woman-sex-wsj-2024-6">sexual advances to female employees</a> at his rocket company, <a target="_blank" href="https://www.businessinsider.com/spacex-elon-musk">SpaceX</a>.And a day later, Musk was hit with a lawsuit from eight former SpaceX employees.The <a target="_blank" href="https://s3.documentcloud.org/documents/24742575/spacex-musk-harassment-lawsuit.pdf">lawsuit</a>, filed in California, accuses Musk and SpaceX of wrongfully terminating employees after they raised concerns about sexual harassment and gender discrimination.Representatives for Musk and Tesla didn't immediately respond to requests for comment from Business Insider sent outside regular business hours.

Undaunted by fresh scandals, Elon Musk is celebrating what he says is an early triumph in the Tesla shareholder vote

<ul class="summary-list"><li>The US Department of Justice and 17 state attorneys general seek to break up Google's adtech business.</li><li>Arete Research analysts suggest spinning off Google's adtech as a B Corp instead.</li></ul>The US Department of Justice and 17 state attorneys general are seeking to break up Google in a landmark <a target="_blank" class="" href="https://www.businessinsider.com/how-google-adtech-antitrust-trial-could-transform-advertising-2024-9">adtech antitrust trial</a>.Closing arguments are set to be delivered in November, with a ruling expected next year. The government is hoping the judge will force <a target="_blank" class="" href="https://www.businessinsider.com/google">Google</a> to divest some or all of its adtech business.But shutting or splitting up <a target="_blank" class="" href="https://www.businessinsider.com/leaked-deck-doubleclick-acquisition-pitch-google-adtech-antitrust-trial-2024-9">Google's adtech business</a> "might cripple publishers," according to analysts at Arete Research, who wrote in a note last week that Google's adtech should instead be spun out into a public-benefit B Corp.Companies receive B Corp certification from the nonprofit organization <a target="_blank" class="" href="https://www.bcorporation.net/">B Lab</a> if they meet standards regarding their social and environmental performance, as well as other areas of transparency and accountability.The complaint against Google alleges that the tech giant used acquisitions and anticompetitive ad auction tactics, and tied its various adtech pieces together to build an illegal monopoly of the <a target="_blank" class="" href="https://www.businessinsider.com/google-ads-adwords">digital ad market</a>. The case hones in on the "open web display" digital ad market and the tools that power the ad auctions that take place in the milliseconds it takes for a webpage to load. Google owns the tools publishers use to sell ads, the software advertisers use to buy ads, and the ad exchange that connects them.Should the judge rule in the government's favor, many experts believe a likely outcome of the case would be to order Google to spin off or otherwise <a target="_blank" class="" href="https://www.businessinsider.com/the-trade-desk-ceo-jeff-green-google-breakup-antitrust-trial-2024-9">exit the so-called "sell side"</a> of the adtech business. Here, Google operates an ad server that helps publishers manage their ads as well as the Google Display Network, where it allows advertisers to buy ads across millions of third-party websites that it doesn't own.A brute-force breakup or shutdown of parts of Google's sell-side business could have <a target="_blank" class="" href="https://www.businessinsider.com/how-google-adtech-antitrust-trial-could-transform-advertising-2024-9">unintended consequences for publishers</a>, Arete's analysts wrote. They argue that almost every publisher relies on Google's adtech tools and that separating its ad server from its ad exchange would be highly disruptive at a time when publishers are already struggling due to other platform changes and shifts in advertiser spending.A publisher tech executive shared with Business Insider their own <a target="_blank" class="" href="https://www.businessinsider.com/how-google-adtech-antitrust-trial-could-transform-advertising-2024-9">concerns about a potential breakup</a> of Google's adtech business earlier this month. And execs who had worked at publishers including News Corp. and The Daily Mail took to the stand in the antitrust trial this month to testify that switching from Google's adtech to a rival would have cost them millions of dollars in lost revenue a year.A Google spokesperson declined to comment for this story but pointed Business Insider toward a <a target="_blank" class="" href="https://blog.google/outreach-initiatives/public-policy/ad-tech-trial-key-takeaways/">blog post</a> published Friday. In it, the company argues that its changes over the years have benefited competitors and brought down prices for publishers and advertisers. It contends that the adtech market remains fiercely competitive.<h2 id="5bf85c0b-b21d-4a88-9c61-81ec3350f826">NetworkB — the public-benefit adtech company</h2>Enter "NetworkB," Arete's hypothetically named Google adtech B Corp.Arete suggests Google's parent company, Alphabet, should spin out its entire Network business, which generated $31.4 billion in 2023 (slightly down from the prior year). Some analysts have predicted the unit was <a target="_blank" class="" href="https://ca.finance.yahoo.com/news/analysis-google-ad-tech-trial-114952541.html">likely to shrink further</a> over the coming years anyway, regardless of any antitrust enforcement, as Google prioritizes its own properties versus third-party sites.Arete proposes Google Network become a B Corp with a capped profit margin that it could extract from its clients, known in the industry as a take rate. Right now, adtech industry players retain anywhere between 8% and 42% of the ad dollars that flow through their pipes, according to Arete's estimates.The spinoff would free Google of accusations of self-preferencing and unfair tying within its adtech stack, while also charging lower fees than rival adtech companies, Arete said. That would ultimately mean publishers end up getting paid more, Arete's analysts wrote. And, as a stand-alone business not attached to YouTube, Network B could press further into other areas like connected-TV advertising, they said.Arete calculated that while such a move would mean Google forgoing an estimated $29 billion in Google Network revenues this year, it's only expected to generate around $3.5 billion of EBITDA, or earnings before interest, tax, depreciation, and amortization.The B-Corp solution would be attractive to Alphabet shareholders, who would end up owning the largest adtech intermediary with a potential market capitalization of between $120 billion and $150 billion — a conservative estimate, according to Arete's analysts. Meanwhile, Alphabet itself would become a smaller but higher-margin business with fewer antitrust risks."Google could shed its lowest-margin unit, end its regulatory overhang and raise the value of its O&amp;O inventory, while helping publishers globally," the analysts wrote. O&amp;O refers to owned and operated inventory, such as Google Maps and Gmail, where its proprietary data on its logged-in users are valuable to advertisers.Arete founder Richard Kramer told Business Insider that the antitrust case unearthed some "surely unwelcome disclosure" for Google, but also other adtech players, such as actual financials on adtech operations and how they charged advertisers and publishers."As analysts we were delighted with the trial because it just opened a window onto cost structures that had always been opaque and hidden," Kramer said.

Breaking up Google's ad business could 'cripple' publishers. Analysts make the case for turning it into a public-benefit corporation instead.

<ul class="summary-list"><li>Tesla shareholders might have another reason to vote for Elon Musk's pay package this Thursday.</li><li>Musk has been touting the benefits of having Tesla be a part of his business empire. </li></ul><a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> CEO <a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> has been pulling out all stops to woo shareholders ahead of Thursday's vote for his massive <a target="_blank" href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1">$56 billion pay package</a>.Besides <a target="_blank" href="https://x.com/elonmusk/status/1799577948262957370">campaigning</a> on his social media platform X, Musk has also dangled the opportunity of a <a target="_blank" href="https://x.com/Tesla/status/1795410566099374251">guided tour of Gigafactory Texas</a> with him and Tesla's design chief, <a target="_blank" href="https://www.businessinsider.com/teslas-design-chief-leads-workouts-in-parking-lot-2024-2">Franz von Holzhausen</a>.But those seem just to be appetizers because Musk has now brought out the big guns — promising shareholders that a Musk-led Tesla will have access to his sprawling business empire.<h2 id="4a0dec84-4be2-427f-9204-4fb5359b4e90">A ticket to the 'Muskonomy'</h2>The pitch is a smart move for Musk, as it turns what <a target="_blank" href="https://www.businessinsider.com/tesla-shareholders-criticize-elon-musk-nvidia-chips-pay-package-2024-6">looks like a liability</a> — running half a dozen companies at the same time — into an asset.Nowhere was that vision clearer than on Sunday, when Musk began touting the benefits of having Tesla as a part of his business universe.Musk's <a target="_blank" href="https://www.businessinsider.com/elon-musk-the-boring-company">The Boring Company</a> revealed in an <a target="_blank" href="https://x.com/boringcompany/status/1799937765028835341">X post</a> that its tunneling machine, the <a target="_blank" href="https://www.boringcompany.com/prufrock">Prufrock-3,</a> had emerged inside the Gigafactory Texas' expansion. The tunnel that is being constructed will soon be used to transport Tesla's <a target="_blank" href="https://www.businessinsider.com/tesla-truck-cybertruck">Cybertrucks</a>."Cybertunnel will be online July," the post said.It's not just hardware. Musk is looking to leverage the software built by his <a target="_blank" href="https://www.businessinsider.com/elon-musk-xai-raised-6-billion-funding-vc-saudi-arabia-2024-5">$24 billion AI startup, xAI</a>.The billionaire was <a target="_blank" href="https://x.com/cyb3rgam3r420/status/1799935298803208282">livestreaming himself playing Diablo</a> on X when he revealed that Tesla's cars could come installed with xAI's chatbot, <a target="_blank" href="https://www.businessinsider.com/how-to-use-grok-elon-musk-ai-chatbot-2023-12">Grok,</a> in the future.Besides cross-pollinating his companies' tech, Musk is also promising multiple windfalls to Tesla shareholders if they stick with him.On Saturday, Musk said he would prioritize "<a target="_blank" href="https://x.com/elonmusk/status/1799621606744162548">longtime shareholders of my other companies, including Tesla</a>" if any of his businesses were to go public."Loyalty deserves loyalty," he wrote on X.Musk might not have spelled it out, but his X post sounded like a veiled reference to the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/elon-musk-spacex-starlink-ipo-stock-market-investors-billionaire-finance-2023-11">long-rumored IPO</a> for his satellite internet business, <a target="_blank" href="https://www.businessinsider.com/elon-musk-starlink-satellites-internet">Starlink</a>.To be sure, this isn't the first time Musk has leveraged his network of businesses.xAI had earlier sold investors on the benefits of being a part of what it called the "<a target="_blank" href="https://www.businessinsider.com/elon-musk-ai-startup-courting-investors-with-access-to-muskonomy-2024-2">Muskonomy</a>," Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-05/xai-potential-investors-focus-on-muskonomy-openai-success">reported</a> in February, citing a pitch deck it had obtained.In its pitch deck, the company said that Tesla and X were its strategic partners, and it would provide them with training data.Similarly, when <a target="_blank" href="https://www.businessinsider.com/elon-musk-twitter">Musk bought Twitter</a> in October 2022, he quickly brought in software engineers from Tesla and SpaceX to review the social media company's code base.In fact, some of Musk's lieutenants are still double hatting at his companies. For instance, SpaceX's principal security engineer, <a target="_blank" href="https://www.linkedin.com/in/stanleynetworks/">Christopher Stanley,</a> is also X's head of information security."The right thing for Tesla at this time is for Elon to continue to be at the helm, and this ratification of the compensation plan is exactly about that," Tesla board chair Robyn Denholm <a target="_blank" href="https://www.youtube.com/watch?v=jnG5swxLi6A">told</a> CNBC on June 6.Representatives for Musk did not immediately respond to a request for comment from BI sent outside regular business hours.

Elon Musk is pitching a daring idea to Tesla shareholders: A vote for Musk is a ticket to the 'Muskonomy'

<ul class="summary-list"><li>Trump Media shares have plunged 70% since going public in March.</li><li>The company is still carrying a market value of roughly $3 billion.</li></ul>Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/djt-stock">Trump Media</a> have plunged 70% since the company went public in March. Even after that sell-off, it's carrying a market value of roughly $3 billion, a figure one expert says is still too high."According to Bloomberg data they had sales of $837,000 last quarter and a net loss of $16.4 million. The numbers don't jive," Jay Woods, chief global strategist at Freedom Capital Markets, told Business Insider.He added that its current valuation "seems unjustifiable."One traditional valuation metric — price-to-sales ratio — is currently at 1,864 times, with the company generating revenue of less than $2 million in the trailing twelve months.In addition to the eye-watering valuation, Woods said Truth Social's growth has limited upside due to its political nature."They struggle with user retention and growth and the upside seems limited — especially if he loses the election," Woods said. "His relevance and age will play a role as will the fact that this never became the social playground for anything outside of politics."Another lingering issue weighing down Truth Social stock is Trump's increasingly frequent use of its biggest competitor, X, formerly known as Twitter.There's also the recent <a target="_blank" class="" href="https://www.businessinsider.com/trump-dump-djt-stock-sell-lockup-truth-social-2024-8">end of a lock-up period</a> for insiders to sell shares, which could put further pressure on shares.The offloading has already begun, with United Atlantic Ventures — an investment partnership run by two former contestants of Trump's "Apprentice" reality show — <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-insiders-litinsky-moss-donald-trump-truth-social-djt-2024-9">dumping nearly their entire 11-million-share stake</a> in the company for proceeds exceeding $100 million.There's also the risk that Trump himself will decide to sell some or all of his 57% ownership stake, although he's previously said he won't do so. But there's no guarantee he won't change his mind."If there was to be a fire sale by its number one shareholder, that could cause a panic with other insiders holding shares and lead to a major leg lower," Woods said.

Trump Media stock is down 70% since going public. One expert says its $3 billion valuation is still 'unjustifiable.'

<ul class="summary-list"><li>A group of Tesla shareholders are urging others to reject Musk's proposed pay package.</li><li>They also want shareholders to vote against the reelection of board members James Murdoch and Kimbal Musk.</li></ul>A group of <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> shareholders are urging others to vote against the reelection of Kimbal Musk and James Murdoch to the Tesla Board and reject a plan to give <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk</a> a hefty pay package.The <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1318605/000121465924009597/o520243px14a6g.htm">letter</a>, made public Monday in an SEC filing, cites concerns that Kimbal, who is <a target="_blank" href="https://www.businessinsider.com/elon-musk-family-tree">Musk's younger brother</a>, and <a target="_blank" href="https://www.businessinsider.com/rupert-murdoch-fox-news-lachlan-james-real-life-succession-2023-9">Murdoch</a>, a friend of Musk who has taken <a target="_blank" href="https://courts.delaware.gov/Opinions/Download.aspx?id=359340">vacations</a> with his family, cannot effectively oversee the CEO because of their personal ties. Per the shareholders, they believe there is "ample evidence" that Tesla's entire board of directors is "overly beholden to CEO Musk."The shareholder letter also cites The Wall Street Journal's reporting on <a target="_blank" href="https://www.businessinsider.com/tesla-board-director-worried-elon-musk-drug-use-wsj-2024-1">Musk's drug use</a>. Board members, including Kimbal, <a target="_blank" href="https://www.businessinsider.com/elon-musk-company-directors-drug-use-report-wsj-2024-2">took drugs with Musk</a>, the Journal reported in February, citing people who witnessed the <a target="_blank" href="https://www.businessinsider.com/elon-musk-drug-use-cringeworthy-spacex-meeting-wsj-2024-1">incidents</a>."If Board members are unable to resist pressure to use illegal substances for fear of alienating the person they are obligated to supervise, one can hardly imagine they will stand up to Musk when corporate issues requiring Board input and oversight are at stake," the shareholders wrote.The shareholder group — which includes New York City Comptroller Brad Lander, SOC Investment Group, Amalgamated Bank, and several other investors — also disapproved of the plan to give Musk a $56 billion pay package. <a target="_blank" href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1">Musk's original pay package</a>, approved by the board in 2018, was struck down by a Delaware judge in January. The judge ruled that Musk's close ties to the board resulted in an "unfair price," Business Insider reported.Now, the Tesla board is looking for shareholders to <a target="_blank" href="https://www.businessinsider.com/tesla-elon-musk-pay-56-billion-approved-shareholders-robyn-denholm-2024-5">approve Musk's pay</a>, though this group opposes the idea. The group says <a target="_blank" href="https://www.businessinsider.com/elon-musk-social-media-posting-headache-for-tesla-chair-2024-5#:~:text=Robyn%20Denholm%2C%20the%20chair%20of,t%20exist%2C%22%20Denholm%20said.">Musk's controversial X posts</a> have affected the company's bottom line. They also cite <a target="_blank" href="https://www.businessinsider.com/elon-musk-having-terrible-year-tesla-lawsuits-compensation-2024-4">Musk's legal troubles</a>, including a class action lawsuit from <a target="_blank" href="https://www.reuters.com/legal/tesla-must-face-class-action-claims-by-6000-workers-race-bias-case-2024-02-29/">6,000 Black employees</a> who say they've faced racial discrimination working for Tesla, and reports of <a target="_blank" href="https://www.businessinsider.com/tesla-factory-cybertruck-workers-shouting-matches-elon-musk-deadlines-report-2023-11">workplace safety issues</a> at his factories."Even as Tesla's performance is floundering, the Board has yet to ensure that Tesla has a <a target="_blank" href="https://www.businessinsider.com/elon-musk-ceo-tesla-spacex-twitter-too-many-companies-2024-4">full-time CEO</a> who is adequately focused on the long-term sustainable success of our Company," the investors wrote.Shareholders are set to vote on <a target="_blank" href="https://www.businessinsider.com/tesla-spends-money-advertising-elon-musk-pay-package-shareholder-vote-2024-5">Musk's pay package,</a> along with the other proposals, on June 13.Representatives for Murdoch, Kimbal Musk, and Elon Musk did not immediately respond to a request for comment from Business Insider.

Tesla shareholders say Elon's influence makes Kimbal Musk and James Murdoch unsuitable for the company's board

<ul class="summary-list"><li>Tesla investors voted on Thursday to approve Elon Musk's multibillion-dollar pay package.</li><li>However, some institutional shareholders told BI that Musk's award was a mistake.</li></ul>Some institutional <a target="_blank" href="https://www.businessinsider.com/tesla-history-founders">Tesla</a> shareholders told Business Insider that approving <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a>'s record-shattering pay package was a mistake and that they have lingering concerns about Musk's ability to lead the company.Investors representing about 72% of the company's shares voted on Thursday to <a target="_blank" href="https://www.businessinsider.com/elon-musk-pay-package-approved-tesla-shareholders-vote-results-2024-6">green-light Musk's $55 billion pay package,</a> which was struck down by a Delaware court in January. The vote <a target="_blank" href="https://www.businessinsider.com/elon-musk-isnt-out-of-woods-tesla-pay-package-2024-6">doesn't immediately reinstate Musk's award</a>, but it does provide Tesla lawyers with some ammunition when they make their case again in Delaware.Reuters reported that Vanguard, the largest institutional shareholder with a 7% stake in Tesla, voted to approve the pay package.Yet despite the majority approval of Musk's pay package, <a target="_blank" href="https://www.businessinsider.com/tesla-shareholders-criticize-elon-musk-nvidia-chips-pay-package-2024-6">institutional shareholders</a> who spoke to Business Insider were skeptical that the $55 billion stock option is commensurate with his performance and remained concerned about the company's leaders, including Musk."Once again it has been solidified that Tesla is a great company with not so great governance," Anders Schelde, chief information officer of AkademikerPension, a Danish pension fund that invests in Tesla, told BI in an email. "We remain invested, but governance is red flag, and I seriously wonder if Tesla would be a better company with or without Mr. Musk, and I think many investors have the same doubts."AkademikerPension is one of <a target="_blank" href="https://www.businessinsider.com/tesla-shareholder-group-sec-letter-elon-musk-pay-package-2024-5">eight institutional Tesla shareholders</a> that cosigned a letter in May advising other investors to vote against both Musk's pay package and the reelection of James Murdoch and Musk's brother, Kimbal Musk, to seats on Tesla's board. Investors voted to retain both men on the board.It's unclear how many Tesla shares <a target="_blank" href="https://www.businessinsider.com/tesla-shareholders-criticize-elon-musk-nvidia-chips-pay-package-2024-6">AkademikerPension</a> owned as of June 14.<h2 id="aca3e320-04df-4790-a83a-e6c998d06eae">Shareholders call for board oversight</h2>During Thursday's <a target="_blank" href="https://www.businessinsider.com/elon-musks-cult-of-personality-retail-investors-tesla-shareholder-meeting-2024-6">shareholder meeting</a>, Musk challenged concerns from institutional shareholders, though he did not name specific investors."Talking to a lot of the sort of big institutional investors … they're often in like New York, and they don't drive cars," Musk said at the meeting. "So I'll be like, 'Um, have you tried self-driving? You know, the version 12.3?' And they're like, 'Uh no.' OK, well, you should try it. That would be a good thing to do."New York City Comptroller Brad Lander, who also cosigned the May letter, told BI in an email that approving the pay package was a "mistake," but that the company should move forward with clear plans to steady growth and <a target="_blank" href="https://www.businessinsider.com/elon-musk-prioritize-tesla-maintain-investor-loyalty-pay-battle-2024-6">ensure Musk is focused on that goal</a>."We expect genuine board oversight and a CEO deeply committed to Tesla's growth rather than other ventures," Lander said in a statement. "The Board should ensure its approval is required for any attempts to leverage Tesla's resources for Musk's other ventures, aligning shareholder interests with company goals."Lander added that the the board should hire a "compensation consultation" to renegotiate an incentive plan for Musk that won't be dilutive to shareholders instead of defending the pay package in court.Lander's spokesperson told BI that as of April 30, the New York City Retirement System owned more than 3.4 million shares of Tesla stock.The <a target="_blank" href="https://www.calpers.ca.gov/page/newsroom/calpers-news/2024/calpers-to-vote-against-tesla-ceo-multibillion-dollar-pay-package">California Public Employees' Retirement System</a>, or CalPERs, which, according to the pension fund, owns about 9.2 million Tesla shares, has also been vocal about striking down Musk's pay package.A CalPERS spokesperson declined to comment but pointed to a statement released a day before the Thursday shareholder vote, which stated that Musk is "entitled to be well compensated for his work," but the current award package is excessive and "highly dilutive to shareholders.""This exorbitant compensation package is at odds with CalPERS' longstanding views on executive pay," CalPERS CEO Marcie Frost said in the statement. "The compensation is excessive when compared to executives at peer companies, highly dilutive to shareholders, and isn't tied to the long-term profitability of Tesla."Musk and a spokesperson for Tesla did not immediately respond to a request for comment.

Elon Musk's pay package approval was a 'mistake' and Tesla needs to keep him in check, some institutional shareholders say

<ul class="summary-list"><li>Apple shareholders rejected a proposal to release an AI transparency report.</li><li>AFL-CIO, a labor union federation, wants big tech companies to publish ethical guidelines for the technology.</li></ul>Exactly how Apple uses artificial intelligence in its business will remain a mystery to the general public.The tech giant's shareholders voted on Wednesday to reject a measure that asked the company for a transparency report on how it uses AI in its business practices, and if it uses it ethically, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-28/apple-shareholders-vote-down-request-for-ai-transparency-report">according to Bloomberg</a>.The request was proposed by AFL-CIO Equity Index Funds, the largest labor union federation in the US, back in October, <a target="_blank" href="https://aflcio.org/2023/10/19/artificial-intelligence-transparency-will-fight-dehumanization-american-workforce-says">according to the group's website</a>.In addition to Apple, they urged companies like Disney, Netflix, and Warner Brothers Discovery to release <a target="_blank" href="https://www.businessinsider.com/copyright-laws-affect-generative-ai-startups-investors-warn-2023-10">AI transparency reports</a>. The group believes that transparent ethical guidelines around the use of AI would help protect workers, consumers, and the public from the harms of the emerging technology, it said in its October press release.The AFL-CIO's request also urged the companies to protect the copyrighted works of writers, artists, and creators."AI systems should not be trained on copyrighted works, or the voices, likenesses and performances of professional performers, without transparency, consent and compensation to creators and rights holders," the AFL-CIO wrote in its supporting statement to Apple, <a target="_blank" href="https://www.reuters.com/technology/apple-shareholders-reject-ai-disclosure-proposal-2024-02-28/">according to Reuters</a>.But, Apple's biggest shareholders said that revealing too much about the company's technology could hurt its competitive strategy, Reuters reported.Disney's shareholders will hear a similar proposal at their annual meeting in April, according to Reuters.

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