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    Delaware Law Has Entered the Culture War

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    Elon Musk has helped bring an esoteric debate around the Delaware Chancery Court to a national stage. Now Dropbox and Meta are contemplating moving their incorporation away from the state.The clubby insular world of corporate law has entered the culture war.First, Elon Musk started railing against Delaware, which for more than a century has been known as the home of corporate law, after the Delaware Chancery Court chancellor, Kathaleen McCormick, rejected his lofty pay package last year.Eventually he switched where Tesla is incorporated to Texas.Now, Dropbox has announced shareholder approval to move where it is incorporated to outside Delaware, and Meta is considering following suit. Others are also evaluating whether to make the move, DealBook hears.Musk’s ire against the state where nearly 70 percent of Fortune 500 companies are incorporated brought what would usually be an esoteric issue to the national stage and framed it, alongside hot button issues like diversity, equity and inclusion programs, as one further example of overreach.“You can blame McCormick or you can blame Musk — or you can say it’s a combination of the two of them — but it has turned it into a highly ideologically charged political issue, which it never, ever was before,” said Robert Anderson, a professor at the University of Arkansas School of Law.The drama over court rulings could have huge consequences for the economy and politics of Delaware, which counts on corporate franchise revenue for about 30 percent of its budget — and more, if you count secondary impacts like tax payments generated by the legal industry.At issue is a longstanding question in corporate America: How much say should minority shareholders have, especially in a controlled company? One side argues that founders like Mark Zuckerberg are given controlling shares, which give them outsize influence in a company, with the belief that they know what is best for a company. And minority shareholders buy into a company knowing their limitations. The other side argues these controlling shareholders are not perfect.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      When It Comes to Investing, Is A.I. Worth the Hype?

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      After the arrival of a less costly A.I. model from China, U.S. markets and academics are wrestling with the ultimate economic value of the technology.A.I. chatbots are fun, sometimes even useful and, until recently, endowed with the uncanny ability to mesmerize investors and fuel the U.S. stock market.But the excellent performance of a new, relatively cheap artificial intelligence engine from a Chinese start-up, DeepSeek, has perturbed the market and complicated the A.I. story.Investors are re-evaluating prominent companies swept up in A.I. fever, including Nvidia, Meta, Alphabet, Microsoft, Amazon, Tesla and the private start-up OpenAI. The notion that full-blown superhuman intelligence is imminent has spurred the-sky-is-the-limit valuations, as well as concerns about the political and social risks posed by advanced intelligence.One immediate question: Is the main approach to developing A.I. in the United States — pouring billions of dollars into chips and infrastructure — worth the expenditure for all companies if similar results can be achieved far more cheaply? DeepSeek’s lower-cost innovations add urgency to bigger, longstanding financial questions: How much are artificial intelligence companies really worth, and what will the broader economic value of A.I. ultimately be?Daren Acemoglu, a winner of the 2024 Nobel in economic science, gave me some answers. “There is a lot of hype in the industry,” he told me in a telephone conversation. Yes, he said, A.I. companies have made some “impressive achievements,” but he added that many financial and economic calculations were being based on mere “projections into the future that are sometimes exaggerated.”Professor Acemoglu, an M.I.T. economist with an interest in the impact of technical innovations on global economics, is skeptical about the more fervent A.I. claims. He ranks A.I. as a significant advance, perhaps with a macroeconomic effect akin to the telephone, which was no small thing.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 125 Shares189 Views

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      Kim Kardashian exhibe productos de Tesla y desata teorías políticas

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      Sale de fiesta con Ivanka Trump y ha convertido productos de Tesla en accesorios de moda en las redes sociales. Pero asumir que se trata de declaraciones políticas podría ser incorrecto.¿Se ha vuelto Kim Kardashian parte del movimiento MAGA?Esa pregunta circuló por internet esta semana después de que Kardashian, la personalidad de la telerrealidad y preeminente influente de las redes sociales, publicara una serie de fotografías suyas en Instagram y X posando delante y dentro de un Tesla Cybercab.Llevaba tacones negros y medias de encaje sobre su característico conjunto moldeador de color nude, con un liguero y una chaqueta negra abultada. Un robot Optimus —que al parecer será capaz de hacer prácticamente cualquier cosa, ya sea manejar un Cybertruck o freír un huevo— iba sentado en el asiento del conductor.Había fotos de Kardashian de pie fuera del vehículo. Había fotos de ella sentada en el regazo del robot. Un representante de Kardashian, quien ha ocultado algunos contenidos patrocinados en el pasado, dijo que no se recibieron pagos a cambio de las publicaciones.El momento elegido para hacer estas publicaciones fue sin duda curioso. El director ejecutivo de Tesla, Elon Musk, ha ganado nueva prominencia como uno de los aliados más notables del presidente electo Donald Trump, e incluso Trump le ha pedido que se una a Vivek Ramaswamy para dirigir un nuevo “departamento de eficiencia gubernamental”.Esa conexión fue suficiente para que la gente empezara a especular sobre sus motivaciones, y algunos llegaron a conectar esos cargos con la aparente amistad de Kardashian con Ivanka Trump, la hija de Donald Trump, para reforzar la teoría de que había respaldado políticamente a Trump.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Elon Musk and Jeff Bezos Exchange Posts About Trump on X

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      The world’s two richest men are longtime business rivals, but now one of them has the ear of the next president of the United States.A few months ago, a three-post exchange between Jeff Bezos and Elon Musk on Mr. Musk’s X would have passed for petty sniping between billionaire rivals.But times have changed.“Just learned tonight at Mar-a-Lago that Jeff Bezos was telling everyone that @realDonaldTrump would lose for sure, so they should sell all their Tesla and SpaceX stock,” Mr. Musk wrote Wednesday night, referring to two of his companies. He added an emoji for a snickering face, with a hand covering the mouth.“Nope. 100% not true,” Mr. Bezos responded on Thursday morning.“Well, then, I stand corrected,” Mr. Musk wrote back, with a laughing-crying emoji.With President-elect Donald J. Trump’s history of animosity toward Mr. Bezos, the posts carried an unspoken message about Mr. Musk’s growing power within the incoming administration.The exchange — brief, brassy and fairly typical of Mr. Musk’s overwhelming presence on X — could foreshadow a bumpy next few years for Mr. Bezos and the companies he started, Amazon and the rocket maker Blue Origin. It was also a reminder that the power dynamics in the longtime rivalry between the world’s two richest men changed on Nov. 5.Plenty of tech executives have drawn Mr. Trump’s wrath over the last few years. Perhaps none more than Mr. Bezos, largely because he owns The Washington Post, which has frequently written critically about Mr. Trump. (The Post did not endorse a presidential candidate this year, a decision that angered many of its readers and that Mr. Bezos publicly defended.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 75 Shares169 Views

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      Tesla’s Stock Jumps After Trump’s Victory

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      Investors believe that the electric car company led by Elon Musk will benefit from his support of the president-elect.Elon Musk defied conventional corporate wisdom by committing wholeheartedly to Donald J. Trump’s presidential campaign, donating tens of millions of dollars and running a get-out-the-vote drive.Now that bet has paid off, giving Mr. Musk a direct line to the White House that he may be able to use to bend policy in ways that could benefit Tesla, his electric car company. Mr. Trump has even bandied the idea of appointing Mr. Musk to head a “government efficiency” commission.One indication of how much Tesla could benefit was evident on Wall Street Wednesday morning, when the company’s share price jumped about 10 percent.It is too early to say how much of Mr. Musk’s newly acquired political capital he will allocate to Tesla as opposed to his other businesses like SpaceX, a major government contractor, or xAI, an artificial intelligence start-up.But investors clearly believe that a Trump administration will be good for Tesla, despite the president-elect’s often-expressed disdain for electric vehicles and renewable energy.Mr. Musk’s top priority is likely to be easing regulations on self-driving software that he has described as pivotal to Tesla’s future. That could include pressuring the National Highway Traffic Safety Administration to be less aggressive in scrutinizing the company’s technology. The safety agency is investigating whether a Tesla system that the company calls “full self-driving (supervised)” was responsible for four collisions, including one that killed a pedestrian.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares99 Views

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      Musk Wins Appeal Over Tweet He Had to Delete About Union Push

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      The Fifth Circuit court ruled that the 2018 post was protected speech. It also vacated an order to reinstate a pro-union Tesla worker who was fired.A federal appeals court handed Elon Musk a victory in a freedom-of-speech case on Friday by overturning an earlier ruling in a dispute between the billionaire and the National Labor Relations Board.In March last year, three judges on the U.S. Court of Appeals for the Fifth Circuit in New Orleans affirmed the board’s finding that Tesla illegally fired an employee involved in union organizing, and that Mr. Musk, Tesla’s chief executive, had illegally threatened workers’ stock options in a post on Twitter if they chose to unionize. The opinion allowed the labor board to enforce its 2021 order requiring Tesla to reinstate, with back pay, the employee, Richard Ortiz, and Mr. Musk to delete the 2018 post.Mr. Musk challenged the panel’s ruling, and on Friday the full court ruled, 9 to 8, that the labor board had improperly ordered him to delete the social media post. “The agency exceeded its authority,” the 11-page ruling said. “We hold that Musk’s tweets are constitutionally protected speech.”“Deleting the speech of private citizens on topics of public concern is not a remedy traditionally countenanced by American law,” the ruling added.The court sent the matter of Mr. Ortiz’s firing back to the labor board to review, saying the board had failed “to consider the fact that the actual decision maker in Ortiz’s firing harbored no anti-union animus.”The judges did not rule on whether Mr. Musk’s online comment constituted a National Labor Relations Act violation for illegally threatening workers. (The board has held that it did.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 113 Shares199 Views

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      Tesla Self-Driving System Will Be Investigated by Safety Agency

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      The National Highway Transportation Safety Administration said it was looking into what Elon Musk’s electric car company called the full self-driving system.Tesla’s plan to build fleets of self-driving cars suffered a setback on Friday when the main federal auto safety regulator said it was investigating whether the technology was to blame for four collisions, including one that killed a pedestrian.The regulator, the National Highway Transportation Safety Administration, said it was examining whether the software, which Tesla calls supervised full self-driving, had safeguards in place to require drivers to retake control of their cars in situations the autonomous technology could not handle on its own.As sales of Tesla’s electric cars have slowed, Elon Musk, the company’s chief executive, has staked the company’s future on software that allows cars to navigate, steer and brake without human supervision. Last week, the company held an event at the Warner Bros. studios near Los Angeles to unveil what it called a cybercab, which Mr. Musk promised would be able to ferry passengers without a human driver.But such software has faced persistent criticism from regulators and safety experts who say it does not do enough to make sure drivers remain alert and ready to take over if the system makes a mistake. Tesla faces numerous lawsuits from people who blame the software for injuries or deaths of loved ones.Tesla did not respond to a request for comment.The crashes highlighted by the safety agency on Friday took place when road visibility may have been limited by glare from the sun, fog or dust, the federal safety agency said. Tesla’s self-driving software depends on cameras to operate, unlike other manufacturers who also use radar or laser technology that are often better at detecting objects and people when the view is obscured by poor weather or bright sunshine.The agency said it would “examine the system’s potential failure to detect and disengage in specific situations where it cannot adequately operate.”In one of the collisions, a pedestrian died. In another, a person was injured, the agency said.The investigation covers 2.4 million Tesla vehicles, including cars manufactured as far back as 2016. All of Tesla’s passenger models are involved, the agency said, including the Model 3 and Model S sedans, the Model X and Model Y sport utility vehicles, and the Cybertruck.Federal officials have also been investigating a less capable Tesla system known as Autopilot for several years. These investigations may not survive if former President Donald J. Trump is elected next month. Mr. Trump has said he will appoint Mr. Musk, one of his most prominent supporters in the business world, to lead a “government efficiency commission.” More

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      Tesla’s Self-Driving ‘Robotaxi’ to Enter the Spotlight

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      Elon Musk has said that the vehicle will add trillions to Tesla’s stock market value and that those who don’t believe him should sell their shares.Tesla on Thursday plans to unveil a product that Elon Musk, the company’s chief executive, has said will add trillions of dollars to its stock market value and fuel its growth.The product is a prototype of a self-driving taxi. And it will be shown at an invitation-only, evening event at the Warner Bros. studio in Los Angeles. Mr. Musk has promised that the cab, which he calls the Robotaxi, will be able to ferry passengers to any destination without human intervention, a feat that other companies have achieved in just a few places like Phoenix and San Francisco.Mr. Musk’s supporters and fans believe that the Robotaxi will open a lucrative line of business that will more than make up for Tesla’s recent struggles in the electric car market, where it has lost market share to more established carmakers. Mr. Musk has said people will be able to purchase Robotaxis for personal use and earn extra money by allowing the vehicles to ferry passengers, the automotive equivalent of listing a home on Airbnb.“An autonomous taxi platform will unlock a multitrillion-dollar market,” Tasha Keeney, director of investment analysis at ARK Invest, an asset management firm that owns shares in Tesla, said in a statement.But other analysts and autonomous driving experts are skeptical that Tesla can perfect the technology and make a profit from it anytime soon.A car capable of functioning as a self-driving taxi “is still several years away, and numerous technological hurdles, safety tests and regulatory approvals are still standing in the way,” Garrett Nelson, senior equity analyst at CFRA Research, said in a note this week.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 113 Shares149 Views

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      Elon Musk Leaps to Trump’s Side in Rally Appearance

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      Elon Musk, the billionaire head of Tesla and SpaceX, strode onto the stage to cheers at Donald J. Trump’s rally on Saturday night, lifted his arms above his head and jumped into the air — twice — exposing his navel as his shirt rode up.Wearing an “Occupy Mars” shirt underneath a sport coat, he nodded to his black “Make America Great Again” baseball cap.“As you can see, I’m not just MAGA, I’m dark MAGA,” he said.Mr. Musk publicly endorsed Mr. Trump in the minutes after a gunman tried to kill the former president on July 13 in Butler, Pa., in a post on X, the social media platform he owns. So when Mr. Trump returned Saturday to hold a rally at the same venue where he was attacked, he brought Mr. Musk along.In addition to bouncing up and down onstage, he urged the crowd to “Fight! Fight! Fight!” — an echo of the words Mr. Trump had uttered after the attack.The crowd seemed to know Mr. Musk, who drew cheers as he was introduced by the former president. Mr. Trump lavished praise on Mr. Musk, the world’s richest man, for building an American car company and saving “free speech” with X.”President Trump must win to preserve the Constitution,” Mr. Musk said, after bounding to the mic with his hands in the air. “He must win to preserve democracy in America.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More