Kalakshar US

Elon Musk, Larry Ellison and other current and former members of Tesla’s board of directors will return $735 million to settle claims that they massively overpaid themselves, Reuters has reported. The deal wraps up a saga that started in 2020 stemming from a lawsuit filed by a police and firefighter retirement fund challenging stock options granted to Tesla’s board starting in 2017. Directors also agreed not to receive compensation for 2021, 2022 and 2023, and change the way compensation is calculated. 

Tesla’s current board includes Elon Musk, his brother Kimbal, Fox News mogul James Murdoch, Airbnb co-founder Joe Gebbia and former Tesla CTO JB Straubel. The case is separate from a lawsuit filed by shareholders against a $56 billion compensation package awarded to CEO Elon Musk.

The Police and Fire Retirement System of the City of Detroit accused Tesla’s board of giving itself unfair and excessive compensation in the form of 11 million stock options between 2017 and 2020, saying it grossly exceeded norms for a corporate board. The $735 million settlement will be paid back to Tesla in what’s called a “derivative lawsuit” — the largest ever awarded by Delaware’s Court of Chancerty, according to Reuters. 

Tesla argued that stock options were used to ensure Director’s incentives were aligned with investor goals. Tesla has yet to comment on the affair, but in court documents, said that it agreed to settle to eliminate the risk of future litigation. 

Tesla CEO Elon Musk is fighting a separate lawsuit to defend his $56 billion pay package. It was brought by shareholder Richard Tornette, who claimed that “the largest compensation grant in human history” was given to Musk, even though he didn’t focus entirely on Tesla. In 2020, he received the first of 12 $700 million payments as part of that package. 

This article originally appeared on Engadget at https://www.engadget.com/tesla-directors-agree-to-return-735-million-following-claims-they-were-massively-overpaid-105506056.html?src=rss 

E-bike company VanMoof has declared bankruptcy for all its Dutch entities and aims to find a buyer in the “next few weeks.” The announcement comes alongside the court of Amsterdam’s withdrawal of suspension of payment proceedings and appointment of two trustees to oversee a possible third-party sale of the assets to ideally keep VanMoof functioning. The news came through a mass email to Dutch employees that was subsequently shared on Reddit.

Bankruptcy proceedings have come to VanMoof less than two years after it claimed to be the “most funded e-bike company in the world” while announcing a $128 million investment. Yet, trouble has been brewing for some time, with it allegedly costing more money to sell and service its bikes than people were paying for them. Dutch financial outlet FD reported an €11.9 million ($13.4 million) gross margin loss for VanMoof in 2021, with €8 million ($9 million) spent on repairs and replacements. The company’s international entities, in places like the United States and Taiwan, aren’t part of the bankruptcy proceedings.

VanMoof told employees there are “no funds to pay the salaries” long-term and gave them a six-week notice period in which they are expected to work and will receive their final payments. Part of this time will entail returning bikes currently in service back to customers. VanMoof is really leaning in on its employees to keep working hard, stating: “It is necessary to stay strong and to continue with your required work. We hope everybody keeps up their best efforts so we can secure a good future for this beautiful company and brand together.”

This article originally appeared on Engadget at https://www.engadget.com/vanmoof-e-bikes-has-declared-bankruptcy-094041635.html?src=rss 

Loupdeck, which started as an Indiegogo project with its original Lightroom editing console, has been acquired by Logitech for an undisclosed “non-material” sum, the companies announced. “This acquisition augments Logitech’s product portfolio today and accelerates our software ambitions of enabling keyboards, mice and more to become smarter and contextually aware,” said Logitech G general manager Ujesh Desai in a statement. 

After launching an advanced editing console in 2019 (the Loupedeck CT), the company pivoted toward video streaming with the Loupedeck Live and Loupedeck Live S. Those offer an alternative to Elgato’s Stream Deck, used by content creators to add titles, picture-in-picture and more to live streams. Loupedeck also collaborated with Razer on its own creator product, the Stream Controller.

Buying Loupedeck gives Logitech the ability to deliver a “premium experience” for content creators including gamers, livestreamers and others, it said. At the same time, Logitech is promising more “seamless” usage for onboarding, presets and the coupling of Streamlabs apps and Loupedeck devices. For its part, Loupedeck said that joining Logitech will help it “exponentially” broaden its audience. 

In fact, Logitech acquired Streamlabs back in 2019 to get deeper into game streaming — one of a number of brand purchases it has made over the past few years. In 2016 it bought gaming peripheral company Saitek, in 2017 it purchased Astro, which makes headsets popular with gamers and streamers, and in 2018, Logitech aquired Blue Microphones.

How have those acquisitions worked out? Earlier this year Logitech retired the Blue branding, though it still manufactures most of the company’s original products like the Yeti and Snowball mics. Loupedeck’s products are nice but a bit expensive, so Logitech may be able to bring the price down while increasing manufacturing quality. In any case, “Loupedeck will continue supporting its customers and partners and will operate as usual for the foreseeable future,” the press release states.

This article originally appeared on Engadget at https://www.engadget.com/logitech-acquires-streaming-console-maker-loupedeck-081558711.html?src=rss 

The list of third-party apps that support passkey login on the iPhone has grown by one, thanks to TikTok. Users of the popular video-sharing service will now have the option to sign in with their passkey associated with their Apple ID, which means they can easily get into their account using Face or Touch ID. Passkeys are considered a safer option than password logins, since they’re comprised of a cryptographic key pair. 

One of the keys is a public key that’s associated with the website or service, while the other is a private key stored only in the user’s device. Services and apps like TikTok don’t have access to that private key, and users can’t copy it down or give it out, making passkeys resistant to data breaches and social engineering by bad actors. iOS devices authenticate users’ identity for logins using their biometric data before matching their private key with a service’s public one. 

To be able to use passkeys on TikTok for iPhones and iPads, their device must be running the latest version of iOS. Their iCloud Keychain must also be enabled, because Apple stores passkeys in its password management system. Finally, two-factor authentication must be switched on for their Apple ID. 

TikTok will start rolling out passkey support to certain regions in Asia, Africa, Australia and South America this month. The video sharing service said the feature will be available in other locations and on other operating systems over time, so it will most likely make its way to North America and to Android devices. TikTok users who get access to the login option can activate it by going to their Profile at the bottom of the app and then accessing Settings and privacy in the Menu. From there, they need to access the Account option and then tap iCloud passkey to see the setup screen.

This article originally appeared on Engadget at https://www.engadget.com/tiktok-rolls-out-passkey-login-for-ios-devices-053212136.html?src=rss