Issue link: https://maltatoday.uberflip.com/i/1515299
1.2.2024 6 MARKETS Symbol Volume Value Trades High Low Open Closing Change Code Traded Traded Trades Price Price Price Price EQUITIES APS 7,526 4,515.60 1 0.600 0.600 0.600 0.600 0.000 BMIT 135,625 58,318.75 5 0.430 0.430 0.430 0.430 0.000 BOV 73,352 81,346.38 7 1.130 1.090 1.110 1.130 0.040 GO 9,400 27,778.00 4 2.960 2.940 2.960 2.940 0.000 HLI 1,800 410.40 1 0.228 0.228 0.228 0.228 0.000 HSB 109,863 119,750.67 4 1.090 1.090 1.090 1.090 0.000 MIA 19,973 108,882.85 4 5.500 5.450 5.500 5.450 0.000 PG 83,900 161,386.52 7 1.940 1.920 1.920 1.940 0.020 CORPORATE STOCKS G32G 10,000 10,365.00 1 103.650 103.650 103.650 103.650 -0.580 G34A 58,400 60,718.48 1 103.970 103.970 103.970 103.970 -1.030 G40A 216,000 192,302.18 7 99.000 88.280 98.000 88.280 -2.220 G43AA 25,000 24,835.00 1 99.340 99.340 99.340 99.340 -0.910 CORPORATE BONDS AX24A 25,000 25,250.00 1 101.000 101.000 101.000 101.000 0.990 AX29A 4,300 4,203.25 1 97.750 97.750 97.750 97.750 -0.200 BB33A 8,500 8,712.50 1 102.500 102.500 102.500 102.500 0.500 BV30B 27,200 24,147.46 8 89.200 88.500 88.510 89.200 1.190 CE33A 10,100 10,100.00 1 100.000 100.000 100.000 100.000 0.000 DF26A 20,000 20,000.00 1 100.000 100.000 100.000 100.000 0.010 HF28A 5,000 4,675.50 1 93.510 93.510 93.510 93.510 0.010 IB32A 10,000 10,000.00 1 100.000 100.000 100.000 100.000 0.000 IH26A 13,500 13,600.65 3 100.750 100.740 100.740 100.750 0.000 IH31A 4,000 3,720.00 1 93.000 93.000 93.000 93.000 0.000 JD32A 9,100 9,044.35 2 99.850 99.010 99.850 99.010 -0.840 MI23A 9,000 8,998.35 2 100.000 99.970 99.970 100.000 0.800 MP32A 5,000 4,970.00 1 99.400 99.400 99.400 99.400 -0.100 ON34A 16,000 15,360.00 2 96.000 96.000 96.000 96.000 -2.000 SF27A 10,000 10,000.00 1 100.000 100.000 100.000 100.000 0.700 SP29A 3,000 2,970.00 1 99.000 99.000 99.000 99.000 0.000 ST27A 33,000 33,000.00 4 100.000 100.000 100.000 100.000 0.000 VR27A 300 289.50 1 96.500 96.500 96.500 96.500 -2.400 Malta Stock Exchange Regulated Main Market Trading Date: 31 January 2024 Elon Musk $56 billion Tesla pay package vetoed by judge A legal challenge to Elon Musk's compensation package awarded by Tesla's board of directors that was potentially worth as much as $56 billion, has been successful. A Delaware judge on Tuesday voided the $56 billion pay pack- age, after ruling that Tesla's board of directors failed to prove "that the compensation plan was fair" or show much evidence that they had even negotiated with him. It comes after a lawsuit filed by Richard Tornetta, a Tesla share- holder who argued that directors had breached their fiduciary duties by awarding Elon Musk a perfor- mance-based equity-compensation plan." e pay package that Tesla had granted Musk in 2018 was the larg- est compensation plan in public corporate history, the judge noted. News of the ruling impacted Te- sla's share price, which reportedly fell 3 percent in after hours trading on Tuesday. Chancery Court Chancellor Kath- aleen McCormick in her 200-page ruling reportedly directed Tornetta to work with Musk's legal team on an order implementing the judge's decision. Musk can appeal the decision to Delaware Supreme Court. According to CNBC, Musk's 2018 compensation plan had offered the world's richest man the chance to secure 12 tranches of Tesla stock options, which would vest if the company's market capitalisation increased by $50 billion and Tesla achieved a revenue target. Essentially, the package did not guaranteed him any salary, but it did allow Musk to purchase Tesla stock at heavily discounted prices, providing the firm met escalating financial and operational goals. Musk was ordered to retain the acquired stock for five years, and it should be noted that Musk satisfied all 12 tranches or performance tar- gets in the plan. Overpaid package? "Was the richest person in the world overpaid?" McCormick in her decision was quoted as asking. "e stockholder plaintiff in this derivative lawsuit says so. He claims that Tesla, Inc.'s directors breached their fiduciary duties by awarding Elon Musk a per- formance-based equity-compen- sation plan," CNBC reported the ruling as stating. "In the final analysis, Musk launched a self-driving process, recalibrating the speed and direc- tion along the way as he saw fit," the judge wrote. "e process arrived at an unfair price. And through this litigation, the plaintiff requests a recall." McCormick ruled that Tornetta had proved that Musk "controlled Tesla" and that the process leading to the board's approval of his com- pensation was "deeply flawed." e judge also reportedly noted hat Musk had "extensive ties" with the people who were negotiating for Tesla on the package, including members of management "who were beholden to Musk," among them General Counsel Todd Ma- ron, his former divorce attorney." "Put simply, neither the Com- pensation Committee nor the Board acted in the best interests of the Company when negotiating Musk's compensation plan. In fact, there is barely any evidence of ne- gotiations at all," the judge report- edly wrote. "Rather than negotiate against Musk with the mindset of a third party, the Compensation Commit- tee worked alongside him, almost as an advisory body." Musk response Elon Musk responded to the rul- ing with a short tweet on X (for- merly Twitter). "Never incorporate your compa- ny in the state of Delaware," Musk he posted. Elon Musk promoting Tesla's Pickup Truck