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ExxonMobil Sues Own Investors in Warning to Climate Activists

Lawsuit to test SEC rules as investor groups abandon climate proposal

(Newser) - ExxonMobil investors have abandoned calls for the company to act more aggressively to curb emissions from its operations after ExxonMobil sued them in response. In what the Financial Times reports is "likely to have a chilling effect on similar forms of shareholder activism," ExxonMobil took "the unusual...

Nuns' Response to 'Heinous Gun Crimes': a Lawsuit

They're shareholders, and they're suing Smith & Wesson for sales of assault weapons

(Newser) - A group of Catholic nuns is suing Smith & Wesson, demanding the gunmaker stop selling assault weapons that have "no purpose other than mass murder." The nuns representing four congregations in Michigan, Maryland, Pennsylvania, and Oregon bought up shares in the company before suing in what they dub...

Musk: I'll Keep Tesla Stock for 18 Months

Stock's value has plunged since Twitter purchase

(Newser) - CEO Elon Musk says he won't sell any more shares in Tesla for 18 months or more, likely an attempt to comfort shareholders of the electric vehicle company who have watched the stock lose nearly half of its value since Musk's purchase of Twitter. "I'm not...

Berkshire Invested $51B Last Quarter, Buffett Says


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Berkshire Shareholders Receive Update in Person

Buffett discusses new investments, inflation

(Newser) - Thousands of Berkshire Hathaway shareholders returned in person Saturday for their annual meeting heard Warren Buffett update them about investments and rail about the widespread harm inflation is doing. The pandemic had prevented the gathering in Omaha for the past two years. After earlier saying that inflation "swindles" equity...

Zoom Hid Security Flaws: Shareholder

Class-action lawsuit also claims unauthorized disclosure of personal info

(Newser) - Shares in videoconferencing app Zoom hit record highs at the end of last month as COVID-19 forced people to work and socialize from home. Then came the drop, coinciding with concerns about " zoombombing " and other security and privacy issues. Another drop in stock price came Tuesday, with shares...

Facebook Makes Move for Zuckerberg's Power If He Leaves

Board wants to curb his voting clout if he departs

(Newser) - It's hard to imagine Facebook without the face of Mark Zuckerberg at its helm, but that's exactly what the site's board of directors is anticipating in its latest proposal to the SEC. Per Reuters , the board submitted a proxy filing Thursday, notifying the federal agency that it...

ExxonMobil CEO: World Needs Our Oil, 'Like It or Not'

Cutting oil production 'not acceptable to humanity': Rex Tillerson

(Newser) - Keep the oil taps flowing for the good of the people, the CEO and chair of ExxonMobil appealed to shareholders at what the Guardian says was a "long and fractious" annual meeting in Dallas on Wednesday. Rex Tillerson told attendees the oil giant had already pumped $7 billion into...

BP CEO Shouldn't Get 20% Raise After $5.2B Loss: Investors

But vote's nonbinding, so looks like Bob Dudley will get his full bonus

(Newser) - Oil giant BP lost $5.2 billion last year, but the company somehow saw fit to propose maximum bonuses for 2015 for its top executives, including a 20% pay increase for CEO Bob Dudley—a proposal that 59% of shareholders roundly rejected by proxy vote at Thursday's annual meeting,...

Daimler Shareholders Brawl—Over Sausages

Daimler investor was trying to hoard links from the buffet to bring home

(Newser) - It was the best of times, it was the wurst of times at Daimler AG's annual shareholder meeting Wednesday in Berlin, where an argument disrupted the get-together, the Guardian reports. "We had to call the police to settle the matter," says Daimler board chair Manfred Bischoff of...

Buffett: Candidates Wrong About the Economy

They're exaggerating how bad it is, he complains

(Newser) - The US economy is in better shape than the presidential candidates make it seem, investor Warren Buffett said Saturday. In his annual letter to Berkshire Hathaway shareholders, Buffett didn't name specific candidates or issues, but noted that the negative drumbeat about the economy, health care reform, and income inequality...

Protesters Shut McDonald's HQ; 138 Arrested

Expect more ruckus at shareholders meeting today

(Newser) - It looks like a win for protesters who took to McDonald's yesterday to demand $15 an hour for fast-food workers—at least, it's a win for those who didn't end up in jail. McDonald's was forced to close a main building at its headquarters in Oakbrook,...

Marissa Mayer Gets 'Scuzzball Comment' From Shareholder

Yahoo chief ignores line from self-described 'dirty old man'

(Newser) - Oh, the joy of being a female CEO, and in the tech industry , no less: At Yahoo's shareholder meeting today, Marissa Mayer got to hear this from a questioner, reports Sam Biddle at ValleyWag (which has the video):
  • "I have 2,000 shares of Yahoo, I'm Greek,
...

Is Apple Going to Ax Cook?

 Is Apple Going to Ax Cook? 
Rumor Mill

Is Apple Going to Ax Cook?

Rumor has it CEO's days are numbered; is that a good thing?

(Newser) - Are Tim Cook's days at Apple numbered? The gadget giant is secretly headhunting for a new CEO, anonymous "Wall Street sources" tell Gene Marcial at Forbes , though Marcial cautions that there's "yet no available evidence" to back the claim up. Even if the rumor is false,...

Icahn Sours at Taste of Netflix's 'Poison Pill'

Slams stock move as 'poor corporate governance'

(Newser) - Billionaire investor Carl Icahn isn't happy with Netflix's plan to avoid a takeover, and he told the SEC as much yesterday. In a filed statement, he called the company's share-diluting "poison pill" decision "an example of poor corporate governance," the Los Angeles Times reports....

Eying Icahn Takeover, Netflix Turns to 'Poison Pill'

Company seeks to dilute share values after investor picks up 10%

(Newser) - Following billionaire investor Carl Icahn's purchase of a 10% stake in Netflix , word is out that he may push the company to sell—so Netflix has opted for the "poison pill" approach. The company is giving shareholders the right to snap up more stock if any single shareholder...

Facebook Shares Hit New Low
 Facebook Shares Hit New Low 

Facebook Shares Hit New Low

They drop 6% as some investors get first chance to sell

(Newser) - More stock woes for Facebook: As some shareholders got their first opportunity to sell yesterday, shares plummeted to a new low of $19.69. By day's end, they'd settled at $19.87, a 6% plunge, the Los Angeles Times reports. It's not clear yet how many of...

Businesses Must Stop Worshiping Shareholders
Businesses Must Stop Worshiping Shareholders
OPINION

Businesses Must Stop Worshiping Shareholders

Emphasis on the short term is killing the economy: law professor

(Newser) - The notion that businesses exist solely to increase their stock prices and thus reward shareholders may be a "bedrock principal of our era," writes Jesse Eisinger at the Trade blog for ProPublica, but it also may be taking a serious toll on America's financial health. He sums...

Get Ready for More Facebook Shares for Sale

Lock-up expiration will free 268M shares in less than three months

(Newser) - Just as investors are souring on their plunging Facebook shares , comes a depressing reminder that millions of shares will likely soon flood the market. Starting in less than three months, select insiders and early investors will be allowed to sell their Facebook shares as the "lock-up period" currently preventing...

Buffett Feels 'Terrific' Despite Prostate Cancer

Berkshire shareholders seem to believe him

(Newser) - Warren Buffett insists that he's feeling good after his recent prostate cancer diagnosis. Based on the questions he got at Berkshire Hathaway's annual meeting, shareholders are taking him at his word. Despite the fact that Buffett just disclosed his cancer diagnosis last month, he didn't face the...

Citi Shareholder Revolt Bad News for Other Big Banks

Wells Fargo, Bank of America may have reason to worry

(Newser) - Now that shareholders have rejected Citigroup CEO Vikram Pandit's $15 million pay package, all eyes are on Wells Fargo and Bank of America, both of which are holding their own "say on pay" votes in the coming weeks. The votes are required as part of post-financial crisis financial...

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