Seeking Alpha’s roundup of statements, announcements, and remarks that could impact the technology sector.
- Tesla (NASDAQ:TSLA) Chair Robyn Denholm said that shareholders risk losing Elon Musk as CEO and devaluing the company as a consequence if they don’t approve his approximately $1 trillion compensation package.
“Without Elon, Tesla could lose significant value, as our company may no longer be valued for what we aim to become,” Denholm wrote in a letter to shareholders, according to CNBC.
Denholm added in an interview with CNBC on Monday that the company was at an “important inflection point” regarding the use of AI.
“The opportunity for Tesla in the future, given this AI focus and attention and the unique capabilities that we have as an organization, and that Elon brings to us, really does mean that the opportunity for the company ahead of us is significant,” she said.
Tesla (NASDAQ:TSLA) shareholders have until the end of Nov. 5 to vote on the pay package and other proposals.
- IBM (NYSE:IBM) said it’s launching a platform called Digital Haven Asset that allows banks, governments, and companies to manage and scale digital asset operations.
“The alternative is they [companies] build it all themselves or they take piece parts and build it all themselves,” said Tina Tarquinio, IBM’s chief product officer for IBM Z and LinuxONE, in an interview with Bloomberg. “This is a pretty significant bundle that would really jump-start what they’re doing.”
The platform was developed with digital wallet infrastructure provider Dfns.
- Roomba maker iRobot (NASDAQ:IRBT) said that while its board is continuing to review strategic alternatives for the company, it has been unable to find a buyer.
“Although this review process remains active and ongoing, last week the last remaining counterparty to a potential sale transaction withdrew from the process following a lengthy period of exclusive negotiations, and we currently are not in advanced negotiations with any alternative counterparties to a potential sale or strategic transaction,” iRobot said in an SEC filing on Monday.
“During our most recent negotiations in a potential sale transaction, the last remaining potential counterparty offered a price per share that it would be willing to pay to acquire our company that was significantly lower than the trading price of our stock over recent months,” iRobot added.
The company also said it was in discussions with lenders about securing funds to keep the business afloat.
“If the Lenders do not provide this necessary funding and we are unable to find other sources of capital in the near term, we may be forced to significantly curtail or cease operations and would likely seek bankruptcy protection,” the company added.