) rose on Thursday as shareholders appeared poised to vote in favor of a US$56-billion pay package for Elon Musk and to move the electric vehicle maker’s legal home to Texas.
A person familiar with the preliminary voting tally said a combination of big institutional investors and retail investor votes were responsible for the support. “Even if the shareholders do approve the old package, it is not clear that the Delaware court will allow that vote to be effective,” said Adam Badawi, a law professor at UC Berkeley.The Montreal-based company reported revenue of $120.5-million, down 11.5 per cent from the same period a year ago below the Street’s expectation of $126-million, but adjusted EBITDA of $10.5-million topped the consensus projection of $10.2-million as EBITDA margins rose almost 1 per cent year-over-year to 8.
The rising adoption of generative AI has been driving demand for companies such as Broadcom that provide chips and networking tools to support these intensive applications. Anchored by a US$1-billion commitment from the US$30-billion UAE-based ALTÉRRA fund, the first close of the CTF is expected by the end of 2024, Brookfield said in a statement.
Returns to the ALTÉRRA fund will be capped at an unspecified amount, allowing other investors to secure better risk-adjusted returns. At least 10 per cent of the fund’s capital will be provided by Brookfield, which manages US$925-billion in assets.
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