Elon Musk faces a $15 billion tax invoice, which is probably going the true motive he is promoting inventory

Tesla boss Elon Musk visiting the construction site of Tesla’s Gigafactory in Gruenheide near Berlin, Germany, 13 August 2021.

Patrick Pleul | Reuters

Tesla CEO Elon Musk faced a tax burden of more than $ 15 billion on stock options in the coming months, making a sale of its Tesla stock likely this year regardless of the Twitter vote.

Musk asked his 62.7 million Twitter followers over the weekend to sell 10% of his Tesla inventory. “A lot has been done lately with unrealized gains being a means of tax avoidance, so I suggest selling 10% of my Tesla stock,” he tweeted.

The Tesla boss said he would “stick to the results of this survey, no matter which direction it goes.” The results were 58% for the sell and 42% against, suggesting he will sell the shares.

Regardless of the poll results, Musk would likely have started selling millions of shares this quarter. The reason: an impending tax bill of more than 15 billion dollars.

Musk were granted options under a compensation plan in 2012. Since he does not receive any salary or cash bonus, his fortune comes from stock bonuses and the price gains from Tesla. The 2012 grant was for 22.8 million shares at an exercise price of $ 6.24 per share. Tesla stock closed at $ 1,222.09 on Friday, which means its earnings from the stock are close to $ 28 billion.

The company also recently announced that Musk has taken out loans with its shares as collateral, and with the sales, Musk may be looking to repay some of those loan obligations.

As Tesla noted in its 10-Q filing with the Securities and Exchange Commission for the third quarter this year, “If our common stock drops significantly, Mr. Musk could be forced by one or more banking institutions to sell. to sell Tesla common stock to meet his loan obligations when he couldn’t do it another way. Such sales could cause the price of our common stock to decline further. “

The options expire in August next year. However, in order to exercise them, Musk must pay income tax on profits. Since the options are taxed as benefit or compensation to employees, they are taxed on the highest ordinary income, or 37% plus the net investment tax of 3.8%. He will also have to pay the highest California tax rate of 13.3% as the options were granted and largely earned while he was taxable in California.

The combined state and federal tax rate is 54.1%. So the total tax burden on his options would be $ 15 billion at the current price.

Musk has not confirmed the size of the tax bill. But he tweeted, “Note that I don’t get any cash or bonus anywhere. I only have stocks, so I can personally pay taxes by selling stocks.”

With CEOs having limited windows to sell stocks and Musk likely looking to stagger sales over at least two quarters, analysts and tax experts expect Musk to begin selling in the fourth quarter of 2021.

Speaking at the Code conference in September, Musk said, “I have a number of options that expire early next year, so … a huge chunk of options will be sold in the fourth quarter – because I have to or they will expire.”

Musk could of course borrow more against his Tesla stock, which is now over $ 200 billion. Still, he has already pledged 92 million shares to lenders to raise cash. When asked at the Code conference about borrowing from such volatile stocks, he said, “Stocks don’t always go up, they go down.”

Musk is still collecting options beyond those granted over Tesla’s 2012 salary package. In March 2018, Tesla’s Board of Directors presented him with an unprecedented “CEO Performance Award” consisting of 101.3 million stock options (adjusted for the 5-for-1 share split in 2020) in 12 milestone-based tranches.

– CNBC’s Lora Kolodny contributed to this report.

Aviation trade faces problem that inflow of federal grant cash will not have the ability to clear up, professional says

The grants aim to keep airport workers busy, get construction projects off the ground and help airports recover from a pandemic that is severely dampening air traffic. Airports can also use the money to grant rent relief for retail and concession companies in terminals.

Dan Akins, an aviation economist at consultancy Flightpath Economics, said MSP’s cut in grant money was more or less proportional to its share of air travel. He also said total funding might seem like much right now, but it’s based on March estimates.

“It seems big now because I think back then the light at the end of the tunnel was so small that it was hard to know when this was going to end,” Akins said. “And when it arrives it seems like we need less and less of it, but that is the price of a lengthy process to distribute money to airports and other commercial interests that have suffered during the pandemic.”

But Akins said the aviation industry’s biggest problem right now isn’t money – it is Shortage of staff.

“There aren’t enough people. There aren’t enough planes moving,” Akins said. “Demand has dropped so much that in the past few weeks you’ve seen Delta struggling, Americans struggling, Southwest struggling to keep their schedules because there isn’t enough manpower to provide the talent that they need Things to get an airplane from A to B. “

He said some airlines may have been too aggressive in firing highly specialized personnel like pilots and it will take a long time to regain that talent.

“Maybe they let too many pilots go with early retirement packages, as I think, as is the case with Delta, which seemed in a crisis when all airlines went over the waterfall,” Akins said. “‘Let’s get rid of the most expensive senior pilots and this will save us.” That was real short-term thinking. “

In other cases, Akins said, airlines are pulling managers off their officers and allowing them to get into day-to-day operations.

Right now, as airlines have been caught unprepared for a sudden surge in demand for air travel, air fares are rising, Akins said. And the generous refund policies that some companies put in place during the pandemic could also be dropped.

MLB faces federal lawsuit for transferring All-Star Recreation; leisure lawyer begins singing profession at 92

News summary

Afternoon Briefs: MLB faces federal lawsuit over relocation of All-Star game; Entertainment lawyer starts singing at the age of 92

Atlanta Business Group is suing MLB for moving All-Star Game

Job Creators Network, a conservative small business organization, is suing Major League Baseball for moving the All-Star game out of Atlanta in July. In a 21-page complaint filed Monday in the U.S. District Court for the Southern District of New York City, Job Creators Network is calling for the game to be returned to the Georgia capital, $ 100 million in damages to local and state small businesses and $ 1 billion in punitive damages. The group cited events that caused the league’s decision, including the signing of a new electoral law by Republican Georgia Governor Brian Kemp March. (The Atlanta Journal Constitution, Fox business, Newsweek, Law.com, May 31st complaint)

Entertainment attorney in Los Angeles starts singing career at age 92

Bert Fields, a 92-year-old Los Angeles lawyer who has represented the Beatles, Tom Cruise, Madonna and other famous artists, has officially started his singing career. On May 14th the Greenberg Glusker Fields Claman & Machtinger partner debuted his own interpretation of “Back in the saddle“on Youtube. When asked why he chose the Gene Autry song, Fields said:” Somehow the lyrics and the music got me. ” Hollywood reporter)

SCOTUS rejects Johnson & Johnson appeal over $ 2 billion surcharge in baby powder case

The U.S. Supreme Court has dismissed Johnson & Johnson’s appeal on $ 2.12 billion in damages to women who alleged their ovarian cancer was caused by asbestos in the company’s baby powder. Last year, the Missouri Court of Appeals overturned Johnson & Johnson’s challenge to the 22 plaintiffs’ claims for damages and punitive damages, whose claims were in litigation, but reduced their total from the $ 4.69 billion originally decided by a jury . The company had argued that the amalgamation of different baby powder-related claims and the size of the jury’s compensation claim violated due process rights. ((Reuters, Forbes, June 1st assignment)

Attorney suspended for 90 days after making false claims about the judge

On Friday, the Iowa Supreme Court Disciplinary Committee suspended attorney Harold K. Widdison of Sioux City, Iowa, for 90 days for his conduct during his post-divorce litigation and managing escrow accounts. The board alleged ethical violations arising from various events during the litigation, including an amending case in which Widdison falsely alleged that a judge had told the parties that “she had some form of brain tumor and that the court’s decision would take a long time becomes”. . ”The board also alleged that Widdison had repeated the false claims. “While we all in the judiciary must be prepared for fair and unfair criticism, the unfounded attacks by an Iowa attorney on a judicial officer in this case are incomprehensible,” the board wrote in its statement. (The Lawyer blog, May 28th opinion)

Singapore faces ‘twin challenges’ from local weather change, says minister

SINGAPORE – Singapore faces two challenges from climate change and is pursuing a new coastal protection plan to preserve the island’s most vulnerable coastlines, the country’s environment minister said.

“Our dual challenges are coastal flooding … (and) extreme rainstorms, which can lead to more intense inland flooding. So we need a system that will help us address both issues,” said Grace Fu, Minister for Sustainability and the environment.

The project, launched Tuesday by Singapore’s national water agency PUB, will collect science and data on how best to mitigate and adjust coastal damage before creating a road map, Fu told CNBC’s “Squawk Box Asia” on Wednesday .

Singapore, a small Southeast Asian city-state smaller than New York City, has worked for years to protect its coastline from sea level rise and other environmental damage.

Much of the land is fair 15 meters above mean sea levelwith about 30% of the land less than 5 meters above mean sea level. This has prompted authorities to introduce a minimum land reclamation of 4 meters – a number that would likely soon increase to 5 meters, Fu said.

“We want to understand the effects of all of these climate scenarios on our environment, sea water levels and also the tidal differences that are coming our way,” she said.

The first region to fall under the plan will be 57.8 km of coastline stretching across Singapore’s Greater South Waterfront. These include the city’s central business district, the east coast and Changi, which is where Singapore’s Changi Airport is located.

The skyline of the financial and business center can be seen in the background as people paddle along the beach at East Coast Park in Singapore on July 17, 2020.

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Singapore’s new coastal defense strategy gives private developers an opportunity to help shape their future, Fu said.

The study starts with a $ 5 billion fund and will be carried out over the next four years by a privately owned consortium of Singaporean and Dutch consulting firms. This process will in turn open the door for other private companies to offer green solutions, Fu said.

“For the investments that the government is making, I am sure that the private sector can benefit from building and delivering the tech solutions,” she said.

“Developers along the way will have an idea of ​​the plan we are pursuing,” she said. “So if you build infrastructure, if you build buildings, if you build offices, or if you build recreational facilities, you have to build with this science, this data and these assumptions.”

The project takes place amid increasing efforts to reduce the effects of climate change around the world.

Brazil fears third Covid wave as Bolsonaro faces parliamentary inquiry

Brazilian President Jair Bolsonaro is undergoing a congressional investigation into the mismanagement of the pandemic.

Andressa Anholete | Getty Images News | Getty Images

Health experts fear the Brazilian Covid-19 disaster could get worse in the coming months, while a parliamentary investigation into the government’s response to the pandemic is likely to increase political pressure on President Jair Bolsonaro.

South America’s largest country, previously known for its leadership skills in health crises, has grown into an international pariah amid the coronavirus pandemic. Brazil has had the highest number of coronavirus-related deaths in the world outside of the United States, is, and is, behind in terms of vaccinations still without an effective and coordinated public health response to the outbreak.

An official investigation, approved by the Brazilian Supreme Court, opened late last month to look into the government’s handling of the pandemic, which killed more than 428,000 people. The investigation could pave the way for Bolsonaro’s impeachment, though analysts say political opponents of the right-wing leader may prefer to contest the president in the October 2022 election.

Bolsonaro allegedly said he was “not worried“About the investigation. A Brazilian government spokesman did not respond to a request for comment when contacted by CNBC.

Bolsonaro has repeatedly spoken out against public health measures, which have become a political battleground in Brazil, and continues to oppose any lockdown measures to contain the spread of the virus.

“The current unrestrained epidemic will not be overcome without a dramatic change in direction,” said Dr. Antonio Flores, Infectious Disease Specialist and Covid Medical Advisor at the Medecins Sans Frontieres aid group in Brazil.

He said that if life goes on normally, “with such a high daily incidence, all you can expect is a new wave of cases, an additional thousands of deaths and more pressure on the already stretched health system.”

A gravedigger walks among the graves of COVID-19 victims at the Nossa Senhora Aparecida cemetery in Manaus, Amazonas state, Brazil, on April 29, 2021.


His comments echo warnings from other health experts that Brazil could soon see a third wave of Covid infections in the coming weeks. It is feared that the country’s weak vaccination efforts will not be enough to prevent a new surge in the winter months of June through September with indoor gatherings and activities particularly risky.

Flores told CNBC that all available public health measures should be stepped up “as soon as possible” and that the country’s vaccination campaign needs to be accelerated. He added the need to put in place an effective testing and traceability system, as well as coherent guidelines on public health restrictions.

“A crucial element in next year’s elections”

By May 12, around 15% of Brazil’s 211 million residents had received at least one dose of a Covid vaccine Statistics compiled of our world in data. Chile has now vaccinated almost 46% of its population with at least one dose of a Covid vaccine. This reflects one of the highest vaccination rates in the world.

Brazil’s lower vaccination rate means millions of people across the country and beyond its borders are at risk from more than 90 variants of the coronavirus currently circulating in the country. in addition to any new mutations that may appear.

Brazil’s Covid vaccination campaign is in stark contrast to its response to the H1N1 swine flu pandemic in 2009, when 92 million people were vaccinated against the virus in just three months. The main difference this time around, analysts say, is Bolsonaro’s refusal to take a science-led approach to addressing the health crisis.

This is a very dangerous government, but since it was democratically elected, very little can be done at the moment to push back.

Ilona Szabo

President of the Igarape Institute

The Pan American Health Organization announced on Wednesday that nearly 40% of all global Covid-related deaths reported in the past week have occurred in the Americas. Almost 80% of the intensive care units in the region are currently staffed with patients. PAHO director Carissa Etienne warned it was clear that the broadcast “far from being controlled“Although the US and Brazil are reporting declines in some cases, Reuters reported.

Brazil recorded more than 76,000 cases of the coronavirus on Wednesday, after peaking at over 100,000 daily infections in April. In terms of infection numbers, it remains the third worst Covid-affected country in the world after the United States and the United States India respectively.

“I think while the situation in India has gotten significantly worse lately, the numbers in Brazil have risen to a very, very high level. The country has actually been in a collapse for months,” said Oliver Stuenkel, Associate Professor of International relations at the Getulio Vargas Foundation in Sao Paulo, said CNBC by phone.

A man will be vaccinated against Covid-19 by a health worker in a remote area of ​​Moju, Para state, Brazil on April 16, 2021.


“What is really so fascinating is that (former US President Donald) Trump and to some extent (Indian Prime Minister Narendra) Modi are paying a political price. Bolsonaro has been able to and has not retained fairly high political support by a combination of factors done. ” however, had to pay for it because its strategy of avoiding responsibility has so far been remarkably successful, “he added.

Analysts said the government’s investigation into treatment for the pandemic will typically take around three months, but the process can take much longer.

Stuenkel said he expected the investigation to take about six months since “the real goal is to hammer home the news on the evening news that Bolsonaro was to blame”.

“Essentially, I think the investigation will be vital because if the investigation cannot change public opinion at this point, after 400,000 people have died and basically the health system has finally collapsed, basically nothing can .. . For me the crucial element is next year’s election, “he added.

What happens next?

Earlier this week, former Brazilian Health Minister Luiz Henrique Mandetta, who was fired over a year ago after resisting Bolsonaro’s push to use the malaria drug chloroquine as a covid treatment, testified ahead of a parliamentary inquiry.

Mandetta said Bolsonaro was to be something entirely conscious that the treatment had no scientific basis. Former US President Donald Trump had also pushed for the use of the related drug hydroxychloroquine amid the pandemic, despite a lack of scientific evidence.

“Unfortunately, this is a very dangerous government, but since it was democratically elected, very little can be done right now to push back,” said Ilona Szabo, president of the Igarape Institute, a think tank based in Rio de Janeiro.

Szabo said that while she did not believe the investigation would have “immediate” political implications, “it is important that what happens today has ramifications for the future.”

“It is proven that they are responsible and that most of the deaths were preventable,” said Szabo.

Uber is dropping much less cash. Nevertheless it nonetheless faces one huge danger

The pandemic was a difficult time getting people from point A to point B.

For months, government rules and fears of catching Covid-19 meant everyone stayed seated. Eventually, however, there are signs of change – and Uber is excited.

“Uber has already started shooting at all cylinders,” CEO Dara Khosrowshahi told analysts after the company reported earnings on Wednesday.

What Happens: As the economic recovery accelerated in key markets like the US, the startup posted a net loss of $ 108 million in the first three months of the year. This is a dramatic improvement over the loss of $ 968 million in the last three months of 2020.

The company’s core business is still weak. The gross bookings for trips decreased by 38% compared to the previous year. However, the strong growth in grocery delivery, with bookings up 166% year over year, is helping Uber weather the storm.

However, even if customers return to the app, there is significant uncertainty about Uber’s relationship with its drivers.

Look here: Driver supply has been a problem lately as the company tries to convince people it is safe to promote drivers again. Khosrowshahi said the company is offering incentives to get old drivers back on the road and find new recruits.

“There is a greater reluctance for some drivers to come on board to drive other people as opposed to again. [driving] Eat, ”said Khosrowshahi.

The longer term problem is how Uber compensates its workers.

Earlier this year, the UK Supreme Court confirmed a decision that Uber drivers in the country should be classified as employees rather than independent contractors. This means that they are entitled to a minimum wage, vacation time and a pension.

Uber said Wednesday that it would need to allocate $ 600 million to address these changes.

It’s not the only place the tide could turn on Uber on employment issues. Tony West, chief legal officer, admitted that the company is actively engaging with officials across Europe on such matters. He said this was “really on the front lines”.

But the approach of the Biden administration is also increasingly being scrutinized. On Wednesday, the U.S. Department of Labor said it was withdrawing a Trump-era rule that would have made it easier for companies to classify gig economy workers as independent contractors.

“Legitimate entrepreneurs play an important role in our economy, but too often workers lose vital wages and related safeguards when employers misclassify them as independent contractors,” Labor Secretary Marty Walsh said in a statement.

Investor Acknowledgment: West said the current administration did not have a unified view of what “creates room for meaningful dialogue”. But investors may not be as confident. In premarket trading, stocks fell 4%.

GameStop and Archegos drama could trigger new SEC rules

A tumultuous start to 2021 has caught the attention of Wall Street’s top regulator as it ponders new rules following the GameStop trading frenzy and the collapse of the Archegos hedge fund earlier this year.

That’s according to Gary Gensler, chairman of the Securities and Exchange Commission. Gensler will testify to the House Financial Services Committee on Thursday.

His prepared observations indicate a wide range of concerns about the functioning of markets and investor behavior, as well as a belief that stricter supervision may be needed. The SEC expects to release an employee report this summer evaluating recent market events.

In the meantime, here is a selection of what Gensler thinks:

  • On playful trading apps: “If we watch a movie that a streaming app recommends and that we don’t like, we may lose a few hours of our evening. If a fitness app encourages us to exercise, that’s probably a good thing. However, following the wrong prompt in a trading app could have a significant impact on a saver’s financial condition. “
  • How Robinhood Makes Money: “Higher trading volumes generate more payments for the order flow. This raises a number of questions: Do broker-dealers have inherent conflicts of interest? … Are broker-dealers encouraged to encourage customers to trade more often than is in the best interests of those customers? “
  • On social media: “I’m not worried about regular investors exercising their freedom of speech online. I’m more concerned about bad actors who may be using influential platforms. “
  • By and large, “Whenever major market events happen, it is a good idea to consider the risks they could pose to the entire financial system, even if the system holds up.”

Why Melinda Gates just got shares in a Canadian railroad

With Melinda and Bill Gates’ divorce, the division of their vast wealth is unlikely to result in fireworks and anger. That’s because the couple has a separation agreement, reports my CNN business colleague Jeanne Sahadi.

In Washington state, where Melinda Gates filed for divorce this week, a separation treaty promotes “amicable dispute settlement” and is binding unless the court determines for some reason that it was executed unfairly to a party .

Such an arrangement is typical of divorces of very wealthy couples, where the division of assets can be complex.

“There is 100% reason to believe the divorce will be amicable,” said prominent divorce attorney William Breslow.

See here: Just this week, Bill Gates transferred shares in AutoNation and Canadian National Railway worth around $ 2 billion to his wife, according to the SEC from his company Cascade Investments.

The Wall Street Journal also reports Melinda Gates now has a 4.9% stake in a Coca-Cola bottler worth around US $ 121 million and US $ 386 million in the Mexican broadcaster Televisa.


ArcelorMittal, Edgewell Personal Care, Kellogg, Moderna, Papa Johns, Plug Power, SeaWorld Entertainment, Tapestry and Wayfair will report on the results before US markets open. Beyond Meat, Datadog, Expedia Group, GoPro, Groupon, Live Nation, Monster Beverage, Peloton and Square will follow upon graduation.

Even today:

  • The Bank of England announces its latest policy decision.
  • Initial U.S. jobless claims for the final week after 8:30 p.m. ET.
  • SEC chairman Gary Gensler testifies before the House Financial Services Committee at noon ET.

Coming tomorrow: April’s US jobs report is a crucial test of the country’s economic recovery.

Jacksonville faces problem in Legislature for septic tank cash

Jacksonville is facing a rise in state law for money that would help the city fulfill a 2016 promise to turn the page on septic tanks in three northwestern boroughs of Jacksonville.

The city sought $ 6 million from the legislature But as it stands, the House version of the budget for next year has nothing for Jacksonville to clean up septic tanks, and the Senate version only has $ 250,000.

However, as long as the Senate has the money in its version, the project will stay alive if the House and Senate leaders negotiate a final budget later in session.

“The good news is that if it makes that final cut (in the Senate) there is a chance.” said State Senator Aaron Bean, R-Fernandina Beach, who sponsored the Jacksonville inquiry on the Senate side.

More:Curry: It’s time to worry about getting the sewers into the septic tank districts once and for all

Jacksonville: List rates neighborhoods based on money that would drain thousands of septic tanks

Mayor Lenny Curry and Some city council members have said the city must finally address the high costs Extension of the JEA sewer pipes to parts of the city that have been dependent on septic tanks for decades. Curry has spoken out in favor of building hundreds of millions of dollars in sewerage for this purpose.

Phase one would be to fully fund the sewage service for three neighborhoods – Biltmore, Christobel and Beverly Hills – The city promised in 2016 would be remodeled from a decades-long dependence on septic tanks.

The city council unanimously voted on March 23 to allocate $ 14.4 million in new city funding and $ 12.5 million from JEA to the canal construction projects, which will cost more than original estimates. The third leg of the finance stool would be $ 6 million from the state.

JEA is already doing the job in the Biltmore neighborhood and would drive next to Christobel and then to Beverly Hills.

Curry has said that one way or another the city will get enough money to travel to all three boroughs.

“We will definitely complete these projects,” he said in February when he announced the plan for the additional spending with JEA. “That’s a fact. It will happen.”

He has personally met with state lawmakers about the city’s funding request and will continue to do so, according to the mayor’s office.

Getting the full $ 6 million from the state in next year’s budget will be a huge challenge.

Bean, who is temporarily president of the Senate, said that on a scale of zero to ten, with ten being the greatest chance of government funding, “the chance it’ll go away at $ 6 million is probably one. The chance that.” it goes away. ” with a little money is a 6. “

“I think the Jacksonville project is scalable, which means they’ll make the most of whatever is available,” said Bean.

He said Legislators’ awareness has increased on the environmental risks of aging septic tanks.

“It’s gaining momentum and more people are buying in what’s in our favor,” he said.

On the house side, a new rule for this session was that for a member-sponsored project that makes it into the house version of the budget, the dollar amount must be at least 50 percent of the amount originally requested.

Rep. Wyman Duggan, R-Jacksonville, said the rule is aimed at stopping cases where lawmakers have inflated requests many times beyond what they actually needed for a project.

In the case of Jacksonville’s motion, the new rule meant that the legislature that made the budget for the House should have paid at least $ 3 million for what would have been a large sum for a single project, Duggan said.

He said the rule does not apply to the final budget, which was negotiated in a House-Senate conference to make Jacksonville more flexible.

He said that as long as the Senate has money for Jacksonville in its budget, “it means they want to keep it in play for conference calling.”

The Senate’s proposed budget includes dozens of water projects across the country. These include $ 250,000 for Atlantic Beach for flood control in Hopkins Creek, $ 250,000 for rainwater improvement in downtown Fernandina Beach, $ 250,000 for draining American Beach wells and septic tanks in Nassau County and $ 250,000 for septic tank exit in Jacksonville.

The proposed budget for the home is $ 250,000 for Hopkins Creek, $ 600,000 for American Beach, $ 150,000 in St. Augustine for a septic tank sewer program in West Augustine, and $ 347,000 in beach resilience in St. Augustine Beach for the Ocean Walk subdivision .

San Diego Comedian-Con faces backlash over Thanksgiving weekend dates

The coronavirus pandemic has paralyzed the live events business, especially the lucrative comic convention industry. To raise much-needed funding, San Diego Comic-Con will host a smaller version of its annual summer event this fall.

Called the “Comic-Con Special Edition,” this event will take place November 26-28 at the San Diego Convention Center.

The organization’s decision to hold this in-person event over Thanksgiving weekend, an announcement made late Saturday night, has been heavily criticized by fans, talent and the press.

“So they planned #SDCC for the same weekend as the first chance most families can (hopefully) celebrate Thanksgiving in two years. See you in 2022!” wrote Charles Soule, Author of the comics “Light of the Jedi” and Daredevil, on Twitter after the announcement.

As with Soule, the majority of the votes against asked why the organization would host this event during a major US holiday. Especially one that many people couldn’t celebrate with their families over the past year due to the ongoing Covid-19 pandemic.

These voices range from fans who travel a lot to attend the show to talent who perform on panels or at signings. Not to mention journalists and other industry professionals hired to cover the event.

While past conventions coincided with holidays – WonderCon was held on the Easter weekend and Anime Expo usually takes place on July 4th – hosting San Diego Comic-Con raised eyebrows during this special Thanksgiving holiday.

“My family missed Thanksgiving last year because of the pandemic.” wrote Dan Slott, an Eisner award-winning comic book writer on Twitter. “This year we will all be vaccinated. There is no way I would go to an event instead of spending that time with them. Even if everything were magically back to normal. I can’t imagine anyone else feeling any different.”

It appears that much of the organization’s decision to hold a face-to-face meeting in 2021 was due to the cancellation of previous events, which resulted in significant financial success.

“While we have been able to move from face-to-face meetings to limited online events, like many small businesses, the loss of revenue has had an acute impact on the company, including shorter hours and lower wages for employees.” other issues, “said David Glanzer, spokesman for the nonprofit, in a statement on Saturday.” Hopefully this event will sustain our financial reserves and mark a slow return to larger face-to-face gatherings in 2022. “

San Diego Comic-Con officials did not immediately respond to CNBC’s request for comment.

San Diego Comic-Con has become a huge event for the entertainment industry. It’s a place where the studios add excitement for upcoming blockbuster projects and serve as a platform for disseminating new details to the most passionate fans.

It is also a major sales driver, not only for the organization that operates it, but also for the local economy. San Diego Tourism Group estimates That $ 88 million will be spent directly by attendees during the convention and $ 149 million will flow into the region’s economy.

Hundreds of thousands of people from all over the world come to this event every year, and that does not apply to the on-site staff, security guards and supervisory staff who walk through the halls over the four-day weekend.

The November conference only lasts three days and takes place on Friday, Saturday and Sunday. The number of participants is likely to be limited due to local guidelines. The organization plans to offer more information on ticket prices, capacity constraints and other details closer to the show date.

“Of course, I can see the #SDCC telling thousands of fans to skip the first post-pandemic Thanksgiving Day in order to stand in line in Hall H, but they are also asking great Hollywood actors and directors to do the same to do.” “” wrote Rus McLaughlin, Senior Content Strategist for Oculus on Twitter. “I suspect there might be a pushback there.”

NatWest faces legal motion over cash laundering offences

FILE PHOTO: People maintain social distance as they line up outside a Natwest bank at Wimbledon in London, Britain on May 1, 2020. REUTERS / Hannah McKay

LONDON (Reuters) – The UK’s financial regulator announced on Tuesday that it had taken criminal action against a unit of NatWest for money laundering offenses.

The Financial Conduct Authority stated in a statement that the National Westminster Bank Plc’s systems and controls were unable to adequately monitor and review the activity on a UK client’s account between October 2011 and 2016.

The FCA said around £ 365 million ($ 504.72 million) had been deposited into the undisclosed customer’s accounts, of which around £ 264 million was in cash. No person has been charged, it added.

The watchdog said his action was the first under a UK Money Laundering Act of 2007 and the first such prosecution against a bank under the same rules.

NatWest said in a statement that it was working with the investigation.

“NatWest Group takes its responsibility to prevent third party money laundering extremely seriously and has made significant multi-year investments in its financial crime systems and controls,” she said.

NatWest will appear in a Westminster Magistrates’ Court in London next month, the FCA added.

($ 1 = 0.7232 pounds)

Reporting by Tom Wilson; Adaptation by Rachel Armstrong and Louise Heavens