(Sharecast News) – Tesla Inc’s directors will return $735m to the company to settle claims they grossly overpaid themselves in one of the largest shareholder settlements of its kind, according to a Monday filing in a Delaware court. The settlement resolves a 2020 lawsuit by a retirement fund which holds Tesla stock and challenged stock options that were granted to Tesla directors starting in June 2017. – Guardian
Robinhood, the share trading app behind a controversial new wave of stock market speculation in the US, is preparing to target British investors. The New York-listed company, which does not charge commission and supercharged the craze for buying and selling “meme stocks” during the pandemic, has begun hiring for key UK roles. – Telegraph
South East Water has paid out a multimillion-pound dividend despite being tipped into a £74m pre-tax loss by a sharp increase in the cost of its debt pile. The company, which last month left thousands without water and implemented a hosepipe ban, paid £9m to shareholders even as it faced a £50m jump in borrowing costs, its annual report revealed. – Telegraph
The City watchdog is intensifying its crackdown on “finfluencers” as part of a wider overhaul after an explosion in social media adverts such as memes and TikTok videos used to promote financial products. The Financial Conduct Authority is revamping its guidance amid rapid changes in the marketing of financial services, with companies increasingly using social media platforms to promote their products, while online influencers are becoming widespread, spurring worries that consumers are facing increasing risks. – The Times
Supply problems have put the skids under Lotus Cars, with pre-tax losses rising to £141.1 million following a slump in the number of cars it could deliver. The Norfolk-based sports carmaker sold only 576 cars in 2022, compared with 1,566 in the previous year, due to “production challenges”, its latest accounts show. – The Times
