Car manufacturer: Porsche SE pays former manager millions, even though he's long gone - now a shareholder is suing.
Lutz Meschke no longer works for Porsche SE. Nevertheless, his contract continues until 2030, including bonuses. Shareholder representative Christian Strenger is taking legal action against this.
On March 12, Porsche Automobil Holding SE, a major shareholder in Volkswagen, announced it has increased its investment in the US aerospace company Stoke Space Technologies. The German firm has acquired a stake worth between tens of millions of dollars in the company, which is developing a two-stage rocket aimed at full reusability. This innovation could lead to a higher launch frequency and significantly lower launch costs compared to traditional rockets, according to Porsche SE.
Stoke Space is not the first company Porsche has invested in within the aerospace industry. In 2021, the Stuttgart-based investment group made a smaller investment in Isar Aerospace, a Bavarian rocket startup, acquiring a low single-digit percentage stake. Isar Aerospace develops and manufactures rockets for satellite transportation.
The demand for rocket launches is high, and currently dominated by SpaceX, which handles almost all launches. Hans Dieter Pötsch, Porsche SE's CEO, highlighted the potential of this new venture, emphasizing the need for a diversified approach in the competitive aerospace market.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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