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☆ Stellantis CEO says $25,000 Jeep EV coming to the U.S. 'very soon'
▼ + stars: | 2024-05-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Stellantis plans to offer a $25,000 all-electric Jeep vehicle in the U.S. "very soon" to better attract mainstream consumers amid slower-than-expected electric vehicle adoption, CEO Carlos Tavares said Wednesday. "In the same way we brought the 20,000 Euro Citroen e-C3, you will have a $25,000 Jeep very soon," he said Wednesday during a Bernstein investor conference. Stellantis currently offers an all-electric version of its Avenger SUV in Europe, starting at about 35,000 euros, or about $37,800, according to its website. Offering a new EV for around $25,000 has long been a target for automakers such as Stellantis, Tesla and others. "If you ask me what is an affordable BEV, I would say 20,000 euros in Europe and $25,000 in the U.S.," Tavares said.

Persons: Carlos Tavares, Tavares, Stellantis, Tesla, BEV, " Tavares Organizations: Citroen Locations: U.S, Europe, China

☆ Jim Chanos calls suit accusing him of embezzling funds 'baseless and defamatory'
▼ + stars: | 2024-05-29 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Famed short seller Jim Chanos called a lawsuit accusing him of embezzling funds for personal use, "false, baseless and defamatory." "As Mr. Conlon knows, the internal loan was paid off in 2021, and since 2019 I have put over $30 million into my company," Chanos said in the statement. "Indeed, all of my fellow management company partners have lost money over the past few years, none more than me. Mr. Conlon is simply trying to mitigate his losses by this crude shakedown attempt." Meanwhile, the suit said Chanos' girlfriend, Crystal Conners, was the sales agent on the transaction, which would have made $540,000 at standard commission rates, Bloomberg reported.

Persons: Jim Chanos, Chanos, CNBC's Scott Wapner, Sean Conlon, Conlon, Conlon didn't, Tesla, Crystal Conners Organizations: Chanos, Conlon Holdings, Bloomberg News, Enron, Bloomberg Locations: Chicago, New York, Miami

☆ The summer trade: Here's how the S&P 500 fares between June and August—and which sectors stand out
▼ + stars: | 2024-05-29 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

The major averages hit record highs in May, with the S & P 500 breaking above 5,300 for the first time. Historically, the summer months prove to be less robust for the S & P 500. July is typically a standout month, however, with the S & P 500 posting a 3.27% increase on average. .SPX YTD mountain The S & P 500 has added more than 11% in 2024. The S & P 500 tech sector averages a flat performance for June going back a decade.

Persons: It's, — CNBC's Christopher Hayes Organizations: Nasdaq, Dow Jones, CNBC, Tech, Technology, Nvidia

☆ Now you can invest in Elon Musk's xAI through Cathie Wood's ARK Venture Fund
▼ + stars: | 2024-05-29 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Cathie Wood's ARK Invest has taken a stake in Elon Musk's startup xAI as she deepens her big bet on artificial intelligence. ARK Venture Fund has invested in xAI as of Sunday, the St. Petersburg, Florida-based asset manager said in an email to clients Tuesday evening. The xAI startup is also not the only Musk-led company Wood's venture fund bets on. The venture fund, launched in September 2022, targets smaller investors who can access the venture capital market through it with as little as $500. The xAI startup is reportedly planning to build a supercomputer to power the next version of its AI chatbot Grok.

Persons: Catherine Wood, Musk, Wood, Tesla Organizations: ARK Investment Management LLC, ARK Venture Fund, SpaceX, X Corp, Twitter, Microsoft, Google, Innovation Locations: Miami , Florida, U.S, Elon Musk's, xAI, St . Petersburg , Florida, OpenAI

☆ CalPERS CEO Marcie Frost on voting against Exxon Mobil board and Elon Musk's pay package
▼ + stars: | 2024-05-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCalPERS CEO Marcie Frost on voting against Exxon Mobil board and Elon Musk's pay packageCalPERS CEO Marcie Frost joins 'Squawk Box' to discuss why the agency is voting in opposition to all of Exxon’s 12 director nominees and CEO Darren Woods at the company's annual shareholder meeting, Elon Musk's Tesla pay package, and more.

Persons: Marcie Frost, Darren Woods, Elon Musk's Tesla Organizations: Exxon Mobil, Elon

☆ Shareholders vote on Elon Musk'a pay package: Here's what's at stake
▼ + stars: | 2024-05-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShareholders vote on Elon Musk'a pay package: Here's what's at stakeEric Talley, Columbia University professor of law, joins 'Squawk Box' to discuss the latest developments in the fight over Elon Musk's pay package at Tesla, what's at stake in today's shareholder vote, and more.

Persons: Eric Talley, what's Organizations: Elon, Columbia University, Tesla

☆ Tesla owner says his Cybertruck delivery got bloody and he ended up in the hospital after accidentally cutting his wrist on the EV
▼ + stars: | 2024-05-29 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

Read previewA Cybertruck delivery ended up a bit bloody, a Tesla owner wrote in a forum post. The Tesla owner posted on the Cybertruck Owner's Club that he had been anxiously awaiting the arrival of his vehicle. AdvertisementBut they weren't enough to deter the Tesla owner from enjoying his new ride. He still managed to wash off his wrist, wrap it up, and complete delivery, the owner wrote. "I unwrapped my wrist and BOOM - spurts of blood all over the kitchen island…" the owner wrote on the forum.

Persons: —, there's, Tesla, Heck, it's, chuckled Organizations: Service, Business

☆ Hedge funds have never been more long the Magnificent 7 stocks, exceeding last summer's peak exposure
▼ + stars: | 2024-05-29 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Hedge funds are still leaning into the "Magnificent Seven" trade even with the broader stock market indexes recently hitting record highs. A May 24 note from the Goldman Sachs prime brokerage said that the Big Tech exposure at hedge funds reached a new high last week. The rising exposure is caused by both trading activity and higher share prices for the Big Tech stocks, particularly Nvidia . Net flows into the Magnificent Seven stocks have been positive in May, according to the Goldman prime brokerage data, though last week was more neutral. The five biggest stocks in the S & P 500 — all of which are members of the Magnificient 7 — account for roughly 27% of the S & P 500, according to Strategas Research Partners.

Persons: Goldman, Goldman Sachs, — CNBC's Michael Bloom Organizations: Goldman Sachs, Big Tech, Apple, Microsoft, Nvidia, Tesla, Goldman, Bloomberg News, Strategas Research Partners

☆ Tesla dangles the chance of a factory tour with Elon Musk as an incentive to get people to vote on his $55 billion pay package
▼ + stars: | 2024-05-29 | by ( Grace Kay | ) www.businessinsider.com time to read: +1 min

Tesla is offering a potential Gigafactory tour with Elon Musk to shareholders who vote in its annual meeting. 15 investors will be chosen at random for the tour, Tesla said. The vote will address proposals regarding Musk's pay plan and moving Tesla's incorporation to Texas. AdvertisementTesla is offering shareholders the opportunity to tour its Texas Gigafactory alongside Elon Musk and the designer of the Cybertruck Franz von Holzhausen — there's just one catch. To qualify for a possible invite to the tour, investors must cast their vote on Musk's pay package.

Persons: Tesla, Elon Musk, —, Franz von Holzhausen — Organizations: Elon, Service, Texas, Business Locations: Texas

☆ UBS says this battery systems company is an 'under-appreciated beneficiary' of the AI-driven data center boom
▼ + stars: | 2024-05-29 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Investors looking for new ways to capitalize on artificial intelligence should look at Fluence Energy , according to UBS. "FLNC is an under-appreciated beneficiary of increasing AI data center driven electricity demand as a leading supplier of utility-scale battery systems," analyst Jon Windham said. The firm reiterated its buy rating on the energy storage stock alongside a $32 per share price target. Fluence Energy is the second-biggest battery supplier at the utility level in the U.S. behind Tesla, UBS noted. "The more data centers consume electricity, the larger the arbitrage opportunity becomes, driving more demand for energy storage systems," the analyst said.

Persons: Jon Windham, Tesla, Windham Organizations: Fluence Energy, UBS, Energy, Nvidia, Data Locations: U.S

☆ A software engineer worked at Tesla, SAP, and Salesforce. Here's how he negotiated his salary, including a $520,000 Meta offer.
▼ + stars: | 2024-05-29 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +5 min

He was offered $150,000 a year for a base salary, restricted stock units, and an annual bonus. AdvertisementSalesforceHe moved to Salesforce, joining in a slightly more senior software role from his last role at SAP. His base salary was about $150,000, stocks would amount to $17,500 per year, and his annual bonus was $15,000. AdvertisementThe new role moved him from software engineer to senior software engineer. Business Insider has verified his offer letters, employment history, and Meta compensation.

Persons: —, Hemant Pandey, I've, Tesla Pandey, Tesla, Pandey, Salesforce, hadn't, there's, it's Organizations: Service, SAP, Meta, Business, Salesforce, LinkedIn, Menlo Locations: Salesforce

☆ Elon Musk's $55 billion Tesla pay package seems to be getting mounting pushback
▼ + stars: | 2024-05-29 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Read previewTesla is facing increasing pushback from investors regarding its bid to reinstate Elon Musk's $55 billion pay package. The fund initially voted for Musk's pay package when it was taken to a shareholder vote in 2018. Separately, proxy advisory firm Glass Lewis said in a report on Saturday that the pay plan was "excessive" and presented investors with "uncertain benefits and additional risk." Tesla has also argued the compensation plan is "critical to the future success of Tesla" and has even paid for a handful of advertisements promoting the pay plan. Shareholders will be asked to vote on several proposals in addition to the proposal to reinstate Musk's pay package, which was struck down by a Delaware judge earlier this year.

Persons: —, Elon, Marcie Frost, Musk's, Tesla, Frost, Musk, CalPERS, James Murdoch, Kimbal, Glass Lewis, Kimbal Musk, Murdoch Organizations: Service, Elon Musk's, California Public Employees, CNBC, Business, Bloomberg, Securities and Exchange Commission, Texas Locations: Delaware, Texas

☆ Lucid CEO says Tesla is 'losing its way'
▼ + stars: | 2024-05-28 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Read previewLucid CEO Peter Rawlinson isn't a fan of Tesla's recent trajectory under Elon Musk. The Lucid CEO said he feels Tesla is "losing its way" and doesn't have the same sense of purpose it once did. Advertisement"There's an interest in social media, even politics, and it's kind of losing its way. Since Musk acquired Twitter in 2022, some Tesla investors have questioned his commitment to the electric carmaker. While Rawlinson told BBC that Lucid is "many years ahead" of other automakers, including Tesla, when it comes to some of its technology, the company has only a fraction of the market share compared to Tesla.

Persons: —, Peter Rawlinson isn't, Elon Musk, Rawlinson, Tesla, BBC's, Elon, Musk, Lucid, Axios Organizations: Service, Lucid, EV, Business, Twitter, BBC

☆ CNBC Daily Open: Musk's AI start-up raises $6 billion
▼ + stars: | 2024-05-28 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia's stock rose 2.6% on Friday, contributing to a 15% surge for the week, while the Nasdaq led major indexes with a 1.41% weekly gain. Nvidia CEO's net worth soarsNvidia CEO Jensen Huang's net worth soared to over $90 billion as better-than-expected earnings sent the company's stock soaring to a record high. Last Thursday, the stock rose more than 9% to close at nearly $1,038 per share. Google AI Overview misfiresGoogle's "AI Overview" feature in search is facing criticism for producing incorrect or controversial responses.

Persons: Jensen, Huang, Glass Lewis, Elon Musk, Obama, Eli Lilly, Eli Lilly's, Weizhen Tan Organizations: CNBC, Nasdaq, Dow Jones, Treasury, Nvidia, Investors, Google Locations: Texas, Indiana

☆ Tesla is luring Chinese customers with the possibility of a free tour of its Fremont factory if they buy a car
▼ + stars: | 2024-05-28 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Tesla is courting its Chinese customers aggressively. Besides price cuts, the EV giant says it's holding a lucky draw for customers. The company says it will fly winners to the US, where they will tour its Fremont factory. The EV giant said in a Weibo post on Sunday that Chinese customers who take delivery of their Teslas between May 25 and June 30 will stand a chance to win a factory tour in Fremont, California. In addition to the trip, Tesla said its customers could also win 10,000 kilometers in free mileage on the company's Supercharger network.

Persons: Tesla, — Organizations: Fremont, Service, Weibo Locations: Fremont , California

☆ Elon Musk just spent a chunk of his Memorial Day weekend needling Meta's AI chief on X
▼ + stars: | 2024-05-28 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Meta's AI chief Yann LeCun is an award-winning computer scientist. But Elon Musk says he isn't impressed with LeCun's scientific work. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMeta's AI chief, Yann LeCun, might have won a Turing Award for his contributions to computer science, but Elon Musk doesn't seem too impressed with his work. Musk asked LeCun in an X post on Monday.

Persons: Yann LeCun, Elon Musk, isn't, LeCun, —, Elon, Musk's, Musk Organizations: Service, SpaceX Locations: LeCun

☆ Elon Musk's AI start-up raises $6 billion: What it means for Tesla investors
▼ + stars: | 2024-05-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailElon Musk's AI start-up raises $6 billion: What it means for Tesla investorsTim Higgins, Wall Street Journal business columnist, joins 'Squawk Box' to discuss Elon Musk's artificial intelligence startup, xAI, raising $6 billion, Musk's $56 billion pay package drama at Tesla, and more.

Persons: Tim Higgins Organizations: Elon, Wall Street Journal

☆ Med tech stock Semler Scientific takes bitcoin play from MicroStrategy's book, surges 30%
▼ + stars: | 2024-05-28 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

"Our bitcoin treasury strategy and purchase of bitcoin underscore our belief that bitcoin is a reliable store of value and a compelling investment," Eric Semler, Semler's chairman, said in a statement. The stock soared 30% Tuesday, while bitcoin traded lower by about 2%, according to Coin Metrics. Semler, which has a market capitalization of about $210 million, is down more than 30% this year. Semler Scientific , a little-known medical technology company, saw its shares surge Tuesday after it said it has adopted bitcoin as its primary treasury reserve asset, taking a page out of MicroStrategy's playbook. This February, the company said it would shift its company focus and brand to bitcoin development.

Persons: Eric Semler, bitcoin, MicroStrategy, Semler Organizations: Metrics, Semler

☆ CNBC Daily Open: Musk's artificial intelligence start-up raises $6 billion
▼ + stars: | 2024-05-28 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia's stock rose 2.6% on Friday, contributing to a 15% surge for the week, while the Nasdaq led major indexes with a 1.41% weekly gain. Nvidia CEO's net worth soarsNvidia CEO Jensen Huang's net worth soared to over $90 billion as better-than-expected earnings sent the company's stock soaring to a record high. Last Thursday, the stock rose more than 9% to close at nearly $1,038 per share.

Persons: Elon Musk, The Beverly Hilton, Jensen, Huang, Glass Lewis, Obama, Weizhen Tan Organizations: SpaceX, Tesla, The Beverly, CNBC, Nasdaq, Dow Jones, Treasury, Nvidia, Investors, Google, Nikkei, Bank of Japan's, CSI Locations: Beverly Hills , California, U.S, Texas, Asia, Pacific

☆ EV range is making huge strides, but there still aren't enough places to charge.
▼ + stars: | 2024-05-28 | by ( Nora Naughton | ) www.businessinsider.com time to read: +5 min

But despite the vast improvements in battery technology, EV charging still can't hold a candle to the 5-minute stop to fill a gas tank. Related storiesCar companies hoped the public charging infrastructure would improve along with them as they built more range into their vehicles. AdvertisementWhat no one can seem to agree on is who is responsible for building out public charging infrastructure. All these industry efforts have helped to feed an EV charging infrastructure boom in recent years. The Biden Administration has set aside $7.5 billion for charging infrastructure with a vow to add 500,000 EV charging stations by 2030.

Persons: —, Biden Organizations: Service, Business, EV, GM, Pew Research, Department of Energy, Biden Administration, University of Michigan Transportation Research Institute

☆ Elon Musk runs successful companies. That doesn't mean he's doing it very well, HR experts say.
▼ + stars: | 2024-05-28 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +6 min

Advertisement"Desperate times call for desperate measures," Musk told CNBC's David Faber in May 2023. On top of Tesla and X, Musk also runs SpaceX, Neuralink, AI startup xAI, and an underground tunnel company. AdvertisementAt Tesla, Musk told his employees that he would personally approve all new hires, according to an email obtained by Business Insider. Musk is also known to have fired employees who disagreed with his decisions. AdvertisementOther former Twitter employees and executives have sued Musk, accusing him of unpaid severance pay.

Persons: —, Elon Musk, Tesla, Musk, CNBC's David Faber, Lex Fridman, Walter Isaacson, Musk's, Alec Levenson, " Levenson, Spencer Platt, that's, Weeks, Kali Hays, Levenson Organizations: Service, EV, Bloomberg, Twitter, Business, SpaceX, University of Southern California Marshall Center, Getty, New York Times, National Labor Relations, BI, NLRB, Musk's SpaceX, Twitter's Locations: York

☆ Nvidia's Jensen Huang praises Elon Musk's efforts at Tesla
▼ + stars: | 2024-05-27 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

Jensen Huang had positive words about Tesla's efforts in an interview last week. The support comes weeks before Tesla shareholders are set to vote on Elon Musk's pay package. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNvidia CEO Jensen Huang gave electric vehicle maker Tesla a shoutout during an interview with Yahoo Finance last week. "Tesla is far ahead in self-driving cars, but every single car, someday, will have to have autonomous capability," Huang said in the interview posted to YouTube Thursday.

Persons: Jensen Huang, —, Tesla, Huang Organizations: Nvidia, Elon, Service, Yahoo Finance, YouTube, Business

☆ Should Elon Musk be paid $56 billion? Tesla shareholders get to vote
▼ + stars: | 2024-05-27 | by ( David Ingram | ) www.cnbc.com time to read: +10 min

Several investors released a joint letter this month urging fellow shareholders to vote down the package as excessive. Tesla shareholders approved the pay package in 2018, with compensation tied to Tesla's performance including its market value. And he still has time to meet goals he hasn't reached, including on revenue, because the pay package had a 10-year term. In the 440-page proxy statement explaining the vote, a committee of the Tesla board noted the "novel circumstances." Some people began sharing screenshots of their votes in April, shortly after the Tesla board announced the vote, and the deadline to vote online is June 12.

Persons: Elon Musk, The Beverly Hilton, Tesla, James Park, Musk, He's, Judge Kathaleen McCormick, McCormick, Nadya Malenko, hasn't, Ann Lipton, Lipton, — I'm, Musk's, there's, —, Rowe Price, didn't, Brad Lander Organizations: SpaceX, Tesla, The Beverly, Wall Street, University of California, CNBC, Bloomberg, Reuters, Boston College's, Tulane University, Disney, New York, Amalgamated Bank . Locations: Beverly Hills , California, U.S, Delaware, Austin , Texas, —, Los Angeles, Texas, New York City

☆ A millennial who made over $300,000 secretly working 2 remote jobs says he'll do whatever he can to ensure he never has to commute to work again
▼ + stars: | 2024-05-27 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

It was fortunate timing for Charles, as the pandemic had forced many companies to pivot to remote work. "So I'm either going to stay productive by finding other remote work or just wasting time and leaving money on the table. It's left him clinging to his two remaining remote jobs, which have allowed him to not only bring in extra income — but avoid the dreaded work commute. Hiring slowdowns in industries like tech — where remote work and overemployment are more common — and shifts to hybrid working arrangements have both played a role in this decline. Are you working multiple remote jobs at the same time and willing to provide details about your pay and schedule?

Persons: Charles, jugglers, who've, he's, It's, it's, wouldn't Organizations: Service, Business, LinkedIn

☆ Stocks held by ARK Invest's flagship innovation fund have seen huge losses. Here are the fund's 10 biggest losers.
▼ + stars: | 2024-05-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Ark Invest's flagship innovation ETF, which trades under the ticker symbol "ARKK," has seen massive losses since it peaked in February 2021. Here are the 10 biggest losers held in the ARKK ETF, according to data from Cathie's Ark. Pacific BiosciencesMarkets InsiderARKK average cost basis: $19.84Current price: $1.88% Change: -90.2%2. Teladoc HealthMarkets InsiderARKK average cost basis: $163.91Current price: $11.43% Change: -93.0%Advertisement1. Ginkgo BioworksMarkets InsiderARKK average cost basis: $9.99Current price: $0.66% Change: -93.4%

Persons: —, It's, Wood, Tesla Organizations: ARK, Service, Invest, Nasdaq, Intellia Therapeutics, UiPath, Roku, Verve Therapeutics, Unity Technologies, Genomics, Pacific Biosciences, Teladoc

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