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Musk's Tesla pay was structured without a salary to involve 12 stock option awards that would only be given once performance goals for each of them were met. Though Musk can appeal the decision, there are signs that this battle is about more than just the massive pay package that has propelled him to a $205 billion fortune. The carmaker is currently worth $600 billion, up from roughly $50 billion in 2018, when Musk received his pay plan. So it's reasonable to take Musk at face value when he says his Tesla pay, as McCormick put it, is a "means of bankrolling that mission." Closer to home, Musk's legal battle could trigger a rethink of where Corporate America goes to do business.
Persons: , Elon, Thomas Jefferson, Tesla, Richard Tornetta —, Musk, Judge Kathaleen McCormick, Musk's Tesla, Chandan Khanna, , Judge McCormick, McCormick, DealBook, that's Organizations: Service, The, The Diamond State, Business, SpaceX, Toyota, Delaware Inc, Corporate America Locations: Delaware, The Diamond, Tesla, Mars, America's, America, Nevada, Texas
CNBC Daily Open: Fed rate cut timing in focus
  + stars: | 2024-01-30 | by ( Sumathi Bala | ) www.cnbc.com   time to read: +2 min
A trader reacts as a screen displays the Fed rate announcement on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 13, 2023. 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. [PRO] SK Hynix analysts' top callSouth Korea's SK Hynix, the world's second-largest memory chipmaker, is getting a lot of attention. Analysts are bullish on the stock and expect SK Hynix to drive the next generation of AI growth.
Persons: Dow, Elon Musk's Tesla, Erek Barron Organizations: New York Stock Exchange, CNBC, CSI, Big Tech, Nasdaq, China EV, DOJ, SEC, of Justice, Securities and Exchange Commission, SK Hynix, South Korea's SK Hynix Locations: New York City, U.S, Hong Kong, Asia, China, Maryland
Chinese automaker BYD had one of the biggest stands at the IAA show in Munich, Germany in 2023. BEIJING — Competition for China's electric car market will continue to heat up in the next two to three years, according BYD , which claimed it wants to work with Tesla to grow the market. Chinese battery and electric car maker BYD has grown rapidly in recent years, with total vehicle production in 2023 surpassing that of Elon Musk's Tesla. Fierce competition in China's electric car market in the last two years has resulted in the lowest prices for the vehicles globally, Yunfei Li, general manager of branding and public relations at BYD, told reporters Monday. Government subsidies and license plate restrictions have helped boost new energy car sales, while startups and traditional automakers have incorporated flashy new tech to attract buyers.
Persons: BYD, Tesla, Elon Musk's Tesla, Li Organizations: IAA, BEIJING —, CNBC Locations: Munich, Germany, BYD, China
X aims to hire 100 full-time workers for a new content moderation headquarters in Austin, the company's head of business operations, Joe Benarroch, told Bloomberg. Since he took control of X in October 2022, users have criticized Musk for his no-guardrails approach to the platform's trust and safety operations. After taking over, he quickly axed hundreds of content moderators and employees on the content moderation team — even as advertisers worried about a rise in hate speech on the platform. The plans for the new center also come after Musk tried to prevent a California law that regulates online content moderation. With the lack of content moderation and the rise of questionable posts, X has struggled to grow its advertising revenue.
Persons: , Elon Musk, Joe Benarroch, Musk's Tesla, hasn't, Benarroch, Musk Organizations: Service, Business, Bloomberg, Austin Locations: Austin, California
"These are not the same kind of customers who created the initial EV market," GBK President Jeremy Korst told Business Insider in an interview. A new wave of EV shoppers is hitting the market, and the industry appears to be unprepared to meet their needs. Among the group of EV considerers surveyed, Toyota was the most considered brand, with 47% showing a preference for the Japanese automaker compared to 41% favoring Elon Musk's Tesla. Plug-in hybrids ranked very high on EV considerer's preference lists in GBK's study. GBK's study found that EV considerers are willing to pay $7,650 more on average for an EV than a gas-powered car with similar features.
Persons: , Jeremy Korst, they're, Korst, Tesla, Elon Musk's Tesla, GBK Organizations: Service, GBK, Business, EV, Toyota, EV considerers, Elon, Ford, considerers
This story is available exclusively to Business Insider subscribers. In a letter to investors seen by Business Insider, he said his short bets against companies he believed were overvalued went haywire. Einhorn did not name the four short positions in the letter that helped drag the entire short book down 25.6% last year but called the performance "disgusting." The short positions were not new ones. The firm declined to identify the four positions when asked by Business Insider or offer any additional comment on the letter.
Persons: David Einhorn's, Einhorn, ruing, overvalued, Elon Musk's Tesla, Tesla Organizations: Greenlight Capital, Business, Industry
It comes as the US aims to break China's stranglehold over the global electric battery supply chain. Key US automakers like Tesla and Ford are still using Chinese technology in their electric cars. AdvertisementChina is well and truly winning the EV race — and now the White House has unveiled new rules to try and keep Chinese companies out of the US electric car market. The new restrictions could be a headache for US auto manufacturers, which have traditionally relied on China for their battery technology . The American EV market, meanwhile, has stuttered in recent months , with legacy automakers slashing investment and cutting back targets.
Persons: , Morgan Stanley, Elon Musk's Tesla Organizations: Ford, Service, White, American EV Locations: China, Russia, Iran, North Korea, Michigan
BYD is so much ahead of Tesla, it's almost ridiculous ," Munger said in February. Except for that, it is a perfect damn company, and it has a marvelous future," Munger said earlier this year. Even though 2023 has been marked by the strong performance of major tech stocks, Costco has proven to be a big winner with a gain of nearly 30%. Except for that, it is a perfect damn company, and it has a marvelous future," Munger said earlier this year. Even though 2023 has been marked by the strong performance of major tech stocks, Costco has proven to be a big winner with a gain of nearly 30%.
Persons: Charlie Munger's, Munger's, Warren Buffett, Munger, Berkshire Hathaway, Hathaway, Elon Musk, Tesla, Costco Wholesale . Munger, It's, Banks, Charlie, Charlie Munger Charlie Munger's, Charlie Munger’s, Charlie Munger, Lacy O'Toole, CNBC Charlie Munger's, Elon Musk's Tesla Organizations: Berkshire Hathaway, Daily Journal Corp, Berkshire, BYD, Daily, Costco, Costco Wholesale ., Bank of America, U.S . Bancorp, DJ, Berkshire Hathaway Inc, CNBC Locations: Berkshire, China, Tesla, BYD, America, Wells Fargo, California
Tesla's Cybertruck launch party is set for Thursday afternoon. AdvertisementIf you wanted to make a last-minute Cybertruck order, you may be out of luck. Tesla's Cybertruck landing page is no longer taking orders, displaying only a countdown clock for the truck's Thursday launch event. Tesla Cybertruck reservation page showing a countdown clock ahead of the delivery event on Thursday. The Tesla Cybertruck launch event will be livestreamed at 3 p.m.
Persons: , Tesla Elon, Tesla Organizations: Service, Business Locations: Texas
In death, Charlie Munger is loved by China
  + stars: | 2023-11-29 | by ( Matthew Loh | ) www.businessinsider.com   time to read: +4 min
Chinese social media is treating Charlie Munger, who died at 99 on Tuesday, with great reverence. AdvertisementAs Wall Street mourns the death of investing legend Charlie Munger, Chinese social media is tipping its hat to the man. Advertisement"Live long, be rich, have children and grandchildren, what a perfect life," wrote another user under a news report about his death. Munger, who amassed a net worth of around $2.3 billion, had a reputation for witty one-liners on life, geopolitics, business, and governance. Munger, who was outspoken against cryptocurrencies, also lauded China's main bank for banning crypto in 2021.
Persons: Charlie Munger, , Berkshire Hathaway, Munger, aplenty, Warren Buffet's, Xi Jinping, Jack Ma, Ma, cryptocurrencies, Elon Musk's Tesla Organizations: Service, Berkshire, Weibo, Twitter, Sina Finance, Business, Communists Locations: Weibo, Munger, China, Berkshire, Nebraska, America, Washington, Beijing, Shenzhen
A strong November rally has allowed some stocks on Wall Street to get ahead of themselves. Share gains have outpaced the overall market gain of 11% in the past month. Analysts surveyed expect shares to fall about 3% to meet their consensus price target. Intel stock has climbed more than 24% overall in the past month. INTC 1M mountain Intel stock.
Persons: Elon Musk's Tesla, Musk, Pat Gelsinger Organizations: Dow Jones Industrial, Nasdaq, Federal, CNBC, Stock, Elon, Netflix, Analysts, Intel, Wall
Jim Chanos tore into Elon Musk's supporters Sunday in an expletive-laden post on X. "If you are a cult member who believes rockets exploding are a 'success'... please sit down and STFU," the legendary short-seller said. The Wall Street Journal reported Friday that Chanos would be shutting down his hedge funds. AdvertisementJim Chanos appeared to rip into supporters of Elon Musk in an expletive-laden rant Sunday, just days after the Wall Street Journal reported the legendary short-seller and longtime Tesla bear would be closing down his funds. "The marketplace for what I do has changed," Chanos told the Journal, likely referring to short sellers' struggles in 2023.
Persons: Jim Chanos, Elon Musk's, , Elon Musk, Tesla, Chanos, he's, Musk's Tesla Organizations: Elon, Street, Service, Wall Street Journal, Enron
De Meo has targeted a valuation of 8-10 billion euros ($8.6-10.7 billion) for the initial public offering (IPO) of Ampere, which has already been delayed once and is now slated for spring 2024. Two of the sources said Renault was unlikely to go ahead with the IPO if the valuation falls below 7 billion euros, and one said the cut-off point could be closer to 6 billion euros. UBS analysts have valued Ampere at just 3-4 billion euros, and others have questioned the rationale of listing the EV business to raise funds. On Wednesday, De Meo will argue his case for what could be the first attempt by a traditional automaker to unlock value from an EV business via an IPO. Over the first nine months of 2023, Renault brand EV sales fell by around 5% in Europe, having been up 2.5% in the first half, weighed down by a limited line-up.
Persons: Gonzalo Fuentes, Ampere, Luca de Meo's, De Meo, Renault, BEV, de Meo, Elon Musk's Tesla, Zoe, Silvia Aloisi, Mark Potter Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Reuters, UBS, ICE, Jefferies, Nissan, Elon, EV, Thomson Locations: Porte, Paris, France, Europe
Nio's ET5 stands on display at the Central China International Auto Show on May 25, 2023, in Wuhan, China. Chinese electric carmaker Nio plans to cut 10% of its workforce amid "fierce competition," CEO William Li said Friday. This is a tough but necessary decision against the fierce competition." Like many Chinese electric vehicle startups, Nio has been hit by weak consumer sentiment in the world's second-largest economy, stiff competition and a price war kicked off by Elon Musk's Tesla. Nio first resisted any price declines, but ultimately carried one out in June.
Persons: Nio's ET5, William Li, Li, Nio, Elon Musk's Tesla, Xpeng Organizations: Central China International, CNBC, stoke Locations: Wuhan, China
Used Tesla cars for sale at Big Motoring World's showroom in the U.K., in 2023. Used electric vehicles are set to play an important part in the shift to more sustainable forms of transportation, according to a manager at Elon Musk's Tesla . "Once the early adopters have adopted, we need to start getting in front of new audiences, those who haven't necessarily considered an electric car as their next purchase," he said. Other demographics to consider include those who are interested in EVs but lack the "financial means" to purchase a new one, he added. "That's why I believe that used cars are absolutely pivotal to ensure that as many people as possible can experience the sheer joy of owning and driving an electric car," Oates said.
Persons: Elon Musk's Tesla, Michael Oates —, , Oates Organizations: Elon Locations: Oxford, U.K
One of them said that the cut off point could be closer to 6 billion euros ($6.33 billion). Some analysts had already questioned Renault's hoped-for valuation of up to 10 billion euros, with some suggesting the carmaker should pursue alternative options to raise cash. De Meo said in September that the listing could value Ampere at between 8 and 10 billion euros, above the French carmaker's own current market capitalisation of 9.55 billion euros. Other EV makers have seen their market value fall sharply in recent months. The Ampere IPO would include a mix of Renault's shares and new shares and could happen as early as April 2024, one of the people said, depending on market conditions.
Persons: Gonzalo Fuentes, Ampere, France's, Tesla, Renault's, Luca de Meo, China's Geely, IPOs, De Meo, Bernstein, de Meo, Elon Musk's Tesla, Mathieu Rosemain, Silvia Aloisi, Pablo Mayo Cerqueiro, Gilles Guillaume, Anousha Sakoui, Alexander Smith Organizations: Renault, Viva Technology, Porte de, REUTERS, Reuters, DKV Mobility, HK, Saudi Arabia's Aramco, Nissan, IPOs Renault, EV, Commission, UBS, Barclays, Ampere, Mitsubishi, Thomson Locations: Porte, Paris, France, LONDON, China, Saudi, Europe, Ampere, Elon
Wall Street helped Elon Musk buy Twitter last year by loaning him $13 billion. The biggest lenders like Morgan Stanley and Bank of America would lose hundreds of millions of dollars. AdvertisementAdvertisementThe banks which helped Elon Musk take over Twitter are expecting to lose $2 billion on the loans they gave him, according to The Wall Street Journal. According to The Wall Street Journal, Musk's lenders have started preparing to unload the debt. X, Morgan Stanley, BofA, and Barclays did not immediately respond to Insider's request for comment, sent outside US working hours.
Persons: Elon Musk, loaning, Morgan Stanley, , BofA Organizations: Elon, Twitter, Bank of America, Service, Wall Street, Barclays, Ebiquity, Bankers
Over the year to date, the stock of the auto giant, which designs and manufactures electric vehicles, battery energy storage devices, and solar panels, has surged around 100%. This comes as factory shutdowns hit production and demand for electric vehicles sagged in the face of higher interest rates. Tesla bear For David Trainer, founder and chief executive officer at investment firm New Constructs, Tesla is "one of the most overvalued stocks in the market." TSLA YTD mountain Shares in Tesla have surged substantially in the past year Tesla bull However, Gene Munster, managing partner at Deepwater Asset Management, disagrees. "Tesla can no longer enjoy its first mover advantage as many other major automakers are producing electric vehicles.
Persons: Elon Musk's Tesla, Tesla, David Trainer, Gene Munster, CNBC's, Munster Organizations: Wall, Federal, CNBC, Tesla, Deepwater Asset Management, Munster, Ford, General Motors Locations: Elon, U.S, China
Musk said he isn't raking in cash, but instead owns big stakes in companies he helped to build. "Technically, I 'lose' way more than that every time Tesla stock randomly drops," he added. The value of Musk's Tesla position is calculated by taking the total number of shares he owns and dividing that figure by the company's stock price. Tesla shares have doubled this year and soared more than tenfold within the past four years. For example, Warren Buffett is worth an estimated $117 billion, as he owns $116 billion worth of stock in his Berkshire Hathaway conglomerate.
Persons: Elon Musk, Musk, , Tesla, Warren Buffett Organizations: SpaceX, Service, Bloomberg, Twitter, Berkshire Hathaway Locations: Berkshire
Big gains in the UAW strike could bolster another organizing drive at Tesla. The UAW is looking to remake its reputation among auto workers. AdvertisementAdvertisementA new contract could spur union attempts elsewhereThe UAW strike comes amid a rejuvenated labor movement post-Covid, and after a summer jam-packed with union activism. About 54% of Americans support the UAW strike, according to a recent Morning Consult poll. AdvertisementAdvertisementOrganizing at Tesla still won't be easySome Tesla workers are in the early stages of forming a union, a UAW official told The New York Times.
Persons: , Elon Musk's Tesla, they're, Arthur Wheaton, Tesla, Shawn Fain, paydays, Fain, Jake Rosenfeld, Louis, Kate Andrias, Andrias, Rosenfeld, Musk, backpay Organizations: UAW, Volkswagen, Honda, Toyota, Service, General Motors, Ford, Elon, United Auto Workers, GM, Cornell University, Detroit, Washington University, Columbia University, New York Times, EV, National Labor Relations Board Locations: Wheaton, Illinois, Michigan, St, New York , California , Nevada, Texas
Jeremy Grantham issued grim warnings about the US stock market and economy this week. Grantham touched on meme stocks, banking risks, real estate, commodities, and Elon Musk's Tesla. GMO's cofounder and long-term investment strategist also reflected on his inadvertent investment in a meme stock, advised against buying real estate or commodities, and touted Elon Musk's Tesla and other companies fighting climate change. "I would be very careful with real estate. So I wouldn't touch real estate."
Persons: Jeremy Grantham, Grantham, Elon Musk's Tesla, There's, it's, dopey VWs, they've Organizations: Service, Livewire Markets, General Motors, Panasonic, dopey, Grantham Locations: Wall, Silicon, Sydney, craziness, Grantham
[1/2] 'X' logo is seen on the top of the headquarters of the messaging platform X, formerly known as Twitter, in downtown San Francisco, California, U.S., July 30, 2023. X and India's IT ministry did not respond to Reuters' request for comment. Formerly known as Twitter, X has an ongoing legal tussle with Prime Minister Narendra Modi's administration over what New Delhi alleges is non-compliance with content removal orders. In June, Karnataka's High Court fined the platform 5 million rupees ($60,291) and said it had not complied with many blocking orders without any plausible explanation. In the latest court filing, India's government argues X is "advocating a dangerous trend" by seeking to judge the merits of government orders and that, if allowed, would make all platforms the "final arbitrator of lawful orders".
Persons: Carlos Barria, X, Elon Musk's, Narendra Modi's, Musk's Tesla, Arpan Chaturvedi, Aditya Kalra, Sharon Singleton Organizations: REUTERS, Reuters, India's, Karnataka's High, Twitter, Musk, Thomson Locations: San Francisco , California, U.S, India, DELHI, Karnataka, Delhi, Karnataka's, New Delhi
Musk shot down Gates' attempts to talk about giving to charity after Gates shorted Tesla stock. "He was super mean to me, but he's super mean to so many people, so you can't take it too personally," Gates said about Musk. Speaking about this incident to Isaacson, Gates told the writer he even apologized to Musk. "Once he heard I'd shorted the stock, he was super mean to me, but he's super mean to so many people, so you can't take it too personally," Gates told Isaacson. AdvertisementAdvertisementIn 2022 alone, Gates contributed $5 billion to the Bill and Melinda Gates Foundation, which was the largest single donation that year.
Persons: Gates, Walter Isaacson's, Elon, Bill Gates, Musk's Tesla, Walter Isaacson, Isaacson, Elon Musk, Musk, Tesla, I'd, , Melinda Gates, Michael Bloomberg Organizations: CNBC, Service, Tesla, TED, Twitter, Melinda Gates Foundation Locations: Wall, Silicon, Gates
Elon Musk took out a $1 billion loan from SpaceX the same month he bought Twitter, per the WSJ. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. In total, Musk sold about $23 billion of his shares in the electric-vehicle company last year to help finance his acquisition of Twitter. That debt is being repaid by Twitter, rather than Musk, with interest payments equal to about $1.5 billion a year. And this wasn't the first time that Musk took out a loan from SpaceX, either.
Persons: Elon Musk, Musk, Elon, Morgan Stanley, Tesla Organizations: SpaceX, Twitter, Service, Wall Street, Wall, Bank of America, Fidelity Locations: Wall, Silicon
Elon Musk took out a $1 billion loan from SpaceX the same month he bought Twitter, per the WSJ. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. AdvertisementAdvertisementAbout $13 billion of Musk's $44 billion deal to take over Twitter was also funded by Wall Street banks like Morgan Stanley and Bank of America. Those loans were backed by some of Musk's Tesla stock. And this wasn't the first time that Musk took out a loan from SpaceX, either.
Persons: Elon Musk, Musk, Morgan Stanley, Tesla Organizations: SpaceX, Twitter, Service, Wall Street, Wall, Bank of America, Fidelity Locations: Wall, Silicon
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