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Read previewOver the last few years, many US workers have found themselves traveling farther to get to work but going into the office less often, thanks to hybrid work models. Business Insider spoke with three commuters who have traveled through multiple states to get to work each week. Flying to Michigan weekly for work gave this New Yorker the best of both worldsMiller on the University of Michigan football field. AdvertisementLiving in the Delaware suburbs on an NYC salary made this four-state commute worth itKyle Rice. Courtesy of Kyle RiceKyle Rice started traveling from Wilmington, Delaware, to NYC every morning for work in February.
Persons: , Miller, Susan Miller, Kyle Rice, Kyle Rice Kyle Rice, Rice, I'd, Mercier, Malick Mercier, Manseen Logan Organizations: Service, Business, Yorker, University of Michigan, University of Michigan Ross School of Business, Amtrak, BI, New York, Los Angeles International Airport Locations: Michigan, New York City, Ann Arbor , Michigan, New, City, Delaware, Wilmington , Delaware, Wilmington, Newark , New Jersey, Newark, LA, New York, Los Angeles, mlogan@businessinsider.com
Elon Musk's pay package approval removes a burden on Tesla's stock, Wedbush Securities said. AdvertisementTesla shares are on track to race higher with the firm's pay package dispute finally out of the way, Wedbush Securities wrote. With CEO Elon Musk approved to receive his $46 billion compensation package, the stock is at last unshackled from the uncertainty surrounding the compensation sage. "Tesla is Musk and Musk is Tesla....shareholders spoke loudly today." Tesla's robotaxi day in early August is the next potential catalyst for the stock, Ives.
Persons: Elon, Tesla, Dan Ives, , Elon Musk, Musk, Ives, he's, Tesla's Organizations: Wedbush Securities, Service, didn't, Tesla Locations: Delaware
Tesla's shareholders approved Elon Musk's $55 billion pay package and the company's move to Texas. Wedbush analyst Dan Ives called the result a "pop the champagne moment" for Tesla investors. AdvertisementAt least one analyst is extremely optimistic about how Tesla's shareholders voted. Wedbush Securities analyst Dan Ives called Tesla chief Elon Musk's victory a "pop the champagne moment" for investors in a note on Thursday. The Tesla vote focused on two main issues: the company's move from Delaware to Texas, and approval of Musk's $55 billion pay package, which was largely seen as a referendum on his leadership.
Persons: Dan Ives, Ives, , Elon Musk's Organizations: Elon Musk's, Service, Wedbush Securities, Tesla, EV, Business Locations: Texas, Delaware
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's what to expect following Elon Musk's $56 billion pay package approvalCarolyn Berger, former Delaware Supreme Court Justice, joins 'Squawk on the Street' to discuss what to expect regarding Elon Musk's pay package in the coming days and weeks.
Persons: Elon Musk's, Carolyn Berger Organizations: Elon, Delaware Supreme, Justice Locations: Delaware
Elon Musk kicked off the Tesla (TSLA) annual meeting thanking shareholders on Thursday. I want to express a bullish view now that this issue is in the rearview mirror for Tesla. TSLA YTD mountain Tesla, YTD Tesla has been an emotionally charged stock as Elon continues to run several companies and be involved in several more. The $56 billion pay package first approved in 2018 being reneged on Musk raised doubts about his future with Tesla this year. DISCLOSURES: (Long Tesla and this call spread) THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY .
Persons: Elon Musk, TSLA, Elon Musk's, Tesla, Cathie, Musk Organizations: Elon Locations: Delaware, Texas
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy it may be hard for the Delaware judge to ignore the mandate of Tesla stockholdersEric Talley, law professor at Columbia University, discusses the next steps for Tesla after shareholders re-approved CEO Elon Musk's multi-billion dollar pay package.
Persons: Eric Talley, Elon Musk's Organizations: Columbia University Locations: Delaware
Tesla shareholders decisively backed proposals to affirm Elon Musk’s multibillion-dollar pay package, according to details of the vote released on Friday. Passage of the proposals was announced at Tesla’s annual shareholder meeting on Thursday, without the underlying totals. In the end, about 72 percent of voting shares backed the pay package, excluding stock owned by Mr. Musk and his brother, Kimbal. For months, many Tesla investors have worried about how engaged Elon Musk would be in running the electric car company, after a judge in Delaware voided his pay package. At Thursday’s closing price, the shares are worth about $48 billion.
Persons: Elon Musk’s, Musk, Elon Organizations: Mr Locations: Delaware
CNBC Daily Open: Mega money Musk
  + stars: | 2024-06-14 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
Traders work on the floor of the New York Stock Exchange in New York City, U.S., July 12, 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. The yield on the 10-year Treasury slipped after the producer price index unexpectedly fell. Reasonable debtJanet Yellen, U.S. Treasury Secretary, said the ballooning national debt that's currently at $34.7 trillion is manageable.
Persons: Elon, Judge Kathaleen McCormick, Janet Yellen, that's, Yellen, CNBC's Andrew Ross Sorkin, That's, Dow Jones, Donald Trump, Tim Cook, Jamie Dimon, BofA Organizations: New York Stock Exchange, CNBC, Dow, Nasdaq, Broadcom, Dow Jones, Musk, Treasury, Trump, Business, Capitol, Apple, JPMorgan Chase, Chipmaker Broadcom, Bank of America Locations: New York City, U.S, Delaware, Washington
Tesla's cult-like following was on full display at its annual shareholder meeting on Thursday. Fans wore "Cybertruck" shirts, signed shareholder banners, and cheered throughout the event. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIt's no secret that Elon Musk has a cult-like following — and that was on full display at Tesla's annual shareholder meeting on Thursday. Musk successfully mobilized his fanbase to help push through his $55 billion pay package, and some of Tesla's biggest supporters scored invites to the annual meeting.
Persons: , Elon Musk, Musk, Tesla Organizations: Service, Business Locations: Delaware, Texas
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's a 'long legal road ahead' in restoring Elon Musk's Tesla pay package: Tulane’s Ann LiptonAnn Lipton, Tulane University associate professor in business law and entrepreneurship, joins 'Squawk Box' to discuss the fallout from Tesla's shareholder vote to restore CEO Elon Musk's pay package, how the result could impact the judge's ruling in Delaware, what's next for Tesla, and more.
Persons: Tesla, Tulane’s Ann Lipton Ann Lipton, Elon Musk's, what's Organizations: Tulane University, Tesla Locations: Elon, Delaware
How Tesla Shareholders Upheld Elon Musk’s Sky-High PayTesla shareholders on Thursday voted to reaffirm a roughly $48 billion compensation package for Elon Musk, which was originally approved in 2018 and was nullified by a judge early this year. Mr. Musk’s pay package helped him become one of the richest people in the world. Thursday’s vote arose from a court case in Delaware, where the company is incorporated, that voided Mr. Musk’s pay package. California Public Employees’ Retirement System, or CalPERS, the largest pension fund in the United States, also opposed the pay package. The debate about Mr. Musk’s compensation raised questions about the limits of executive compensation and the accountability of Silicon Valley billionaires whose wealth gives them vast influence.
Persons: Elon Musk, Elon, Kimbal, Tesla, Musk, Eli Lilly, Nvidia Berkshire Hathaway Apple Tesla, Bernstein Organizations: Tesla, Elon, Sky, The New York, Mr, Norges Bank Investment Management, California Public, Broadcom, Chase Amazon, Nvidia Berkshire, The New York Times, Silicon, SpaceX, Fortune Locations: Delaware, United States, Texas, Austin
Tesla shareholders voted in favor of his huge pay package on Thursday. He'll now have to prove Tesla is his top priority if he wants them to keep backing him. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe people have given Elon Musk what he wants. On Thursday, the billionaire jumped for joy at Tesla's annual meeting in Austin as the outcome of a high-stakes, long-anticipated vote went entirely in his favor — thanks to his people.
Persons: Elon Musk, He'll, Tesla, , Elon, They'll Organizations: Service, Business Locations: Austin, Delaware, , Texas
CNN —Donald Trump’s attorneys on Friday ridiculed special counsel Jack Smith’s gag order request in the former president’s classified documents case in Florida, calling it an unconstitutional attack on the 2024 Republican candidate and a ploy to help Joe Biden keep the presidency. “In Jack Smith’s most recent shocking display of overreach and disregard for the Constitution, the Special Counsel’s Office asks the Court to enter an unconstitutional gag order as one of the release conditions on the leading candidate in the 2024 presidential election,” Trump’s attorneys wrote in a new filing, repeating their previous arguments against gag orders. The former president was in New York at the time. Prosecutors’ original ask for a gag order was thrown out by Federal Judge Aileen Cannon, who determined that they had not fully conferred with Trump’s attorneys before filing the request. Trump’s false claims “invite” threats and harassment against law enforcement agents involved in the case, prosecutors wrote, similar to those “that have occurred when other participants in legal proceedings against Trump have been targeted by his invective.”
Persons: Donald Trump’s, Jack Smith’s, Joe Biden, , , Trump, Attorney Alvin Bragg, Smith, Trump’s, General Merrick Garland, Joe Biden’s, Aileen Cannon Organizations: CNN, Republican, Attorney, FBI, Prosecutors, Trump Locations: Florida, New York, Manhattan, Joe Biden’s Delaware
Shareholders in Tesla voted in favor of his two big asks, reaffirming a multibillion-dollar compensation package that a Delaware judge had nullified and approving the company’s reincorporation in Texas. “I think we’re not just opening a new chapter for Tesla, we’re starting a new book,” a jubilant Musk told shareholders at the company’s annual meeting. The vote doesn’t end Tesla and Musk’s legal fights in Delaware, including over the compensation plan. About 84 percent of votes cast, excluding the Musks’ shares, backed the reincorporation proposal. DealBook hears that Tesla succeeded in getting retail investors, who were overwhelmingly supportive of Musk, to vote in far greater numbers than they usually do.
Persons: Elon Musk, , Tesla, , Musk, ” Musk, aren’t, Kimbal Organizations: Tesla, Wall Street, Vanguard, BlackRock Locations: Delaware, Texas
CNBC Daily Open: Mega money Musk, Kitty's stake grows
  + stars: | 2024-06-14 | 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. Chipmaker Broadcom soared after it delivered better-than-expected second-quarter earnings and announced a 10-for-1 stock split. Mainland China's CSI 300 index fell 0.4%, while South Korea's Kospi rose 0.3%. Broadcom's shares soared 13% after reporting earnings that beat analyst expectations and announcing a 10-for-1 stock split.% after reporting earnings that beat analyst expectations and announcing a 10-for-1 stock split.
Persons: Elon, Musk, Janet Yellen, that's, Yellen, CNBC's Andrew Ross Sorkin, That's, Kitty, Keith Gill, Gill, Australia's, BofA Organizations: CNBC, Dow, Nasdaq, Broadcom, Dow Jones, Musk, Treasury, GameStop, Trade, Nikkei, Bank of Japan's, U.S, China's CSI, Chipmaker Broadcom, Bank of America Locations: U.S, Delaware, Japan, South
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla shareholders restore CEO Elon Musk's pay: More legal battles to come? Former SEC Chairman Jay Clayton joins 'Squawk Box' to discuss the fallout from Tesla's shareholder vote to restore CEO Elon Musk's pay package, how the result could impact the judge's ruling in Delaware, what's next for Tesla, and more.
Persons: Elon Musk's, Jay Clayton, what's Organizations: SEC, Tesla Locations: Delaware
The results of the Tesla shareholder vote on Elon Musk's pay package will be announced Thursday. And if the pay package does eventually get approved, it's hard to know exactly how much it will be worth when Musk, who is worth $198 billion, per Bloomberg, actually exercises the options. Musk's pay package was worth $2.3 billion when it was granted to him in 2018, though its value has sky-rocketed as the stock ballooned and the various tranches of options vested. "When you start seeing someone making a couple hundred million — $250 million, $220 million — it seems that's when questions and media coverage starts to happen," Schloetzer said. AdvertisementTo put Musk's pay package into perspective, we compared it to those of other CEOs.
Persons: Musk, Tesla, Jason Schloetzer, it's, hasn't, Schloetzer Organizations: Service, Elon, Barclays, Kering, Business, Georgetown University's McDonough School of Business, Bloomberg Locations: Delaware, Iceland, Paraguay
New York CNN —Elon Musk said late on Wednesday that Tesla shareholders have re-approved a pay package worth billions that was already thrown out by a Delaware judge earlier this year in a vote that also approved moving Tesla to Texas. “Both Tesla shareholder resolutions are currently passing by wide margins! He famously bought social media platform Twitter for $44 billion in 2022, selling $22.9 billion of his Tesla shares to help fund that purchase. But perhaps a more serious concern among Tesla shareholders is the pioneering electric car company itself. Even with Musk’s pay package again endorsed by shareholders, the Delaware court could still have the final say.
Persons: New York CNN — Elon Musk, Musk, , Tesla, Chancellor Kathaleen McCormick, Antonio Gracias, Musk’s, Todd Maron, , McCormick, ” Tesla, Robyn Denholm, Elon, ” Denholm, Cathie Wood, Ark, Ron Baron, Baron Capital, “ Elon, ’ ”, he’s, X, retweeted Organizations: New, New York CNN, Securities and Exchange Commission, SpaceX, Neuralink, Boring Company, Elon, Ark Invest, Baron, California, Fund, Twitter, Tesla Locations: New York, Delaware, Texas, Norwegian, Tesla
Tesla won investor approval for Elon Musk's compensation, but it won't be reinstated just yet. Musk's pay plan, initially approved in 2018, was voided by a Delaware judge in January. AdvertisementTesla announced during its annual meeting on Thursday that it had won approval for Elon Musk's pay package after weeks of campaigning. At the event, Musk took to the stage to do a victory dance but the company has only won its first battle. Despite investor approval, Musk won't get his pay package back just yet.
Persons: Tesla, Elon, , Musk Organizations: Service, Elon, Business Locations: Delaware
Tesla announced investors approved Elon Musk's pay package. Tesla is hoping the shareholder ratification will make the judge's ruling moot, but it's not guaranteed. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIt's official — Tesla investors voted to approve Elon Musk's pay package.
Persons: Tesla, it's, , Musk Organizations: Elon, Service, carmaker, Business Locations: Delaware
It's always sunny at Business Insider when "Welcome to Wrexham" star Rob McElhenney is around. In today's big story, we're looking at the drama between Tesla shareholders over Elon Musk's bumper pay package that gets decided on today . As funny as that sounds, the battle over Elon Musk's pay package is no joke. One longtime Tesla investor said the EV maker is " kind of the bottom of the pecking pole of Elon's companies ." Vote here on if you're for or against Musk's pay package .
Persons: , Rob McElhenney, Elon, Apu Gomes, Chelsea Jia Feng, Insider's Grace Kay, they're, he's, Brooks Kraft, Musk, it's, Gwynne Shotwell, Somodevilla, Blackstone, Dan Ives, Araya Doheny, Patrick Fallon, Jenny Chang, Rodriguez, Henrik, Fisker, VCs, that's, whittle, Mark Zuckerberg, de Haro, Gen Zers, Mike Verdu, Slack, Brad Smith, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Elon, Getty, Retail, Brooks Kraft LLC, Nvidia, Tesla, Wall, SpaceX, Federal Reserve, Big Apple, Apple, Microsoft, BI, Adobe Locations: Wrexham, Delaware, Tesla, Manhattan, New York, London
Read previewSome Tesla shareholders allege Elon Musk has been draining Tesla dry in an act of "brazen disloyalty" to his company. The group of shareholders filed a new lawsuit against Musk and Tesla in Delaware, where the company is incorporated, on Thursday. In it, the shareholders accuse Musk of diverting critical AI talent and resources away from Tesla and into his new AI-focused company, xAI. The plaintiffs allege in the suit that Musk has recently touted Tesla as more of an AI company than simply an electric car company. AdvertisementAs for Tesla's board of directors, the shareholders allege they are just bowing down to Musk.
Persons: , Elon Musk, Musk, hasn't, Tesla, xAI, It's, that's, Musk's Organizations: Service, Musk, Tesla, Business, SEC, Nvidia Locations: Delaware, Tesla
Tesla stock surged 7% after Elon Musk's pay package neared approval. Elon Musk's compensation package is worth $46 billion based on Tesla's current stock price. Dealbook reported that Vanguard and BlackRock voted in favor of Musk's package. Wedbush analyst Dan Ives said the apparent shareholder approval of Musk's compensation package should remove an overhang on Tesla's stock price. Ives Rates Tesla stock at "Outperform" with a $275 price target, representing potential upside of 45% from current levels.
Persons: Elon Musk's, Elon, Dealbook, , Musk, Deleware, Dan Ives, Ives Organizations: Elon, Vanguard, BlackRock, Service, Tesla, New York Times, titans, Ives Locations: Texas, Delaware
Shares of Tesla popped in premarket trading, after Elon Musk said shareholders are set to approve his controversial $56 billion pay package and a resolution to move the electric car maker's incorporation to Texas. Tesla shareholders have been voting on two resolutions and can have their say up to the company's annual meeting on Thursday. The first measure under consideration is whether to green light a $56 billion pay package that shareholders originally approved in 2018, before being voided by a Delaware judge in January. Musk now said that both of these resolutions are currently passing by "wide margins," without disclosing specifics or his sourcing. Critics of the pay deal argue that Musk is distracted by his other endeavors, and that the package, the largest in U.S. corporate history, is excessive.
Persons: Elon Musk, Tesla, Musk Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, CNBC, Twitter Locations: Beverly Hills , California, Texas, Delaware
Tesla shareholders on Thursday voted to ratify CEO Elon Musk's mammoth 2018 pay plan, five months after a judge in Delaware ordered the company to rescind the package, finding it had been improperly granted by the board. Watch Elon Musk speak at the Tesla shareholder meeting nowThe compensation package was previously worth as much as $56 billion in Tesla stock. However, during last year's meeting, Musk promised shareholders he would spend less time on the app going forward, calling the business a "short-term distraction." Regarding the Cybertruck, which hit the market in late 2023, Musk said deliveries are picking up. Musk promised Tesla would move into "limited production" of Optimus in 2025 and test out humanoid robots in its own factories next year.
Persons: Elon, Musk, Judge Kathaleen McCormick, didn't, Tesla, He's, Pony.ai, Didi, Waymo, Optimus, Cathie Wood Organizations: ., Shareholders, SpaceX, Tesla, ARK Locations: Delaware, Austin , Texas, China, Texas
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