Musk says Tesla shareholders voting yes for his $56 bln pay package
shareholders are voting to approve a $56 billion pay package for Elon Musk and to move the electric vehicle maker’s legal home to Texas, the CEO said on social media on Wednesday, adding that passage was by wide margins
“Thanks for your support!!” Musk said in his post on X.
Overwhelming shareholder approval of the largest remuneration terms in U.S. corporate history could allay investor concerns about Musk’s future at the company, while giving the electric carmaker ammunition in its fight to reverse a court decision to void the pay package
Teva was the first company to put an electric truck into production in Britain
Musk would still face a lengthy legal battle to convince the Delaware judge who said the Tesla board was “beholden” to him, while potentially fielding fresh lawsuits over the latest vote.
“Even if the shareholders do approve the old package, it is not clear that the Delaware court will allow that vote to be effective,” said Adam Badawi, a law professor at UC Berkeley.
The result will be announced at a meeting at Tesla’s headquarters in Texas at 4:30 pm (2130 GMT) on Thursday.
Fed leaves rates unchanged, sees only one 2024 cut despite inflation progress
By Howard Schneider and Ann Saphir
June 13, 20245:14 AM GMT+7Updated 3 hours ago
U.S. central bank leaves policy rate in 5.25%-5.50% rangeFed policymakers scale back to one rate cut in 2024Policy easing hinges on more progress reducing inflationFed chief Powell describes current policy as restrictive
WASHINGTON, June 12 (Reuters) – The Federal Reserve held interest rates steady on Wednesday and pushed out the start of rate cuts to perhaps as late as December as policymakers sketched out their view of an economy that remains virtually unchanged across its major dimensions for years to come.
With growth and unemployment lodged at levels better than the U.S. central bank considers sustainable in the long run, Fed Chair Jerome Powell said policymakers were content to leave rates where they are until the economy sends a clear signal that something else is needed – through either a more convincing decline in price pressures or a jump in the unemployment rate.
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