Tesla approves 96mln share award to CEO Elon Musk
Musk must pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 CEO Award, it said in the filing.
In 2024, a Delaware court voided Musk's 2018 compensation package, valued at over $50 billion, citing that the Tesla board's approval process was flawed and unfair to shareholders.
Musk kicked off an appeal in March against the order, claiming a lower court judge made multiple legal errors in rescinding the record compensation. Earlier this year, the EV maker said the board had formed a special committee to consider some compensation matters involving Musk, without disclosing any details.
Tesla is at a turning point as Musk, its largest shareholder with a 13% stake, shifts focus from a promised affordable EV platform to robotaxis and humanoid robots, positioning the company more as an AI and robotics firm than an automaker.
(Reporting by Aditya Soni in Bengaluru; Editing by Anil D'Silva)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
24 minutes ago
- Khaleej Times
DELTA Wealth Partners announces launch of AI and deep tech venture fund, anchored in ADGM
DELTA Wealth Partners announced the launch of its new fund, the DELTA Future Fund 1 LP a venture capital investment fund dedicated to early-stage partnerships with founders advancing artificial intelligence, deep tech, fintech, and transformative digital solutions across the Middle East, Europe, and North America. Established as an Abu Dhabi Global Market (ADGM) limited partnership and registered with the Abu Dhabi Global Market's Financial Services Regulatory Authority (FSRA), this new fund reflects a long-term commitment to building the next chapter of responsible technology investment. DELTA Future Fund 1 LP is designed to enable investments in forward-looking sectors including AI, automation, quantum computing, and digital infrastructure reflecting the Middle East's emergence as a dynamic hub for technological innovation. 'Artificial intelligence is entering a new era. One where data, ethics, and foresight must converge to create real, lasting progress,' said Dr. Abdalla Kablan, the internationally recognised AI expert and CEO at DWP. 'With the DELTA Future Fund, we are focused on building a bridge between world-class founders and global capital, supporting ventures that are driven by both technical excellence and responsibility at scale.' DWP brings together a cross-border network, deep sector expertise, and its proprietary Artificial Wisdom investment framework to identify and work alongside founders whose missions align with building a better future. The firm's team comprises experienced entrepreneurs, technologists, and investment professionals with extensive backgrounds in company building and international market expansion. DWP's launch marks a new benchmark for innovation and ethical leadership at the intersection of MENA's strategic capital, Western technology, and robust regulatory oversight.
Tahawul Tech
an hour ago
- Tahawul Tech
Trump reportedly wanted 20% of Nvidia's H20 China sales
US President Donald Trump reportedly wanted a 20% cut of Nvidia's H20 chip China sales, but eventually settled for 15% after negotiations with their CEO Jensen Huang. CNBC reported President Trump outlined the higher asking price during a press conference in Washington DC on August 11th. The news agency stated Huang met with Trump at the White House on 8 August. AMD is also allowed to sell its AI chips to China under the same terms. The Nvidia decision was a reversal of the Trump administration's previous posture of not allowing exports of the chip due to national security issues and concern the US is losing its technological AI advantage to China, which led to a plan in April to require the licences. Last month, the decision to reopen sales to China drew opposition from security experts and politicians in the US. CNBC reported President Trump stated Nvidia's H20 is an 'old chip that China already has' and is 'obsolete'. President Trump also said he would not allow Nvidia's flagship Blackwell chip to be sold in China without significant downgrades, including a 30 per cent to 50 per cent reduction in performance. 'The Blackwell is super-duper advanced. I wouldn't make a deal with that,' Trump said, adding 'They won't have it for five years.' Source: Mobile World Live Image Credit: Nvidia
Tahawul Tech
an hour ago
- Tahawul Tech
Verizon incorporates floodwater sensors into their 5G deployment
Verizon has teamed with startup company Hyfi and the Center for Neighborhood Technology on a project to use 50 low-cost, high-tech sensors across flood-prone areas in Chicago to improve real-time monitoring and aid emergency preparations. The sensors operate on Verizon's 5G network and aim to provide critical data to city managers, emergency officials and residents to mitigate the impact of floods. Hyfi's solar-powered sensors are combined with a web-based app to create a real-time flood condition map. The app minimises or eliminates the need for stormwater professionals or emergency responders to manually calibrate the sensors during a major weather event. It plans to also offer the app to local residents to monitor data in their own neighbourhoods. Verizon also announced Hyfi joined its Frontline Innovation Program to develop services which improve community emergency response and recovery efforts. The operator rolled out the floodwater sensors in the Louisiana city of New Orleans last year, which provided critical data during hurricane season in the US. It plans to deploy the sensors in additional cities over the next year. The non-profit Center for Neighborhood Technology, which is focused on improving cities by making them more sustainable, and Verizon are also working together to educate communities about making informed decisions and staying safe during weather-related emergencies. Source: Mobile World Live Image Credit: Stock Image
