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Yahoo
4 minutes ago
- Yahoo
Tesla approves $29bn share award to Elon Musk
Tesla's board has signed off a $29bn (£21.8bn) share award to Elon Musk after a court blocked an earlier package worth almost double that sum. The new award, which amounts to 96 million new shares, is not just about keeping the electric vehicle (EV) firm's founder in the driving seat as chief executive. The new stock will also bolster his voting power from a current level of 13%. Money latest: He and other shareholders have long argued that boosting his interest in the company is key to maintaining his focus after a foray into the trappings of political power at Donald Trump's side - a relationship that has now turned sour. Musk is angry at the president's tax cut and spending plans, known as the big beautiful bill. Tesla has also suffered a sales backlash as a result of Musk's past association with Mr Trump and role in cutting federal government spending. The company is currently focused on the roll out of a new cheaper model in a bid to boost flagging sales and challenge steep competition, particularly from China. The headwinds have been made stronger as the Trump administration has cut support for EVs, with Musk admitting last month that it could lead to a "few rough quarters" for the company. Read more: Tesla faces losing billions after Musk-Trump fallout Tesla is currently running trials of its self-driving software and revenues are not set to reflect the anticipated rollout until late next year. Musk had been in line for a share award worth over $50bn back in 2018 - the biggest compensation package ever seen globally. But the board's decision was voided by a judge in Delaware following a protracted legal fight. There is still a continuing appeal process. Earlier this year, Tesla said its board had formed a special committee to consider some compensation matters involving Musk, without disclosing details. The special committee said in the filing on Monday: "While we recognize Elon's business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging... we are confident that this award will incentivize Elon to remain at Tesla". It added that if the Delaware courts fully reinstate the 2018 "performance award", the new interim grant would either be forfeited or offset to ensure no "double dip". The new compensation package is subject to shareholder approval.
The Hill
6 minutes ago
- The Hill
Trump's numbers are down, but Republicans are far from out
As President Trump expands the trade war with new tariffs against more than 60 countries, it would behoove his administration to pay attention to what polls and public sentiment are saying. Indeed, with Republicans holding an extremely narrow lead in the House of Representatives, how Americans feel about the administration figures to play a critical role, as midterms tend to be referenda on the party in charge. To that end, polls continue to reflect Trump's divisiveness and the polarization evident in American politics today, as well as widespread discontent over tariffs. Indeed, the RealClearPolitics polling aggregator shows Trump's average approval rating 5 points underwater — with 46 percent approval versus 51 percent disapproval. Trump's approval rating represents an almost 4-point drop from the roughly 50 percent of the popular vote that he won in the 2024 election. That said, the administration should be concerned about sentiment among independents. Just 3 in 10 (29 percent) of this critical voting bloc give Trump a positive approval rating, whereas a strong majority (62 percent) disapprove of the president thus far. Trump's second term polling has been surprisingly stable compared to his first. Trump's ratings, per RealClearPolitics, have never surpassed the plus-6 points he entered office with, nor have they exceeded minus-7. The relative range-bound numbers underscore that Trump has both a firm floor on his numbers and a hard ceiling. With that in mind, the data on how Americans feel about Trump's handling of specific issues have been much more volatile, suggesting underlying pessimism about the president and his policies. On the economy, a cornerstone of Trump's campaign, multiple polls show that voters decisively disapprove of Trump's approach, especially when it comes to trade policy. Recent polling from Fox News reveals that a majority (55 percent) of registered voters disapprove of his economic approach, whereas 44 percent approve. Emerson University polling confirms Fox's findings, showing a 10-point net disapproval (51 percent to 41 percent). Recent Morning Consult polling shows that 6 in 10 (61 percent) Americans blame Trump personally for driving up the cost of living due to tariffs. A similar share (63 percent) also believe tariffs have had a negative impact on grocery prices. Those polls come on the heels of the passage of the 'Big, Beautiful bill,' which, as we've previously noted in these pages, was viewed quite negatively, and just before an expanded tariff policy. Immediately prior to Trump's tax and spending bill, a Fox News poll found that a strong majority (59 percent) of voters opposed the bill, versus just 38 percent who supported it. Negative sentiment towards Trump's handling of the economy had begun to improve from April's tariff-induced chaos, particularly as trade deals were signed and it appeared more were on the way. However, Trump had backtracked, with a series of on-again, off-again, on-again tariffs before ultimately implementing broad tariffs covering more than 60 countries on Thursday. It is likely that Trump expanded the trade war at exactly the wrong time. Inflation has also begun creeping back up, with the personal consumption expenditures index rising for the second straight month to the highest level since February, just as hiring is slowing markedly, according to Friday's jobs report. That is bad news for a president who, in addition to the aforementioned Morning Consult data, has a net negative 22-point rating on handling inflation (37 percent approve, 59 percent disapprove) according to Economist/YouGov polling. Even on immigration, which had been a strength for the president, Trump's heavy-handed approach has rankled voters. A Quinnipiac poll from mid-July shows that 55 percent of Americans disapprove of how the White House is handling immigration, while 40 percent approve. And while Quinnipiac's numbers are more negative than other polls, RealClearPolitics' tracker still shows Trump with a net negative 7-point rating on immigration. The administration's handling of the Jeffery Epstein issue also appears to be weighing on Trump's numbers, even among his base. Slightly more than one-fifth (22 percent) of Americans approve of Trump's handling of the Epstein issue, a number that would look considerably worse if not for Trump's own base. However, even among Trump voters, less than a majority (45 percent) give the president a passing grade on Epstein, per Economist/YouGov polling. With help from Speaker of the House Mike Johnson (R-La.), who sent the House home for recess earlier than anticipated, Trump was able to avoid congressional pressure on Epstein. But that reprieve will end in a few weeks, and the issue will likely be brought back into the spotlight. To be sure, polling does also reveal a handful of bright spots for the administration. The share of Americans believing the country is on the 'wrong track' (54 percent) remains far below the 75 percent peak that occurred during former President Biden's term. Yet so far, Democrats have been unable to capitalize on Trump's negative approval ratings. Democrats' lead in the generic congressional ballot (3 points) is solidly within the margin of error, while some individual polls such as one from Cygnal show just a 1-point lead, a virtual tie. In that same vein, whereas Wall Street Journal polling shows that a slight majority (52 percent) of Americans have an unfavorable view of Trump, that is still far below the nearly two-thirds (63 percent) of voters who view the Democratic Party unfavorably. Moreover, while Americans give Trump negative marks on the economy, inflation, tariffs and foreign policy, they still trust Republicans more than Democrats to handle each issue, according to the Wall Street Journal's analysis. As they note, 'disapproval of Trump's handling of inflation outweighs approval by 11 points, and yet the GOP is trusted more than Democrats to handle inflation by 10 points.' That is a remarkable contrast, and underscores that, despite elevated levels of disapproval toward Trump, Democrats remain unable to provide a viable alternative. The ultimate impact of public opinion towards Trump on the midterms remains to be seen, but thus far, the data indicates that while Trump's grip on his base remains intact, he is losing support among swing voters and even some non-MAGA Republicans. Whether or not he can reverse this trend ahead of midterms will be critical, but only if Democrats find a way to capitalize on growing disillusionment toward Trump and the Republicans.
Yahoo
18 minutes ago
- Yahoo
Eric and Donald Trump Jr. Are Backing a U.S. Manufacturing SPAC
Eric Trump and Donald Trump Jr. are helping to launch a SPAC targeting American manufacturers, adding to the array of companies the president's sons are involved in beyond their family's real-estate empire. New America Acquisition I Corp. on Monday filed paperwork for what it hopes will be a $300 million public offering on the New York Stock Exchange. SPACs, or special-purpose acquisition companies, are blank-check firms that look for a private company to merge with. The private company then takes the SPAC's listing, essentially going public while avoiding some of the red tape of a traditional initial public offering. Mark Zuckerberg Just Declared War on the iPhone How Flying on a Private Jet Became the No. 1 Marker of Real Wealth American Consumers Are Getting Thrifty Again A Steep Mountain Drive, a Brake Failure and a Volvo Recall It's a Tough Job Market for New College Grads. Is an Advanced Degree Worth It? New America will search for merger targets 'that play a meaningful role in revitalizing domestic manufacturing, expanding innovation ecosystems, and strengthening critical supply chains,' a securities filing said. The filing said the SPAC aims to buy one or more businesses with a combined enterprise value of at least $700 million. (SPACs can raise additional capital after going public.) As part of their involvement in New America as advisers, Donald Trump Jr. was awarded an interest in two million founder shares in the entity and Eric Trump received three million. Those shares can convert to common stock when the SPAC merges with its acquisition target, according to the filing, paper holdings that could be worth millions of dollars based on New America's target share price. The SPAC's planned approach echoes one of President Trump's rationales for sweeping tariffs, which he has said will boost American industry and jobs and put the U.S. on more even footing with global trade partners. The SPAC will be led by Chief Executive Kevin McGurn, who is described in a LinkedIn profile as a longtime media and tech executive. Kyle Wool, president of a small investment firm that is growing into a key player in the Trump sons' expanding business portfolio, is also an adviser. The first family's fast-widening empire has drawn scrutiny from those who say the Trumps' investments pose conflicts of interest. The president has pledged to boost the cryptocurrency industry, where the family is now a major player. The Trumps are a large stakeholder in the crypto project World Liberty Financial and the Trump brothers have a substantial interest in a bitcoin-mining company. President Trump this year launched a Trump-branded memecoin. Donald Jr., meanwhile, has increasingly backed companies he says are anti-woke as an investor, adviser and board member. The president's eldest son is a partner at 1789 Capital, a venture-capital firm that aims to invest in a so-called 'Republican/Parallel' economy in which businesses cater to customers' conservative values. Both Eric and Donald Jr. are also involved in overseeing a Trump mobile phone business. SPACs exploded in popularity in 2020, though many delivered disappointing returns that led to a slowdown in new deals. During the Biden administration, securities regulators sought to curb SPACs' appeal. Businesses associated with President Trump and his family have used SPACs before. Trump Media & Technology Group, parent company of social-media platform Truth Social, went public through a SPAC last year and gave President Trump a multibillion-dollar paper fortune at the time. Last month, the Donald Jr.-backed online firearm retailer GrabAGun went public in a similar deal. The company's stock has since plunged in value. Shares in the New America SPAC will be offered with the help of investment banks D. Boral Capital and Dominari Securities, a subsidiary of the firm that Wool—an adviser for New America—helps run. Dominari named Eric and Donald Jr. as advisers earlier this year. The firm previously underwrote the IPO of a Donald Jr.-backed drone manufacturer and has since invested alongside the president's sons in a new bitcoin-mining venture. Write to David Uberti at and Ben Foldy at It's a Scorching Hot Summer for Deals on Wall Street. Vacation Can Wait. Is It Still Disney Magic If It's AI? Amphenol Strikes Big Broadband Deal in AI Boom The Fate of a Little-Known Company Behind Goldman's Apple Card Is in Limbo Microsoft Is an AI Darling, but Its Core Businesses Are Booming Too Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
