Latest news with #Denholm
Business Insider
04-08-2025
- Automotive
- Business Insider
Tesla just announced a $29 billion pay package for Elon Musk, saying 'no one matches' the CEO
Tesla has unveiled a new $29 billion pay package for Elon Musk. The EV giant's board announced on Monday that it had granted Musk a "good faith" CEO performance award of 96 million restricted shares of Tesla stock, worth just over $29 billion based on the stock's current value. It comes as Musk's 2018 pay package, which was worth about $46.8 billion in June, remains in limbo after being struck down by a Delaware judge last December. In a letter to shareholders, the Tesla board members Robyn Denholm and Kathleen Wilson-Thompson said the new package was necessary to "retain and incentivize" Musk amid an "ever-intensifying AI talent war." "The war for AI talent is intensifying, with recent months including multi-billion-dollar acquisitions of companies and nine-figure cash compensation packages for non-founder, individual AI engineers," Denholm and Wilson-Thompson wrote. "Even among this group of highly talented individuals, no one matches Elon's remarkable combination of leadership experience, technical expertise, and, arguably most importantly, decades-long proven track record of building the most revolutionary and profitable businesses across different industries," they added. Both Musk and Tesla have fiercely criticized the decision to strike down the 2018 pay package after a shareholder lawsuit, with the billionaire launching an appeal in March. In a Securities and Exchange Commission filing also posted on X, the Tesla board members said the new $29 billion "CEO Interim Award" would include a requirement that Musk serve continuously in a senior leadership role at Tesla during the two-year vesting term. The award is also structured to "incrementally increase" Musk's voting rights upon grant. Musk has repeatedly expressed concern about his level of control over Tesla. In January, he said on X that he felt "uncomfortable" expanding the EV company's AI and robotics capabilities without having about 25% voting control. Denholm and Wilson-Thompson wrote that Tesla's board had voted unanimously to award Musk the interim award, with Musk and his brother, Kimbal, recusing themselves. Tesla shareholders would have a chance to vote on a longer-term CEO compensation strategy at the company's annual shareholder meeting in November, the letter added, and the interim award would be forfeited or returned if Musk's 2018 pay package is reinstated to avoid a "double dip." Investors have expressed concern over Musk's commitment to Tesla in recent months amid Tesla's poor performance and the billionaire's high-profile involvement in US politics. Tesla's share price is down about 25% this year. The stock is roughly 3% higher in premarket trading following the board's announcement.
Scotsman
27-07-2025
- Sport
- Scotsman
Premiership boss takes blame after ex-Hearts man suffers injury blow
The former Hearts man is back on the sidelines after crushing injury blow just days after signing with new club Sign up to our Hearts newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Livingston's head coach David Martindale has taken partial responsibility for Aidan Denholm's recent injury after the midfielder went off injured in his debut for his new club. The West Lothian club enjoyed an emphatic 6-0 win over Kelty Hearts in their Premier Sports Cup group stage fixture, with Andy Winter, Adam Montgomery, Robbie Muirhead, Shane Blaney and Stevie May all featuring on the scoresheet. However, Hearts fans will have been disappointed to see academy graduate Denholm coming off in the 69th minute after injuring his hamstring. Advertisement Hide Ad Advertisement Hide Ad Speaking to club media after the game, Martindale confessed some of the blame of the 21-year-old's injury may lie at his door but insists the midfielder will have the best team around him to help the recovery. Denholm celebrates at full-time after a Celtic v Hearts Premiership match in 2023 | Getty Images 'I feel a bit sorry for Aidan he's hurt his hamstring again', Martindale said. 'He was desperate to play, he's done a full pre-season with Hearts I was desperate to integrate him into the squad so maybe I've got to take a little bit of responsibility. But, I don't think it's anywhere as bad as what it's previously been. The wee man is gutted, you don't want to be coming into a new club, making your debut and going off injured. But it's football, and unfortunately these are the things that happen sometimes. 'We've just got to deal with it. We will stick by him we will make sure he's got a good group around him so that's really disappointing.' The 21-year-old signed a three year deal with Jambos' Scottish Premiership rivals Livingston and is set to wear the number six shirt at the Tony Macaroni Stadium. Motherwell and Ross County, with whom Denholm was on loan for the first half of the 2024/25 season, had both also been keen on the former Tynecastle star but it was Martindale's side who ultimately won his signature. Advertisement Hide Ad Advertisement Hide Ad Denholm came into Hearts pre-season recovering from an injury that had seen his season end prematurely. He would go on to feature in two pre-season games in Spain but then went unused in all four League Cup fixtures. After emerging as a first team player under the former Jambos head coach Steven Naismith in the 2023/24 season, the midfielder was then sent out on loan at the start of the last campaign and, despite his brief return to Tynecastle this summer, will now link up with Macauley Tait in West Lothian with Tait on loan with Livi from Gorgie. Martindale added in his post match presser: 'I spoke to Derek (McInnes) at Hearts and he speaks very highly about Aidan. The kid is a wee bit gutted right now, but we will stick by him and we will get him through and we will get him back in the next four to eight weeks.'
Daily Record
29-05-2025
- General
- Daily Record
Foodbank in Wishaw appeals for donations as stock runs low while numbers in need remain high
The service at South Wishaw Parish Church provides in excess of 80 food packages a week Wishaw Community Foodbank is feeling the pinch and being forced to cut back on the size of food parcels it is handing out due to a drop in the amount of donations it's receiving. The foodbank which operates from South Wishaw Parish Church on East Academy Street provides food packages to around 80 individuals, many of them with families, each week. It has been running for two years and receives donations from local supermarkets and schools, as well as the general public but there's been a reduction recently. Wishaw Community Foodbank's Mari Lindsay, said: 'At the moment we're finding our donations are falling, we do get donations of fresh items twice a week from Tesco and we've been getting donations of loaves from Warburtons weekly. 'The foodbank has been running for some two years now and today we had 41 people through our doors looking for food parcels. There were a similar number on Tuesday. We're getting at least 80 requests for groceries every week. 'The numbers coming through the doors are remaining pretty static, we get around 80 to 90 requests each week over the two days we open. The donations from local businesses and schools has fallen off so we've had to reduce the amount we're giving out because we don't have the stock. Schools and businesses in the area have been very good with us. "People tend to think of us round around Christmas time and give big donations then, but the rest of the year it's sort of forgotten about. It's not just Christmas we need help, we still need donations irrespective of what time of year it is. We're just looking to remind people the demand is still there. 'What we don't have in stock we have to buy out of the congregational givings and, like almost every other church, it's an ageing population. The church having any excess is practically a thing of the past. 'I'll also need to get in touch with the Dogs' Trust who normally bring us pet food as we have none.' A community café also runs from the Wishaw church but they are unsure how long this will be able to continue. 'Our Community Café offers tea/coffee and a hot filled roll free of charge. Denholm's the bakers in Wishaw are very kind to us and we receive cakes and rolls from them every week but everything else is funded by donations or weekly givings from our congregation, so we don't know how much longer we can sustain this. There's going to come a point that we can't do it for free.' The foodbank opens on Tuesday and Friday mornings from 10am to 12noon and any donations will be gratefully received.
The Age
16-05-2025
- Automotive
- The Age
Operation Elon: The Aussie who made $820m selling her Tesla shares
Let's start with a different question: why is this respected Silicon Valley veteran selling? Who would not want to own shares in a company that – as its return to the trillion-dollar valuation club demonstrates – seems to be protected from any sense of economic logic. Sales continued to plunge across its biggest European markets last month, despite a long-awaited update of its most popular car. While leaving Tesla on self-drive mode, Musk found time to support extreme right-wing causes across Europe which triggered a plunge in sales on the Continent, as well as the Trump administration which is waging a global trade war that is also costing Tesla dearly. And when reports emerged that Tesla's directors were searching for a potential replacement for Musk – a very sensible decision for any board in the circumstances – Denholm made a public statement declaring the report to be 'absolutely false' and made it clear that Tesla and its founder Musk were joined at the hip. 'The CEO of Tesla is Elon Musk and the board is highly confident in his ability to continue executing on the exciting growth plan ahead,' she said in a tweet on his social media platform, X. It is no wonder this board was slammed by a US court judge over a $US56 billion pay packet for Musk. It was accused of acting as enabler for the company founder, not as an overseer for investors. But the rules are different at Tesla. Its trillion-dollar valuation only makes sense if you look at it as a meme stock – a company that suddenly goes viral on social media and its shares skyrocket for no clear reason. And Musk is its meme. Denholm seems to get this. Any valuation currently subscribed to Tesla left reality a long time ago, and the only tether with valuations on planet Earth is its mercurial founder. Tesla's valuation was extraordinary enough when it was merely worth more than every other carmaker on the planet combined. That was based on the idea that it had too much of a lead on e-vehicles – the car of the future – for anyone else to catch it. While US and European sales reflect repugnance for Musk's politics, the fall-off in China reflects a far more sobering reality: Tesla is way behind its multitude of Chinese rivals on every significant feature: price, recharging times and autonomous driving features which are now offered free on some Chinese cars. Keep in mind that the future earnings which underpin its current $US1.1 trillion valuation are expected to shrink if his Republican buddies successfully gut electric vehicle subsidies to the tune of billions of dollars. And the price investors pay for each dollar of Tesla's profit far exceeds dominant tech rivals like Nvidia, Apple and Microsoft. Cars clearly don't drive its valuation now, it is the market perception of Musk's ability to morph the company into a dominant force in AI, robotaxis and humanoid robots. That is a much harder argument to make in the current environment. Any valuation currently subscribed to Tesla left reality a long time ago, and the only tether with valuations on planet Earth is its mercurial founder. You don't need to go outside the US borders to see what significant competition Tesla faces on the AI front. And China appears to be streets ahead when it comes to autonomous driving, robotaxis and is already talking about AI-aided robots as its next workforce. It underlines that Denholm's one job at Tesla is to keep Musk interested enough to ensure he gives the company a decent crack at the impossible task before it. The issue is not whether Tesla is a valuable company, it is whether it is worth anything remotely close to the current market valuation. It gives an interesting context to Denholm's massive stock sale which has left her with shares worth around $US27 million. Her Tesla stake is almost certainly worth less than her trophy homes in Sydney and nearby Whale Beach where she reportedly tried, and failed, to get approval for a lift to be installed that would deliver her to the sun-kissed sand. If she isn't willing to hold shares she paid almost nothing for, other investors should take heed.
Sydney Morning Herald
16-05-2025
- Automotive
- Sydney Morning Herald
Operation Elon: The Aussie who made $820m selling her Tesla shares
Let's start with a different question: why is this respected Silicon Valley veteran selling? Who would not want to own shares in a company that – as its return to the trillion-dollar valuation club demonstrates – seems to be protected from any sense of economic logic. Sales continued to plunge across its biggest European markets last month, despite a long-awaited update of its most popular car. While leaving Tesla on self-drive mode, Musk found time to support extreme right-wing causes across Europe which triggered a plunge in sales on the Continent, as well as the Trump administration which is waging a global trade war that is also costing Tesla dearly. And when reports emerged that Tesla's directors were searching for a potential replacement for Musk – a very sensible decision for any board in the circumstances – Denholm made a public statement declaring the report to be 'absolutely false' and made it clear that Tesla and its founder Musk were joined at the hip. 'The CEO of Tesla is Elon Musk and the board is highly confident in his ability to continue executing on the exciting growth plan ahead,' she said in a tweet on his social media platform, X. It is no wonder this board was slammed by a US court judge over a $US56 billion pay packet for Musk. It was accused of acting as enabler for the company founder, not as an overseer for investors. But the rules are different at Tesla. Its trillion-dollar valuation only makes sense if you look at it as a meme stock – a company that suddenly goes viral on social media and its shares skyrocket for no clear reason. And Musk is its meme. Denholm seems to get this. Any valuation currently subscribed to Tesla left reality a long time ago, and the only tether with valuations on planet Earth is its mercurial founder. Tesla's valuation was extraordinary enough when it was merely worth more than every other carmaker on the planet combined. That was based on the idea that it had too much of a lead on e-vehicles – the car of the future – for anyone else to catch it. While US and European sales reflect repugnance for Musk's politics, the fall-off in China reflects a far more sobering reality: Tesla is way behind its multitude of Chinese rivals on every significant feature: price, recharging times and autonomous driving features which are now offered free on some Chinese cars. Keep in mind that the future earnings which underpin its current $US1.1 trillion valuation are expected to shrink if his Republican buddies successfully gut electric vehicle subsidies to the tune of billions of dollars. And the price investors pay for each dollar of Tesla's profit far exceeds dominant tech rivals like Nvidia, Apple and Microsoft. Cars clearly don't drive its valuation now, it is the market perception of Musk's ability to morph the company into a dominant force in AI, robotaxis and humanoid robots. That is a much harder argument to make in the current environment. Any valuation currently subscribed to Tesla left reality a long time ago, and the only tether with valuations on planet Earth is its mercurial founder. You don't need to go outside the US borders to see what significant competition Tesla faces on the AI front. And China appears to be streets ahead when it comes to autonomous driving, robotaxis and is already talking about AI-aided robots as its next workforce. It underlines that Denholm's one job at Tesla is to keep Musk interested enough to ensure he gives the company a decent crack at the impossible task before it. The issue is not whether Tesla is a valuable company, it is whether it is worth anything remotely close to the current market valuation. It gives an interesting context to Denholm's massive stock sale which has left her with shares worth around $US27 million. Her Tesla stake is almost certainly worth less than her trophy homes in Sydney and nearby Whale Beach where she reportedly tried, and failed, to get approval for a lift to be installed that would deliver her to the sun-kissed sand. If she isn't willing to hold shares she paid almost nothing for, other investors should take heed.
