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General Motors is turning to Costco's Auto Program to help it sell more EVs. The wholesaler partners with automakers and dealers to offer discounted vehicle prices for members.An executive told CNBC selling EVs to Costco's 50 million members was a "huge opportunity" for GM. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Ema ...

Tesla shareholders might have another reason to vote for Elon Musk's pay package this Thursday.Musk has been touting the benefits of having Tesla be a part of his business empire. The billionaire has touted access to future IPOs and showcased the synergies between his businesses. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. ...

By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email.Access your favorite topics in a personalized feed while you're on the go. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewNvidia's meteoric rise on the back of the AI boom has made it one of the world's most valuable companies an ...

Core Viewpoint - Norway's sovereign wealth fund will vote against Elon Musk's $56 billion pay package at Tesla's annual meeting due to concerns over the award's size, performance triggers, dilution, and key person risk [1]. Group 1: Shareholder Concerns - Norges Bank Investment Management, managing a $1.7 trillion fund, is the eighth largest shareholder in Tesla and has expressed concerns about corporate greed and its impact on shareholders [1][2]. - Two large proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis, have recommended voting against Musk's pay package [2]. Group 2: Tesla's Performance and Leadership - Tesla delivered record sales of over 1.8 million electric vehicles globally in 2023, but has faced increased scrutiny regarding Musk's focus on other ventures [3]. - Musk's wealth is highlighted, with a net worth of $203 billion, raising questions about the necessity of the pay package [3]. Group 3: Board and Management Dynamics - Robyn Denholm, Tesla's Board Chair, emphasized that the issue is not about money, as Musk would remain wealthy regardless of the pay package [3]. - Musk has been accused of diverting resources to his other businesses, which has raised concerns among investors [3].

By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email.Access your favorite topics in a personalized feed while you're on the go. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAlphabet, Inc. on Wednesday announced the appointment of Anat Ashkenazi as its new Chief Financial Officer, ...

By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email.Access your favorite topics in a personalized feed while you're on the go. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewMeta is scrambling to compete in the red-hot AI arms race, but an advocacy group is demanding nearly a doze ...

Core Viewpoint - Elon Musk's decision to redirect a shipment of Nvidia chips away from Tesla has raised concerns among institutional shareholders regarding his compensation package and commitment to the company [1][2][5]. Group 1: Shareholder Concerns - A group of eight Tesla shareholders is urging other investors to vote against Musk's multibillion-dollar compensation package, citing his recent actions as evidence of mismanagement [1][2]. - The shareholders plan to vote on June 13 regarding the reinstatement of Musk's compensation deal, which was previously deemed "deeply flawed" by a Delaware court [2]. - The diversion of a $500 million shipment of Nvidia chips, essential for AI technology, to Musk's social media platform X has intensified scrutiny over his priorities [2][3]. Group 2: Resource Allocation Issues - Musk stated that Tesla had no place to utilize the Nvidia chips, which led to their diversion, raising questions about operational management and resource allocation within the company [3][4]. - Shareholders have expressed concerns that Musk is reallocating Tesla's resources to benefit his other ventures, indicating a lack of oversight from the board [3][5]. Group 3: Financial Implications - The eight shareholders collectively hold over 4.9 million shares of Tesla, valued at more than $878 million, indicating significant financial stakes in the company [6]. - The California Public Employees' Retirement System (CalPERS), owning approximately 9.5 million shares, has also signaled its intention to vote against Musk's pay package, citing a mismatch between compensation and company performance [6][7].

Core Viewpoint - The leadership of Elon Musk is deemed essential for Tesla's current success, according to the company's board chair, Robyn Denholm [1][2]. Group 1: Leadership and Governance - Robyn Denholm stated that while Tesla can exist without Musk, it is in the company's best interest for him to continue leading at this time [2]. - The upcoming vote on Musk's controversial pay plan has sparked discussions about the necessity of his leadership for Tesla's future [2]. Group 2: Company Performance and Growth - Denholm highlighted that Musk has not been compensated for Tesla's significant growth, indicating a potential disconnect between leadership rewards and company performance [1].

Core Viewpoint - The upcoming shareholder vote on Elon Musk's $55 billion pay package is critical for Tesla, as the plan was previously invalidated by a Delaware judge due to Musk's influence over the board [1][2]. Compensation Plan Details - The original compensation plan, established in 2018, was valued at approximately $2.3 billion in stock-based compensation charges at that time [2]. - If the 2018 pay plan is rejected, creating a new plan with similar stock grants could cost around $25 billion in stock-based compensation today [2]. - The executive pay plan consists of a 10-year grant of 12 tranches of stock options, which vest upon Tesla achieving specific milestones [6]. Implications of the Vote - Tesla's board chair, Robyn Denholm, indicated that rejecting the pay plan could lead to increased costs or decreased motivation for Musk, which would not be favorable for shareholders [3]. - Denholm emphasized that ratifying the plan is the best option for shareholders, as alternatives would not be as beneficial [3]. - There is uncertainty regarding the validity of the pay plan even if shareholders approve it, as the Delaware court could still rule it invalid [3]. Shareholder Perspectives - There is a divide among shareholders, with some investment firms urging a vote against the pay package, while Tesla's board and key shareholders advocate for its approval [5]. - Musk's compensation is performance-based, relying on specific metrics defined in 2018, and he does not receive a salary [5].