Tesla has approved an interim stock award worth about $30 billion for Elon Musk and said it would put a longer-term chief executive compensation strategy to a vote at the electric vehicle maker’s November 6 annual meeting.
The new agreement includes 96 million shares of the car maker that will vest if Mr Musk continues to serve in the top post for another two years, the company said on Monday in a regulatory filing. The restricted stock has an exercise price of $23.34, equal to the price in a deal originally granted in 2018.
Shares in Tesla rose 2.7 per cent to $310.80 before regular trading in New York. The board emphasised the importance of retaining Mr Musk, saying in a shareholder letter that the award was a first step “good faith” payment. “After all, a ‘deal is a deal.’”
The move comes after a prior compensation package valued in excess of $50 billion was voided by the Delaware Chancery Court after a shareholder lawsuit. That is currently being appealed and a special board committee has been exploring ways to offer Mr Musk a new compensation agreement after shifting Tesla’s legal home to Texas last year.
The proposal underscores Mr Musk’s grip on the company and could ensure that he won’t relinquish the chief executive title in the near term. Mr Musk has served as the car maker’s top executive since 2008. He told Bloomberg in an interview in May that he is committed to still being at the helm in five years.
Tesla’s board is sticking with Mr Musk despite his competing priorities. Besides overseeing four other companies, politics has taken up a lot of Mr Musk’s attention this year. His decision to bankroll President Donald Trump’s re-election campaign and lead the Department of Government Efficiency's effort to remake the federal government sparked a backlash against the electric vehicle maker.
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What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
THE BIO
Occupation: Specialised chief medical laboratory technologist
Age: 78
Favourite destination: Always Al Ain “Dar Al Zain”
Hobbies: his work - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”
Other hobbies: football
Favorite football club: Al Ain Sports Club
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
The specs: 2019 GMC Yukon Denali
Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm
Fuel economy, combined: 12.9L / 100km
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