Business
Tesla Shareholders Approve Elon Musk’s $56 Billion Pay Package
Tesla shareholders have overwhelmingly approved a controversial $56 billion pay package for CEO Elon Musk and voted to move the company’s legal headquarters to Texas, Excel Magazine International has gathered.
The decision comes despite a Delaware judge blocking the deal earlier this year, citing concerns of fairness to shareholders.
The approved compensation plan, which is unprecedented in scale, hinges on Tesla’s share price performance and has been a point of contention.
Initially blocked by Delaware judge Kathaleen McCormick, the package was deemed “unfair” and the process for determining it “deeply flawed” due to the board’s close ties to Musk.
Concerns were raised about the board’s independence, with key figures having personal relationships with Musk, including a board director vacationing with his family and a former general counsel who was Musk’s divorce attorney.
Elon Musk, addressing an enthusiastic crowd of shareholders in Texas, expressed his gratitude with characteristic flair, “Hot damn, I love you guys.”
The vote garnered 72% approval, mirroring the 73% support the package received in 2018. The pay deal, which grants Musk the right to approximately 300 million shares, is intended as a reward for achieving ambitious goals related to sales, profits, and share price set out in 2018.
Despite the shareholder vote, legal experts, including Mathieu Shapiro of Obermayer Rebmann Maxwell & Hippel, argue that the outcome “changes nothing” immediately and it remains uncertain if the court will accept the re-vote.
The legal battle over Musk’s compensation has highlighted broader concerns about his leadership style and the board’s oversight.
Tesla’s share price rose nearly 3% following Musk’s announcement of the vote results on his social media platform, X.
Industry analysts like Karl Brauer see the vote as a strong endorsement of Musk’s leadership, which has driven a significant appreciation in Tesla’s stock value.
Former Tesla executive Georg Ell noted the substantial returns for investors since 2018, arguing that the pay package is justified given the company’s performance.
Tesla’s board maintains that the package is essential to retain Musk’s commitment to the company.
Shareholders also re-elected James Murdoch and Kimbal Musk to the board, reinforcing the existing leadership structure.
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
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In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.
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