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.
Africa’s richest man, Aliko Dangote, is set to retire as Chairman of the Board of Directors of Dangote Sugar Refinery Plc, effective June 16, 2025.
Dangote’s exit marks the end of over two decades of leadership, having founded the company in 2005.
Under his stewardship, Dangote Sugar Refinery has emerged as a key player in Nigeria’s food sector.
Dangote’s legacy at the helm of the company is notable for expansive projects and strategic investments.
Recently, the company opened a new sugar refinery in Ghana’s Kwame-Danso, Bono East Region, signaling a major milestone in its West African expansion.
The factory boasts a capacity to crush 12,000 tons of sugarcane daily across 25,000 hectares of irrigated crops.
In Nigeria, Dangote Sugar Refinery has recorded impressive financial gains, with revenue surging 74.3% year-on-year to N213.9 billion ($133 million).
The company’s net losses also narrowed significantly to N23.6 billion from N122.7 billion in the previous year.
Arnold Ekpe, a seasoned banker and industrialist, will succeed Dangote as Chairman.
Ekpe brings extensive experience, having served as Group CEO of Ecobank and held leadership roles in various African banks and enterprises.
The transition marks a new chapter for the Dangote Group, as Ekpe takes the reins of Dangote Sugar Refinery.
Industry stakeholders are eager to see how the company will continue to thrive under new leadership.
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The Chair of the CARICOM Council for Trade and Economic Development (COTED), Hon. Kerrie Symmonds, has emphasized the critical role of the Council in addressing the challenges facing businesses in the region due to the turbulence in the global trading system.
Minister Symmonds, who is also the Minister of Foreign Affairs and Foreign Trade of Barbados, made the call at the opening of the Sixtieth Regular Meeting of COTED at the CARICOM Secretariat Headquarters in Georgetown, Guyana.
According to Minister Symmonds, the global trading system and economy are now confronted with unprecedented turmoil, which has resulted in cancelled export orders, new and unexpected tariffs, and uncertainties that are affecting the business community.
He stressed the importance of ensuring that CARICOM’s exports enter global markets with minimal barriers.
“The question of whether our exports can enter markets with the least possible barriers and whether imports reach us in a timely, safe, and affordable manner, will all impact the performance of our economies and determine whether we thrive or struggle as a Community,” Minister Symmonds stated.
The meeting, which took place from June 10-11, brought together CARICOM trade ministers to address key issues, including the Caribbean Single Market and Economy (CSME), the proposed implementation of the revised Common External Tariff (CET), and progress of the Sectoral Working Group reviewing CARICOM Rules of Origin.
The ministers also discussed external trade issues, such as the impact of the America First Policy on CARICOM, negotiations on CARICOM-Colombia trade agreements, and Belize’s partial scope agreement with El Salvador.
Other agenda items included regional standards, report on the industrial policy, and public procurement mechanisms.
The meeting aimed to find solutions to the challenges facing the region’s trade and economy, and to promote economic growth and development in the CARICOM community.
Foreign investment outflow from the Nigerian stock market (NGXchange) has risen by 250.86 percent, Quarter-on-Quarter, QoQ, to N420.37 billion in the first Quarter, Q1’25, from N119.81 billion in the corresponding period of 2024, Q1’24.
The Nigerian Exchange Limited, NGX, disclosed this in its foreign portfolio report.
According to the report, foreign investment outflow also exceeded inflow by 20 percent or N20.11 billion in Q1’25. Despite the outflow, foreign investment inflow rose by 275 percent, Year-on-Year, YoY, to N349.97 billion in Q1’25 from N93.37 billion in Q1’24.
The NGX also revealed that N2.23 trillion equity transactions were recorded by both domestic and foreign investors in Q1’25.
The figure surpassed the N1.54 trillion recorded in the same period of 2024, representing an increase of N690 billion or 44.8 percent.
In March 2025, foreign transactions outperformed domestic transactions by circa 26 percent.
According to the NGX, foreign transactions increased significantly by 1,541 percent to N699.89 billion in March 2025 from N42.65 billion in February 2025.
On the other hand, domestic transactions decreased by 10.98 percent Month-on-Month, MoM, to N415.62 billion in March 2025 from N466.82 billion in February 2025.
Domestic inflow and outflow also declined in the reviewed period.
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