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.
Business
Nigeria Grants Rwandans 30-Day Visa-Free Entry to Boost African Integration, Trade
Nigeria Grants Rwandans 30-Day Visa-Free Entry to Boost African Integration, Trade
The Nigerian Government has commenced a 30-day visa-free entry policy for Rwandan nationals, in a move aimed at strengthening continental integration, boosting trade, and enhancing mobility under the African Continental Free Trade Area (AfCFTA) framework.
The policy, which takes immediate effect across all entry points, follows an announcement by President Bola Tinubu at the Africa CEO Forum held in Kigali, Rwanda, where he reiterated Nigeria’s commitment to easing movement across African borders.
In a statement issued on Thursday, the Nigeria Immigration Service (NIS) confirmed that operational arrangements had been concluded for the full implementation of the directive at airports, land borders and seaports nationwide.
Under the new arrangement, Rwandan citizens will be allowed to enter Nigeria without a visa for up to 30 days for legitimate purposes, including tourism, business engagements and official visits.
The Service, however, clarified that visitors wishing to stay beyond the approved period must obtain the appropriate visa through Nigerian diplomatic missions abroad or apply via the Nigeria e-Visa platform.
“Under this bilateral arrangement, Rwandan nationals may enter Nigeria without a visa for a period not exceeding thirty (30) days for lawful purposes, including tourism, business, and official engagements,” the statement read.
The NIS said the policy reflects the strengthening diplomatic relationship between Nigeria and Rwanda, while also aligning with broader African efforts to promote free movement of persons, trade facilitation and economic cooperation across the continent.
It added that the initiative underscores Nigeria’s commitment to regional integration under the AfCFTA agreement, which seeks to create a single African market for goods and services.
“The Nigeria Immigration Service notes that this initiative reflects the strong diplomatic and bilateral relations between the Federal Republic of Nigeria and the Republic of Rwanda, while promoting intra-African mobility, tourism, and economic cooperation in line with continental aspirations,” the agency said.
The Service reaffirmed its readiness to ensure safe, orderly and lawful migration in line with international standards and the Federal Government’s Renewed Hope Agenda.
The visa waiver comes amid growing continental momentum toward easing intra-African travel barriers, as several countries push policies aimed at improving economic linkages, tourism flows and regional investment opportunities.
Business
Trump Threatens Higher Tariffs on EU if Trade Talks Fail
Trump Threatens Higher Tariffs on EU if Trade Talks Fail
United States President, Donald Trump, has threatened to impose “much higher” tariffs on the European Union if the bloc fails to remove its levies on American goods before July 4, escalating fresh tensions in transatlantic trade relations.
Trump issued the warning after a phone conversation with European Commission President Ursula von der Leyen, stating that the EU must agree to zero tariffs on U.S. exports or face steep economic consequences.
“I agreed to give her until our Country’s 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels,” Trump said.
In response, von der Leyen said the European Union was making “good progress towards tariff reduction” ahead of the deadline, while reaffirming commitment to ongoing negotiations between both sides.
The tariff dispute comes amid renewed uncertainty over a trade agreement reached last year between Washington and Brussels, which initially proposed a 15 per cent tariff on EU exports to the United States, while Trump had earlier pushed for a 30 per cent levy on European goods.
Although the deal received conditional backing from the European Parliament in March, lawmakers inserted safeguards requiring assurances that the United States would also honour its commitments, particularly concerning steel and aluminium exemptions.
Under the proposed arrangement, EU legislators insisted they would only accept zero tariffs on U.S. goods if European exports made with steel and aluminium were excluded from Trump’s global 50 per cent tariffs on the metals.
Despite parliamentary progress, final approval still depends on agreement from all 27 EU member states, while further negotiations are expected to continue later this month in Strasbourg.
Ahead of Trump’s latest comments, European Parliament chief negotiator Bernd Lange said discussions were progressing but warned that “there is still some way to go.”
However, tensions were further complicated hours after Trump’s threat when a United States trade court ruled that his latest 10 per cent global tariffs were not justified under U.S. trade law, potentially opening the door to further legal challenges.
The court ruling, though limited in scope, questioned the legal basis used by the Trump administration under Section 122 of the 1974 Trade Act, which allows temporary tariffs to address balance of payments deficits.
Trump had previously introduced the sweeping 10 per cent levy in February, following earlier legal and political disputes over his so-called “freedom day” tariffs.
While the court decision does not immediately block the tariffs nationwide, it applies to import duties involving two companies and could encourage wider legal opposition.
With negotiations ongoing and legal uncertainty mounting, analysts say the dispute signals a renewed phase of economic friction between the United States and the European Union.
Business
Dangote Unveils Plan for 20,000MW Power Project
Dangote Unveils Plan for 20,000MW Power Project
Africa’s richest man, Aliko Dangote, has announced plans to build a 20,000-megawatt power project, marking a major expansion of his industrial interests beyond oil refining, cement and fertiliser production.
Dangote disclosed the plan during an interview with Makhtar Diop, managing director of the International Finance Corporation, saying the project forms part of efforts to address Africa’s persistent energy deficit.
“We are now going into power… 20,000 megawatts,” he said, adding that the continent’s most urgent needs remain energy, fertilisers and industrial inputs.
Although he did not provide details on financing or implementation timelines, the proposed project, if realised, would significantly transform Nigeria’s struggling power sector, where generation remains inconsistent despite an installed capacity of about 13,000MW.
Dangote said Africa’s development priorities are clear, stressing that “the needs of Africa are petroleum products and fertilisers.”
According to him, his conglomerate is also expanding aggressively in fertiliser production and related industrial ventures.
“Today, in about two and a half years, we will be the largest fertiliser company in the world. We are putting up 12 million tons of urea. We are opening up mines of potash and phosphate in Congo and Brazil. We are building the biggest deep-sea port with an 18-meter draft. We are doing LNG,” he said.
The billionaire industrialist added that the expansion drive is being supported by stronger cash flows and improved financial flexibility within his business empire.
“We are now actually free of assets, and we can actually raise more money. Our cash flow now is very, very strong,” he said.
The announcement comes amid the ongoing expansion of the Dangote Refinery, which is currently being scaled up toward a capacity of 1.4 million barrels per day, further cementing its position as one of the largest refining facilities in the world.
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