 Technology |
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Tesla shareholders decide fate of Musk's $1T pay package |
Tesla shareholders are set to vote Thursday afternoon on whether to approve CEO Elon Musk's new compensation plan. |
The pay package grants Musk about 423 million shares in the electric vehicle maker, which would be worth nearly $1 trillion if the company reaches a series of milestones as required under the agreement. This could make Musk, already the world's richest person, the world's first trillionaire. The Tesla board has argued the expansive pay package is necessary to keep the tech mogul on board and focused on the company — a key concern for investors earlier this year when he was heavily involved in the Trump administration. When the EV maker initially laid out the proposal in September, it argued it was "imperative for Tesla's continued success and transformative growth that Mr. Musk be retained and highly incentivized to focus a significant amount of his time and efforts towards achieving his vision for Tesla." The pay package requires the company to reach a market capitalization of $8.5 trillion within the next 10 years in order for Musk to see his payday. Tesla currently sits at $1.4 trillion, and only one company in the world, Nvidia, has so far managed to cross $5 trillion. The compensation plan also requires Tesla to deliver 20 million vehicles and 1 million bots, secure 10 million active subscriptions to its full self-driving system and reach 1 million commercially operational robotaxis. The massive pay package has faced pushback in recent weeks. Two proxy advisory firms, ISS and Glass Lewis, both recommended that shareholders vote against the pay package, according to Reuters. Norway's sovereign wealth fund also voted against the measure, noting it was "concerned about the total size of the award, dilution, and lack of mitigation of key person risk- consistent with our views on executive compensation." |
Welcome to The Hill's Technology newsletter, I'm Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley. |
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How policy will be impacting the tech sector now and in the future: |
Nvidia CEO clarifies remarks about China winning 'AI race' |
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Nvidia CEO Jensen Huang on Wednesday clarified his remarks warning that China would "win the AI race," suggesting Beijing is close behind the U.S. on artificial intelligence technology and that it is "vital" for Washington to pull ahead. In an interview with the Financial Times, Huang offered a stark assessment: "China is going to win the AI race." He pointed to state AI regulations in the U.S. and lower energy costs in China … |
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One Tech Tip: Modern cars are spying on you. Here's what you can do about it |
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While driving to a new restaurant, your car’s satellite navigation system tracks your location and guides you to the destination. Onboard cameras constantly track your face and eye movements. When another car veers into your path, forcing you to slam on the brakes, sensors are assisting and recording. Waiting at a stoplight, the car notices when you unbuckle your seat belt to grab your sunglasses in the backseat. Modern … |
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Google Maps introduces new features supported by Gemini AI |
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Major artificial intelligence (AI) enhancements are coming to Google Maps, the company announced Wednesday. In a blog post, Google shared that it’s “introducing the first hands-free, conversational driving experience in Google Maps, built with Gemini and our comprehensive information about the real world.” The company has been incorporating its Gemini AI technology into several of its products recently, and … |
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News we've flagged from the intersection of tech and other topics: |
- Microsoft forms superintelligence team under AI chief Suleyman 'to serve humanity' (CNBC)
- Snap signs $400 million search deal with Perplexity (Axios)
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Sacks touts 'constructive' talks with Senate Agriculture leaders on crypto bill |
White House AI and crypto czar David Sacks spoke with key leaders from the Senate Agriculture Committee on Wednesday, as the panel works to complete its portion of a key digital asset bill. "Thank you Chairman [John Boozman] & Senator [Cory Booker] for a constructive discussion today about the crypto market structure legislation before Senate Ag Committee," Sacks wrote in a post on X early Thursday morning. "I am encouraged by the great progress so far, and look forward to a bipartisan draft in the near future," he continued. Crypto market structure legislation seeks to split oversight of the industry between two financial regulators — the Securities and Exchange Commission and Commodity Futures Trading Commission. As the two agencies are separately overseen by the Senate Banking and Agriculture committees, the panels are both involved in the legislation. Senate Banking Republicans initially released a draft of their portion of the bill in July. They have been engaged in negotiations with crypto-friendly Democrats over the legislation, although talks briefly broke down last month over a leaked policy proposal. However, the industry has been eager to see the other half of the draft from the Senate Agriculture Committee. |
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You're all caught up. See you tomorrow! |
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