 Technology |
Technology |
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Tesla shareholders on track to approve Musk pay package |
Elon Musk said Tesla shareholders are on track to approve a massive pay package worth as much as $56 billion, after it was struck down by a Delaware judge earlier this year. |
In a post on his social media platform X late Wednesday night, Musk said the votes on both his pay package and reincorporating the electric vehicle company in Texas were passing by "wide margins." He shared two graphs showing the votes in favor of both measures had surpassed the level needed to ensure a "guaranteed win." "Thanks for your support," Musk added in the post. The controversial 2018 compensation agreement was struck down by a Delaware judge in January, who found it was not negotiated fairly. A group of Tesla shareholders sued over the pay package, which granted Musk a 1 percent stake in the company for each of 12 stock price and revenue milestones that were ultimately met. They argued that the massive pay package, which would see Musk's control over Tesla rise from 21 percent to 28 percent, was approved because Musk effectively controlled the board. Chancery Judge Kathaleen McCormick, who stuck down the agreement, said in her ruling that the bonus grant was the largest ever in the history of U.S. private business. Musk announced his plans to hold a shareholder vote on moving Tesla's incorporation to Texas shortly after the ruling. Read more in a full report at TheHill.com. |
Welcome to The Hill's Technology newsletter, we're Rebecca Klar and 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: |
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The majority of likely U.S. voters said they are concerned about federal employees using Microsoft and that the company should stop receiving hefty government contracts after security breaches by foreign entities, according to a poll exclusively shared Thursday with The Hill. The poll about trust in Microsoft and the government's use of the tech giant's tools was conducted Wednesday, one day ahead of a House hearing about Microsoft's … |
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| Eight employees who were fired from SpaceX are suing the company and its CEO, Elon Musk, arguing they were illegally fired after sharing complaints about work culture. The former employees filed the lawsuit in a California state court. In a 2022 letter to management, they detailed their complaints where they said sexual harassment was rampant and there was a hostile "Animal House"-style work environment, The Associated Press … |
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The State Department has opened an online passport renewal portal, allowing a limited number of Americans to submit an application online. The department is conducting a trial for the renewal system over the next several months, with a certain number of applications accepted each day. The beta program launched Wednesday. The online system will open during a midday window daily and will close once the maximum number of applications … |
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Oil and gas lobbying groups are suing the Biden administration over its effort to move the nation toward electric vehicles (EVs). In two separate filings, trade groups representing the oil and gas industry challenged a rule from the Environmental Protection Agency (EPA) that aims to shift new car sales toward electric vehicles. The American Petroleum Institute, a major oil and gas lobbying organization, filed one suit alongside … |
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News we've flagged from the intersection of tech and other topics: |
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Amazon to spend $230M on generative AI startups |
Amazon plans to invest up to $230 million in startups working on generative artificial intelligence (AI), about $80 million of which will go through the company's AWS Generative AI Accelerator program, TechCrunch reported. |
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Gen Z influencers turn against Biden | Gen Z influencers who took to social media in 2020 to gin up support for President Biden are turning against him over frustrations with the war in Gaza, the climate crisis and a potential ban on TikTok, The Washington Post reported. |
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Branch out with other reads on The Hill: |
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LONDON (AP) — For summer trips overseas, a smartphone is essential for most people. How else will you check Google Maps to find your Airbnb, post an Instagram video from the Eiffel Tower, or WhatsApp friends and family back home? Of course, if you’re using apps that gobble up data while traveling … |
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Two key stories on The Hill right now: |
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The Supreme Court ruled in a unanimous decision Thursday that a group of anti-abortion doctors does not have any legal basis to challenge access to … Read more |
| Former Speaker Nancy Pelosi (D-Calif.) lambasted former President Trump’s slated visit to Capitol Hill on Thursday, alleging he is on a “mission … Read more |
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Opinion related to tech submitted to The Hill: |
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You're all caught up. See you tomorrow! |
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