🚀 Musk's New Tesla Pay Package

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Market Overview
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Year To Date Performances:

1. Tesla’s board has unveiled a staggering new pay package for Elon Musk worth up to $975 billion. This plan would grant him more than 423 million additional shares and significantly boost his voting control over the company. Structured around 12 tranches tied to ambitious milestones, the award requires Tesla to nearly double its market cap to $2 trillion for the first payout, with the ultimate goal of hitting an $8.5 trillion valuation, alongside operational benchmarks like 20 million vehicles delivered and 1 million robotaxis in service. Unlike traditional executive compensation, the proposal imposes no restrictions on Musk’s time commitment to Tesla, despite his leadership roles across SpaceX, Neuralink, The Boring Company, and xAI. The announcement comes as Tesla also prepares to ask shareholders whether the automaker should invest directly in Musk’s AI venture, xAI, a move he has long floated publicly. The proposal is expected to spark controversy, given that Musk’s prior 2018 pay plan was struck down in court as excessive and is currently under appeal.

2. Commerce Secretary Howard Lutnick defended President Trump’s firing of Bureau of Labor Statistics chief Erika McEntarfer, claiming it would lead to “better” and more accurate job reports. McEntarfer, a Biden appointee, was dismissed just hours after her agency reported a sharp slowdown in July job growth, prompting criticism that Trump was undermining the independence of the statistical agency. Lutnick argued on CNBC that the shake-up would remove “holdovers” who he claimed were rooting against Trump and “creating noise,” suggesting the agency will now be aligned with the president’s vision. The remarks highlight growing concerns over political interference in traditionally nonpartisan economic data, with Friday’s jobs report poised to be a litmus test for credibility under the reshaped BLS.

3. Google CEO Sundar Pichai struck a relieved tone at a White House dinner Thursday, thanking President Trump for helping bring closure to a years-long antitrust battle that once threatened to break up the company. Last week, Alphabet’s stock soared after a federal judge imposed lighter-than-expected penalties in the Justice Department’s search monopoly case, adding $230 billion to its market cap. Pichai told Trump he was “glad it’s over,” praising the administration’s “constructive dialogue” and linking the resolution to a broader U.S. push to lead in artificial intelligence. The exchange underscored both the political overtones of the ruling and Big Tech’s ongoing efforts to keep Washington on its side as regulators debate the rules of the AI era.

   Headlines

   1. Broadcom shares have nearly doubled in the last year as revenues continue to climb, including a $10B unnamed customer purchasing its custom AI chips.

   2. Starbucks will be redesigning its cafes to be more welcoming over the next two years.

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Onwards and Upwards,

Liam Gill

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