In Short:
– Tesla shares rose over 8% after Elon Musk bought $1 billion worth of stock, his first purchase since 2020.
– Musk’s new pay proposal could potentially make him the world’s first trillionaire amid criticism over wealth inequality.

Tesla’s stock rose over 8% in premarket trading after CEO Elon Musk revealed he purchased approximately $1 billion worth of shares, marking his first open-market acquisition since 2020.

The transaction follows a proposal from Tesla’s board for an unprecedented compensation package that could potentially make Musk the world’s first trillionaire if significant goals are achieved in the coming decade.According to an SEC filing, Musk acquired 2.57 million shares at prices ranging from $372.37 to $396.54. This is his largest insider acquisition to date, following a purchase of around 200,000 shares valued at £10 million in February 2020.

The rise in Tesla shares comes amid increasing scrutiny of Musk’s proposed pay package, which could award him 12% of the company’s shares if Tesla’s market value reaches $8.5 trillion.

Despite the ambitious nature of the proposal, it has faced criticism over wealth inequality, with some questioning the implications of such extreme financial incentives.

Musk’s Wealth

The proposal has attracted criticism, including from Pope Leo XIV, who cited Musk as an example in discussions about wealth disparities.

While Tesla is navigating challenges such as declining vehicle deliveries and rising competition, the company’s energy division is expanding, adding further complexity to its market position.

In Short:
– U.S. and Chinese negotiators have agreed on a TikTok framework to prevent its U.S. ban.
– A consortium will acquire TikTok, but detailed terms remain private and no further extensions will be granted.

U.S. and Chinese negotiators have reached a framework agreement regarding TikTok after two days of discussions in Madrid.

The deal is intended to prevent the impending ban of the video-sharing app in the U.S. and will be finalised following a call between President Trump and Chinese leader Xi Jinping.As the negotiations unfolded, China intensified its regulatory actions against U.S. chip company Nvidia, providing political support for the TikTok agreement.

Previously, Beijing resisted U.S. demands for TikTok’s Chinese parent company, ByteDance, to divest control, but a shift in stance correlates with China’s aim to secure a state visit from Trump.

Ownership Transition

Negotiators reached an agreement on a consortium of investors acquiring TikTok, although detailed commercial terms remain private.

U.S. Trade Representative Jamieson Greer affirmed that the deal won’t face further extensions despite previous delays. Both nations have been in negotiations since January, with trade issues between them persisting, including topics like soybean imports and fentanyl.