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<ul class="summary-list"><li>Reporters asked Fed Chair Jerome Powell whether he would resign if President-elect Trump asked him to.</li><li>Powell responded with one word: "No."</li></ul>Federal Reserve chair Jerome Powell has no plans to leave the central bank prematurely under President-elect Donald Trump.On Thursday, the Federal Open Market Committee <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">announced a 25-basis-point interest rate cut</a> two days after Trump won the presidential election.While economists <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">expect Trump's tariff proposals to boost inflation</a>, Powell refused to comment on anything directly related to the election or politics during his Thursday press conference. However, when a reporter asked Powell if he would resign should Trump ask him to, the head of the central bank responded with one word: "No."When a different reporter later followed up with Powell on the topic and asked if the president has the power to fire or demote the head of the Fed, Powell responded: "Not permitted under the law."Powell was <a target="_blank" class="" href="https://www.federalreserve.gov/aboutthefed/bios/board/powell.htm">originally appointed</a> by Trump to the top position at the Fed in 2018 before being re-appointed for a second term by President Joe Biden in 2022.Trump has previously indicated that he would like to see changes in how the Fed functions. The Wall Street Journal reported in April that some members of Trump's team were <a target="_blank" class="" href="https://www.businessinsider.com/trump-interest-rate-decisions-restructure-federal-reserve-jerome-powell-wsj-2024-4">crafting a plan</a> that would give the president-elect authority to oust Powell from his position before his term ends in 2026. The plan also included a path to give Trump a say in interest-rate decisions, jeopardizing the Fed's independence.Trump later walked back those comments in an August <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-19/trump-defends-fed-criticism-weighs-providing-aid-to-home-buyers">interview</a> with Bloomberg, saying that he doesn't need to be "calling the shot" but should be able to talk about interest-rate decisions. He also said that he would support Powell finishing his full term, "especially if I thought he was doing the right thing."The law only allows for a president to remove a Fed official if there is cause — policy disagreements, like the ones Trump has previously expressed, would not suffice. Trump <a target="_blank" class="" href="https://www.businessinsider.com/trump-interest-rate-cuts-powell-help-democrats-win-elections-inflation-2024-2">said</a> in February that Powell was being "political" by making decisions that could help Democrats win elections."It looks to me like he's trying to lower interest rates for the sake of maybe getting people elected," Trump said.Powell has held firm that the Federal Reserve is not political, telling reporters on Thursday that "the election will have no effects on our policy decisions.""We don't guess, we don't speculate, and we don't assume," Powell said. "Just in principle, it's possible that any administration's policies, or policies put in place by Congress, could have economic effects that, over time, would matter for our pursuit of our dual mandate goals."

Fed Chair Powell stands firm amid questioning about whether Trump will push him out

<ul class="summary-list"><li>Ajit Jain, Berkshire's vice-chair sold $139 million of the company's shares on Monday.</li><li>Jain will have $112 million left in shares, owned by himself, his family trusts, and his nonprofit.</li></ul>Ajit Jain, the vice-chair of Berkshire Hathaway and the head of its insurance operations, cashed out big from the company, selling over half his stake in Warren Buffett's empire.Jain sold 200 Class A shares at an average price of $695,418 per share — around $139 million total— on Monday, according to a <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1067983/000172845124000004/xslF345X05/primary_doc.xml">filing</a> with the Securities and Exchange Commission.This leaves Jain with $112 million in remaining shares, per the SEC filing. He holds 61 shares directly, while his family trusts hold 55 shares. His nonprofit, the <a target="_blank" href="https://www.jain-foundation.org/about/our-mission/">Jain Foundation</a>, dedicated to researching a cure for a rare form of muscular dystrophy that affects Jain's son, has another 50 shares.The move might hint at Jain's belief that the company is "being fully valued," David Kass, a finance professor at the University of Maryland, told <a target="_blank" href="https://www.cnbc.com/2024/09/12/ajit-jain-dumps-more-than-half-of-his-berkshire-hathaway-stake.html">CNBC</a>.Bill Stone, the chief investment officer of wealth advisor Glenview Trust, told CNBC that he doesn't foresee the company making significant share buybacks at this price point.Jain, who joined Berkshire in 1986, played a pivotal role in the company's success, especially in its insurance and reinsurance operations, and he became vice-chair in 2018.<a target="_blank" href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth">Warren Buffett</a>, chairman and CEO of Berkshire Hathaway, praised Jain in <a target="_blank" href="https://www.businessinsider.com/warren-buffetts-words-of-praise-for-ajit-jain-2017-2">2017</a> for creating "tens of billions of value for Berkshire shareholders" and even told shareholders that if they found someone with Jain's financial acumen, they shouldn't hesitate to swap Buffett for him.He's also been one of Berkshire's highest-paid executives, earning $19 million last year alone, per a <a target="_blank" class="" href="https://www.sec.gov/Archives/edgar/data/1067983/000119312523073948/d362436ddef14a.htm">company filing</a>.Berkshire investors once eyed Jain as a potential heir to Warren Buffett's empire. However, Buffett told <a target="_blank" href="https://www.cnbc.com/2021/05/03/when-warren-buffett-eventually-steps-down-as-berkshire-hathaway-ceo-greg-abel-will-succeed-him.html">CNBC</a> in 2021 that <a target="_blank" href="https://www.businessinsider.com/who-is-greg-abel-warren-buffett-successor-charlie-munger-2023-11">Greg Abel</a>, another top executive from Berkshire's energy division, would eventually take the reins.Buffett also said that Jain never expressed interest in leading the company, CNBC reported Thursday.This sale comes as Berkshire Hathaway's stock has soared in recent months, briefly surpassing a market capitalization of <a target="_blank" href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-trillion-dollar-valuation-2024-8#:~:text=Warren%20Buffett's%20conglomerate%20surpassed%20%241,S%26P%20500%20index's%2018%25%20gain.">$1 trillion</a> at the end of August. Jain's sale took place just five days after Berkshire's share price hit a peak of over $727,000, Reuters <a target="_blank" href="https://www.reuters.com/business/finance/buffetts-insurance-leader-ajit-jain-sells-large-part-berkshire-stake-2024-09-12/">reported</a> Friday.Berkshire Hathaway and Jain did not respond to requests for comments sent by Business Insider outside office hours.

Berkshire's vice-chair just cut his stake in Buffett's company

<ul class="summary-list"><li>AOC tweeted in response to Mark Cuban saying Harris shouldn't keep Khan on as chair of the FTC.</li><li>Many of Harris' top Silicon Valley and Wall Street donors are focused on her economic appointments.</li></ul>Rep. Alexandria Ocasio-Cortez made it clear that when it comes to economic regulation, <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris">Vice President Kamala Harris</a> can't please everyone. As some of Harris' supporters from the <a target="_blank" href="https://www.businessinsider.com/harris-sec-ftc-khan-gensler-crypto-regulation-biden-warren-2024-9">business and tech worlds</a> urge her to replace <a target="_blank" href="https://www.businessinsider.com/harris-lina-khan-balance-billionaires-silicon-valley-hoffman-progressives-ftc-2024-8">Lina Khan as chair of the Federal Trade Commission</a> should she win in November, AOC made it clear that progressives wouldn't welcome such a move.AOC took to X, formerly known as Twitter, to respond to comments from billionaire and Harris surrogate <a target="_blank" href="https://www.businessinsider.com/mark-cuban-kamala-harris-sec-capital-gains-business-2024-9">Mark Cuban</a>. He recently told <a target="_blank" href="https://www.semafor.com/newsletter/10/09/2024/a-historic-storm?utm_source=nowshare&amp;utm_medium=principals&amp;utm_campaign=flagshipnumbered7">Semafor</a> that Harris shouldn't keep Khan, known for her ambitious antitrust agenda, on as chair because "she's hurting more than she's helping.""Let me make this clear, since billionaires have been trying to play footsie with the ticket," <a target="_blank" href="https://x.com/AOC/status/1844034727935988155">AOC tweeted in response</a>. "Anyone goes near Lina Khan and there will be an out and out brawl. And that is a promise. She proves this admin fights for working people. It would be terrible leadership to remove her."Harris hasn't commented on whether she plans to replace Khan — or Gary Gensler, the chair of the Securities and Exchange Commission who has drawn the ire of crypto leaders — if she wins. Khan's term technically ended this month, though she can stay on as chair until a president replaces her.Throughout the election, Harris has leaned on her <a target="_blank" href="https://www.businessinsider.com/kamala-harris-biden-california-democrats-silicon-valley-tech-hollywood-2024-7">California</a> roots to woo business and tech leaders, including <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">Cuban, Reid Hoffman, and Laurene Powell Jobs</a>. Powerful venture capitalists have banded together to support her; nearly 100 <a target="_blank" href="https://www.businessinsider.com/murdoch-cuban-corporate-executives-silicon-valley-wall-street-endorse-harris-2024-9">current and former CEOs penned</a> a joint letter endorsing her bid for the White House; <a target="_blank" href="https://www.businessinsider.com/mark-cuban-business-leaders-for-kamala-harris-2024-10">industry leaders</a> are working to court conservatives on her behalf. Many of her big Silicon Valley and Wall Street advocates are focused on the importance of <a target="_blank" href="https://www.businessinsider.com/harris-trump-debate-silicon-valley-crypto-regulation-ai-taxes-2024-9">economic appointments</a> and, in particular, Khan's future.Yet Harris is also balancing progressive Democrats' viewpoints as she seeks to build a broad coalition and hammer home how her <a target="_blank" href="https://www.businessinsider.com/what-you-need-to-know-about-kamala-harris-opportunity-economy-2024-9">economic agenda</a> will benefit everyday Americans. Should Harris win the election in less than a month, it remains unclear how she'll handle the looming Khan question.

AOC promises an 'out-and-out brawl' if Harris removes FTC chair Lina Khan as president

<ul class="summary-list"><li>US debt is surging and Trump and Harris's plans will only add to the pile, the former FDIC chair says.</li><li>Sheila Bair warns that high debt cause the next financial crisis. </li></ul>The US debt has soared in recent years, and with no solution proposed by either presidential candidate, it will likely hit unprecedented levels that could spur a crisis, former FDIC Chair Sheila Bair said.Surging debt levels could cause the next financial crisis if left unchecked, Bair warned. Bair, who chaired the FDIC during the global financial crisis of 2008, said the government employed deficit-financed spending and tax relief during past crises in 2008 and during the 9/11 terrorist attacks of 2001.At the time, those were correct decisions, but the government has kept up that level of spending since, driving up the debt and creating a risk to the economy."Now, the resulting overhang of federal debt could itself be the cause of a future crisis," Bair wrote in an <a target="_blank" href="https://www.barrons.com/articles/national-debt-financial-crisis-harris-trump-investors-8608ce19">op-ed</a> last week.What's more, Bair said both presidential candidates lack plans to fix the debt, and their proposals will likely continue to drive government borrowing to sustainable levels. That raises the risk of a scenario in which global investors lose faith in the country's ability to pay its debt, eroding confidence in the hugely important US Treasury market. Investors could demand higher premiums, driving up the government's interest payment, which could forced tax hikes, spending cuts, and Treasury losses, Bair says.Those factors would cause widespread economic distress, she said. "Both parties have decided that deficits don't matter anymore, which is pretty distressing because they do. At some point we're going to reach the inflection point, and they're going to matter a lot to investors who are going to question if they want to keep buying our debt," Bair told CNBC in a Monday interview.The gross national debt has topped $35 trillion. Trump's proposed policies would pile on a whopping $7.75 trillion in the next 10 years, while Harris's plans would add $3.95 trillion, Bair said, citing findings from the <a target="_blank" href="https://www.crfb.org/papers/fiscal-impact-harris-and-trump-campaign-plans">Committee for a Responsible Federal Budget</a>.Bair says the debt problem is getting little attention in this election cycle because to solve the debt crisis, the candidates would likely need to hike taxes or lower spending on social programs — neither of which would be popular among voters."There's no political payoff for it. People don't want to hear that their taxes are going to go up, or their benefits are going to go down," Bair told CNBC. "And even if you go and make those hard decisions and institute some reforms, the next generation of leadership could come in and just squander it all, so I think politicians have just decided it's not worth it."She said leaders need to take a bipartisan approach to avoid any political fallout, working shore up social security, reduce the deficit, and reform the tax code."You have to lock arms and do it," she said. "That's what happened in the 1980s, and I'm hoping that's what can happen again. We need for it to happen again."

Ballooning US debt could cause the next financial crisis and neither candidate has a plan to address it, former FDIC Chair says

<ul class="summary-list"><li>Brazilian mayoral candidate José Luiz Datena attacked rival Pablo Marçal with a chair mid-debate.</li><li>Datena struck Marçal during a live debate after Marçal referenced past sexual harassment claims.</li></ul>A Brazilian mayoral candidate smashed a chair into his opponent during a live debate on Sunday.José Luiz Datena, 67, swung the chair at his rival Pablo Marçal, 37, during an intense exchange that was broadcast by TV Cultura and shared by multiple outlets, including <a target="_blank" class="" href="https://edition.cnn.com/2024/09/16/americas/sao-paulo-mayoral-debate-chair-attack-intl-latam/index.html">CNN</a>, <a target="_blank" class="" href="https://www.nbcnews.com/news/latino/brazilian-mayoral-candidate-hits-opponent-chair-live-debate-rcna171396">NBC</a>, and <a target="_blank" class="" href="https://www.washingtonpost.com/world/2024/09/16/brazil-politician-chair-attack-mayor-debate/">The Washington Post</a>.Datena, a news anchor, and Marçal, a far-right influencer, were among six candidates campaigning to become the next mayor of São Paulo, one of the world's largest cities.Speaking to TV Cultura, Datena said he struck Marçal because he had, in a previous debate, spoken about sexual harassment allegations made against him that had been dismissed several years prior, the reports said."He came with a case that was archived, that was not even investigated by the police because there was no evidence. Something from 11 years ago that caused a very serious situation within my family," Datena said, per CNN.After threatening to hit Marçal during the previous debate, Datena launched the attack on Sunday when his opponent said he wasn't man enough to do so, NBC reported.Datena said that "he lost his cool," but did not apologize, <a target="_blank" class="" href="https://www.nytimes.com/2024/09/16/world/americas/sao-paulo-mayor-debate-violence.html">The New York Times reported. "</a>I made a mistake, but I don't regret it in any way," he said, according to the report.Marçal was given medical treatment at Sírio Libanês Hospital, CNN reported. The seriousness of his injuries is not fully known.CNN reported that he was treated for a possible fracture in the chest area, adding that there was trauma to both the wrist and chest without any significant complications. Meanwhile, <a target="_blank" class="" href="https://g1.globo.com/sp/sao-paulo/eleicoes/2024/noticia/2024/09/16/pablo-marcal-fraturou-a-costela-e-passara-a-madrugada-em-observacao-no-hospital.ghtml">local media</a> cited by The Washington Post, reported that he had a fractured rib and a dislocated finger.Marçal compared the attack to the <a target="_blank" class="" href="https://www.businessinsider.com/former-royal-bodyguard-defends-trump-secret-service-agents-2024-7">assassination attempt</a> on former US president Donald Trump in July, writing on <a target="_blank" class="" href="https://www.instagram.com/reel/C_9j61yNl6h/?utm_source=ig_embed&amp;ig_rid=17d20fef-4b2e-4f28-b048-e2f1fcb03521">Instagram</a>, "Why all this hate?" alongside a photo of the incident.Marçal's representatives told CNN they would be taking legal action."Pablo Marçal was cowardly attacked by José Luiz Datena, who hit him in the ribs with an iron chair," a spokesperson for Marçal told the outlet.At the time of writing, it's unclear what — if any — impact the altercation will have on the mayoral election.Datena is polling in fifth place, while Marçal is polling third behind Ricardo Nunes and Guilherme Boulos, NBC reported."Most voters had no idea he was a candidate and now everyone is talking about him. He could grow in the polls," Andre Cesar, a consultant and political analyst at Hold Assessoria Legislativa consultancy, told NBC."It was good theater, aimed to help a lagging campaign," he added.Both candidates did not immediately respond to a request by Business Insider for comment.

A Brazilian mayoral candidate attacked his opponent with a chair mid-debate

<ul class="summary-list"><li>FTC Chair Lina Khan has led an aggressive antitrust fight against large corporations.</li><li>In a recent "60 Minutes" interview, she said Big Tech acquisitions have harmed Americans.</li></ul>The Federal Trade Commission's antitrust buster said Americans lost a lot of privacy protection because a handful of large tech companies were allowed to go on an acquisition spree without greater scrutiny.In a "60 Minutes" interview that aired Sunday, <a target="_blank" class="" href="https://www.businessinsider.com/ftc-chair-lina-khan-antitrust-critic-big-tech-amazon-2021-6">FTC Chair Lina Khan</a> said allowing Big Tech to go through hundreds of acquisitions in the past several decades was a mistake that hurt Americans."In the technology markets, we went through a couple of decades where we saw over 800 acquisitions by the five big players, not a single one of which was blocked, and some of those we realized ended up leading to significant harm," Khan said.She acknowledged <a target="_blank" class="" href="https://www.businessinsider.com/why-facebook-buying-whatsapp-2014-2">Facebook's purchase of messaging app WhatsApp</a> in 2014 for $19 billion as one example.The <a target="_blank" class="" href="https://www.businessinsider.com/what-ftc-facebook-antitrust-lawsuit-is-important-2020-12">FTC sued Facebook</a> in 2020, accusing Mark Zuckerberg's company of engaging in anticompetitive practices by buying Instagram and WhatsApp. A district judge in Washington, DC, dismissed the complaint in June 2021, stating that the agency did not provide enough evidence that <a target="_blank" href="https://markets.businessinsider.com/news/stocks/federal-court-dismisses-ftc-s-anti-trust-lawsuit-against-facebook-1030560379">Facebook</a> established a monopoly.The case was revived after the <a target="_blank" class="" href="https://www.businessinsider.com/ruling-ftc-meta-facebook-lawsuit-instagram-whatsapp-can-proceed-2022-1">FTC refiled the complaint</a> a month later. In another motion to dismiss the lawsuit in April, Facebook, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-04-05/meta-asks-judge-to-throw-out-ftc-antitrust-case-before-trial">now Meta,</a> said it faces plenty of competition from rivals like TikTok, X, and YouTube. The company also said in a <a target="_blank" class="" href="https://about.fb.com/news/2024/04/meta-files-motion-for-summary-judgment-in-ftc-lawsuit-relating-to-instagram-and-whatsapp/">press statement</a> that the FTC reviewed the acquisition of Instagram and WhatsApp years ago."The decision to revisit done deals is tantamount to announcing that no sale will ever be final," the company said.An FTC spokesperson did not respond to a request for comment. A Meta spokesperson declined to provide comment.Khan argued in the "60 Minutes" interview that purchases like these weakened Americans' privacy guardrails."Just to give you a concrete example, there were companies that were offering Americans greater privacy, and they were promising that we're not going to use your data, we're not going to sell it, we're not going to spy on you, everywhere all the time," Khan said. "After some of those firms were bought up by one of the big guys, all of those data privacy policies changed overnight, and so Americans lost those privacy protections."In 2021, <a target="_blank" class="" href="https://www.businessinsider.com/whatsapp-forcing-users-to-share-personal-data-facebook-elon-musk-2021-1">WhatsApp changed its privacy terms</a> to force users to share their personal data with Facebook. Ireland's privacy watchdog fined the company <a target="_blank" class="" href="https://www.businessinsider.com/whatsapp-fined-sharing-data-facebook-privacy-communication-users-mesaging-2021-9">$266 million</a> for issues related to transparency around how WhatsApp shared its data with Facebook.A WhatsApp spokesperson told BI at the time that the company disagreed with the decision and that the penalties were "entirely disproportionate."Since her appointment by President Joe Biden in 2021, Khan has led an <a target="_blank" class="" href="https://www.businessinsider.com/why-lina-khan-wrong-about-hollywood-consolidation-market-structure-2023-8">aggressive antitrust fight</a> against large corporations, drawing the ire of Democratic and Republican business leaders. An FTC spokesperson told CNN in 2023 that, under Khan, the agency has investigated or sued to stop more than three dozen merger proposals.Some billionaire Democratic donors to <a target="_blank" class="" href="https://www.businessinsider.com/harris-lina-khan-balance-billionaires-silicon-valley-hoffman-progressives-ftc-2024-8">Kamala Harris' campaign</a>, including LinkedIn cofounder Reid Hoffman, have pushed to oust Khan under a potential new administration. But Khan's fight has also attracted unlikely supporters from the other side of the aisle, including Florida Rep. Matt Gaetz, who said in an interview with Newsmax that his party "can't be whores for big business and be the voice of the working class at the same time."Those supporters have billed themselves "Khanservatives," <a target="_blank" class="" href="https://www.wsj.com/politics/policy/lina-khan-ftc-antitrust-khanservatives-a6852a8f">The Wall Street Journal</a> reported.

FTC chair Lina Khan explained how Americans lost their privacy protections to Big Tech 

<ul class="summary-list"><li>FTC chair Lina Khan warned AI is accelerating fraud and price discrimination risks.</li><li>Khan highlighted AI's role in enabling scams and personalized pricing based on consumer data.</li></ul>Consumers could end up paying the (personalized) price as AI becomes more popular, FTC Chair <a target="_blank" class="" href="https://www.businessinsider.com/openness-in-ai-is-necessary-ftc-lina-khan-2024-7">Lina Khan</a> recently warned.At the 2024 Fast Company Innovation Festival, Khan said that although <a target="_blank" class="" href="https://www.businessinsider.com/ai-employee-well-being-support-human-side-business-work-engagement-2024-9">AI may be beneficial</a>, it's already becoming some of the FTC's "bread and butter fraud work.""Some of these AI tools are turbocharging that fraud because they allow some of these scams to be disseminated much more quickly, much more cheaply, and on a much broader scale," she said.AI is already helping automate classic online scams like <a target="_blank" class="" href="https://www.businessinsider.com/ai-phishing-scams-automation-detection-2024-6">phishing</a> and even introducing new, alarming frauds like <a target="_blank" class="" href="https://www.businessinsider.com/ai-voice-generator-phone-scam-imposter-crime-money-cash-2023-6">voice cloning</a> that can target unsuspecting consumers.But Khan also took the opportunity to talk about a different way AI could be used to target consumers: retailers using surveillance technology and customer data to change the prices they offer to specific shoppers. Khan said the FTC is looking into AI's potential role in increasing the risk of <a target="_blank" class="" href="https://www.businessinsider.com/ai-quietly-picking-your-pocket-with-personalized-pricing-2024-7">price discrimination</a>.She noted that price discrimination differs from dynamic pricing, in which firms adjust prices based on supply and demand to reflect market conditions. Both practices, while at times controversial, are generally legal if the specific cases follow the law and regulations.The proliferation of AI could lead to more instances of varying prices based on who you are, Khan said."Given just how much intimate and personal information that digital companies are collecting on us, there's increasingly the possibility of each of us being charged a different price based on what firms know about us," Khan said.The FTC chair offered possible examples, such as people with nut allergies being charged more for granola bars without nuts or <a target="_blank" class="" href="https://www.businessinsider.com/people-hate-qr-code-menus-restaurants-disappearing-2023-5">restaurants using QR codes</a> to create personalized menus for diners."Or somebody being charged more for an airplane ticket because the company knows that they just had a death in the family and need to fly across the country," she said.The FTC issued a <a target="_blank" class="" href="https://www.ftc.gov/news-events/news/press-releases/2024/07/ftc-issues-orders-eight-companies-seeking-information-surveillance-pricing">market inquiry</a> in July, ordering eight companies to provide information on "surveillance pricing products and services" that incorporate consumer data such as location, demographics, credit history, and browsing or shopping habits.Khan said the aim of the inquiry was to study whether this targeted pricing is occurring, and if so, to examine the extent and any possible impacts that could harm consumers."Because we, I don't think, want to wake up one day where this is just now the new normal," she said. "We want to be able to figure out: is this really an economy and society that we want to be living in, or do we want some guardrails there."Khan said that dynamic pricing, while a separate pricing strategy, may have helped price targeting become more prevalent as people become increasingly used to encountering it."I think the fact that we've been living with dynamic pricing in some areas, like ride-sharing for some time, now has kind of destabilized for people the idea that we should all be charged one price at a particular moment," she said.Dynamic pricing itself has already proven controversial in some areas. <a target="_blank" class="" href="https://www.businessinsider.com/wendys-surge-dynamic-pricing-controversy-fast-food-cost-uber-airlines-2024-2">Wendy's received major heat</a> from customers after announcing plans to introduce dynamic pricing and AI-enabled menu changes as early as 2025. A Wendy's spokesperson previously told BI the future menu board would feature different offerings and "suggestive selling based on factors such as the weather," like pushing a cold Frosty on a hot day. Later, the fast-food chain <a target="_blank" class="" href="https://www.businessinsider.com/wendys-surge-pricing-burgers-fries-2024-2">clarified</a> that its dynamic pricing would not raise prices but rather only provide discounts.Other stores have also begun integrating tech into their shopping experience. In 2019, Kroger partnered with Microsoft to roll out <a target="_blank" class="" href="https://www.businessinsider.com/kroger-microsoft-roll-out-digital-shelf-in-threat-to-amazon-2019-1">digital price tags</a> in about 100 stores, and <a target="_blank" class="" href="https://corporate.walmart.com/news/2024/06/06/new-tech-better-outcomes-digital-shelf-labels-are-a-win-for-customers-and-associates">Walmart</a> plans to implement digital shelf tags in 2,300 stores by 2026. A Walmart spokesperson previously told BI that its new digital shelf tags would not be used to surge prices during high demand.However, the moves raised concerns about whether consumers would be able to keep up if stores were to one day implement <a target="_blank" class="" href="https://www.businessinsider.com/uber-drivers-artificially-triggering-surge-prices-reports-abc7-2019-6">surge pricing</a> on necessities like groceries. Experts have argued that it could make budgeting difficult, for example.Elizabeth Pancotti, the director of special initiatives at the left-leaning think tank Roosevelt Institute, previously told BI that many people rely on steady prices."Prices are high, but they're at least stable," Pancotti said. "And you could see a lot more instability."

FTC chair Lina Khan warns that airlines might one day use AI to find out you're attending a funeral and charge more

<ul class="summary-list"><li>Stock indexes are hovering near record highs ahead of the testimony of Fed Chair Jerome Powell.</li><li>Later this week, CPI inflation data will also help determine where interest rates are headed.</li></ul>US stocks hovered near record territory on Tuesday after the <a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_medium=ingest&amp;utm_source=markets">S&amp;P 500 </a>and <a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_100?utm_medium=ingest&amp;utm_source=markets">Nasdaq 100</a> closed at all-time highs the prior session. Bond yields rose.The market's next move could be determined by Federal Reserve Chair Jerome Powell, who is scheduled to testify in front of the Senate Banking Committee on Tuesday.Investors will be tuning in to decipher where interest rates may be headed. The market has kept fingers crossed for a cutting cycle to start sooner than later, and any dovish indication from Powell would likely be welcomed by investors.During his last comments, the central bank head noted that more <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-today-powell-fedspeak-disinflation-fed-rate-cuts-tesla-2024-7">evidence of disinflation is necessary</a>, though he noted that progress has been made amid signs of moderating price growth.Both markets and Powell will get a closer look on inflation's path come Thursday, when June's consumer price index report is scheduled for release. Economists forecast a 3.1% year-over-year gain.Fed officials Michael Barr and Michelle Bowman are also set to speak on Tuesday.Meanwhile, the stock market has continued to strike new highs with help from its tech sector, with Nvidia rising 2% on Monday. Investors are gearing up for the second quarter's earnings season to start.Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,582.79, up 0.2%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 5,582.69, down 0.1% (49 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,465.66, up 0.4%</li></ul>Here's what else happened today:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-ubs-raises-target-150-blackwell-demand-2024-7">Nvidia will jump 16% gains amid "exceedingly robust" demand for its new chip,</a> UBS says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bull-rally-continue-amid-earnings-ai-boom-2024-7">Three reasons the stock market melt up has more room to run,</a> according to Ed Yardeni.</li><li><a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-correction-fed-rate-cuts-corporate-earnings-election-2024-7?utm_medium=ingest&amp;utm_source=markets">Morgan Stanley's Mike Wilson said a 10% stock market correction between now and the November election is highly likely.</a></li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/recession-outlook-stock-market-economy-fed-rate-cuts-forecast-siegel-2024-7">The Fed's failure to cut rates in September risks a recession and stock fallout</a>, Wharton's Jeremy Siegel says.</li><li><a target="_blank" href="https://www.businessinsider.com/us-corporate-bankruptcies-fed-rate-cuts-consumer-retail-spending-fisker-2024-7">Companies bankruptcies have hit the fastest pace in years</a>, S&amp;P Global reports.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil slid o.28% to $81.96 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, was lower by 0.3% to $85.26 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> edged higher by 0.15% to $2,358 per ounce.</li><li>The 10-year Treasury yield rose two basis points to 4.29%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> rose 1.1% to $57,435.</li></ul>

Stock market today: Indexes hover near records ahead of Fed Chair Powell's testimony

<ul class="summary-list"><li>Jen O'Malley Dillon on Friday made a case for President Joe Biden's reelection bid.</li><li>O'Malley Dillon said that the recent slip in support for Biden was just "a small movement."</li></ul>President Joe Biden's campaign chair on Friday acknowledged that the president has seen "slippage" in support in recent weeks but reaffirmed that he still had "multiple pathways" to win reelection.During an appearance on MSNBC's "Morning Joe," Jen O'Malley Dillon <a target="_blank" class="" href="https://www.youtube.com/watch?v=Y7zaxYoE4Uw">made the case</a> for the Biden-Harris ticket despite growing calls from lawmakers and major donors for the president to step aside as the Democratic nominee."I'm not here to say that this hasn't been a tough several weeks for the campaign," O'Malley Dillon said. "We've definitely seen some slippage in support. But it has been a small movement.""We have multiple pathways to victory," she emphasized.After Biden's poor debate performance in late June, the campaign has had to fight back against questions about the president's acuity, especially as <a target="_blank" class="" href="https://www.businessinsider.com/biden-age-2020-election-voters-too-old-presidency-trump-2024-3">many voters</a> have identified his age as a concern."The American people know that the president is older. They see that. They knew that before the debate," O'Malley Dillon said."We have a lot of work to do to make sure that we are reassuring the American people that yes, he's old, but he can do the job, and he can win," she continued. "And I think that that's fundamentally what we're built for as a campaign."In the weeks following the debate, Biden has worked to convince Democratic leaders that he has a strong plan in place for defeating former President Donald Trump in the fall. But after the attempted assassination of Trump last Saturday and this week's selection of <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-rust-belt-appeal-ohio-gop-trump-senate-ryan-2024-7">Ohio Sen. JD Vance</a> as Trump's running mate, the narrative of the 2024 race has been upended.Biden is now <a target="_blank" class="" href="https://www.businessinsider.com/biden-trump-debate-swing-state-polling-2024-7">trailing</a> in polling in most of the <a target="_blank" class="" href="https://www.businessinsider.com/battleground-states-2024-presidential-election-road-white-house-2022-12">battleground states</a>, a dilemma on the minds of Democratic leaders in Washington. The president, who is self-isolating in Delaware after contracting COVID-19, is <a target="_blank" class="" href="https://www.businessinsider.com/biden-drop-out-calls-democrats-tone-election-2024-7">aiming</a> to resume his campaign in the coming days.

Biden's campaign chair says the president has seen 'slippage' in support but insists he has 'multiple pathways' to win

Mumbai, The rupee appreciated 6 paise to close at 83.13 (provisional) against the US dollar on Thursday, supported by a firm trend in domestic equities and a weak greenback amid rising appetite for riskier assets. At the interbank foreign exchange market, the local unit opened at 83.07 against the greenback. The unit hit an intra-day high of 83.04 and a low of 83.16. The local unit finally settled at 83.13 (provisional) against the dollar, higher by 6 paise from its previous close of 83.19. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent higher at 103.54. Though the US dollar is trading on a higher note, it has retreated from its elevated level of 104 after the Federal Open Market Committee (FOMC) kept interest rates unchanged in the range of 5.25-5.5 per cent range. <keyword id="20859282" type="General" weightage="20" keywordseo="fed-chair" source="keywords">Fed Chair</keyword>, <keyword id="20058769" type="General" weightage="20" keywordseo="jerome-powell" source="keywords">Jerome Powell</keyword> stuck to his previous forecast of three rate cuts in 2024. He revised growth projections for 2024 to 2.1 per cent from 1.8 per cent earlier. This led to a sharp rally in global risk assets, said Anuj <keyword id="19982448" type="General" weightage="20" keywordseo="choudhary" source="keywords">Choudhary</keyword>, <keyword id="19955353" type="General" weightage="20" keywordseo="research-analyst" source="keywords">Research Analyst</keyword>, <keyword id="19952951" type="General" weightage="20" keywordseo="sharekhan" source="keywords">Sharekhan</keyword> by BNP Paribas. Brent crude futures, the global oil benchmark, fell 0.20 per cent to USD 85.78 per barrel. "We expect the rupee to gain slightly on the rise in global risk sentiments and weakness in the US dollar. However, firm crude oil prices may cap sharp gains," Choudhary said. He further noted that traders may take cues from PMI, weekly unemployment claims, current account and existing home sales data from the US. "Market participants may also look forward to the Bank of England's Monetary Policy decision. BoE is expected to keep rates unchanged but investors will watch out for the governor's speech for further guidance on its rate cut expectations," Choudhary added. On the domestic equity market front, <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword> advanced 539.50 points, or 0.75 per cent, to close at 72,641.19 points. The Nifty rose 172.85 points, or 0.79 per cent, to settle at 22,011.95 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 2,599.19 crore, according to exchange data.

Rupee rises 6 paise to close at 83.13 against US dollar

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> board chair discussed what could happen if Elon Musk's pay package is rejected.</li><li>Robyn Denholm said a new plan could cost an extra $25 billion worth of stock-based compensation.</li></ul>The vote for <a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk's</a> hotly debated $55 billion pay package is next week.The compensation plan, originally put into place in 2018, was <a target="_blank" rel="" href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1">struck down earlier this year by a Delaware judge</a> who said the billionaire had undue influence over the board because of close ties to some of its members.Tesla is now putting Musk's pay package to a shareholder vote on June 13 in an effort to reinstate it. So what will happen if it isn't approved?<a target="_blank" href="https://www.businessinsider.com/tesla-chair-robyn-denholm-lets-elon-musk-take-the-spotlight-2024-2">Tesla board chair Robyn Denholm</a> said in an interview on CNBC's "Squawk Box" on Thursday that there are multiple possibilities. The board has considered options such as creating a new pay plan — but she said that could end up costing shareholders more.Denholm argued that the compensation tied to the 2018 pay package, which was worth an estimated $2.3 billion in stock-based compensation charges at the time, had already been paid out. Rejecting the plan wouldn't change that.But if the shareholders overturn the 2018 pay plan, and Tesla were to craft a new plan with the same stock grants, they would cost around $25 billion worth of stock-based compensation today.When asked if whether Elon Musk could ultimately sue Tesla if shareholders reject ratification, Denholm said it was "possible," but she didn't know how probable it would be."Well, the good part about the legal system in the US is anybody can sue anybody," Denholm said. But Denholm said at this point, it wasn't something that Musk had brought up to the board.The Tesla board chair said while there may be other options, they would lead to increased costs or decreased motivation from Musk.Denholm said the CEO has worked incredibly hard over the last six years to lead the company to "transformative growth." While shareholders and customers have both benefited, Musk himself hasn't received compensation."Ratifying the plan is the best option," Denholm said. "Clearly, if it doesn't pass, then there are other alternatives, but none of them are as good from a shareholder perspective as actually ratifying the plan."There's also no guarantee that the pay plan will survive even if shareholders do ratify it on June 13. The Delaware court system could rule that it's still invalid.Denholm said if that were to happen, it would be "detrimental" to shareholders, which is another reason she said they were fighting so hard to get it ratified."Well that is possible," she said. "But quite frankly, if you sit back, that is actually quite detrimental from a shareholder policy perspective.""Shareholder votes have been pretty sacrosanct from a Delaware law perspective, from a corporate America perspective, from a legal system," she said.Advocates for and against ratifying Musk's pay package have been ramping up their arguments in recent weeks. Several investment firms urged shareholders to vote against it, most recently the <a target="_blank" href="https://www.businessinsider.com/musks-55-billion-tesla-pay-gets-more-pushback-2024-5">CEO of the California Public Employees' Retirement System.</a>Meanwhile, Tesla's board and <a target="_blank" href="https://www.businessinsider.com/tesla-shareholder-billionaire-ron-baron-supports-elon-musk-pay-package-2024-6">prominent shareholders like Ron Baron</a> have been actively campaigning for its approval, arguing that it is fair and necessary to keep the CEO's focus on Tesla.Musk does not earn a salary and his compensation relies on the company's performance with specific metrics defined in 2018.<a target="_blank" href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1">The executive pay plan</a> involves a 10-year grant of 12 tranches of stock options that are vested when Tesla hits specific milestones. Once the company hits each target, Musk gets stock equal to 1% of outstanding shares at the time of the grant. Tesla said it hit all 12 goalposts as of 2023.

Tesla board chair explains what could happen if Elon Musk's pay package is rejected

<ul class="summary-list"><li>Anna Wintour hosted her pre-Met Gala dinner in New York City on Sunday night.</li><li>The event's co-chairs — Jennifer Lopez, Zendaya, Bad Bunny, and Chris Hemsworth — all attended.</li></ul>The 2024 <a target="_blank" href="https://www.businessinsider.com/met-gala">Met Gala</a> hasn't started yet, but its <a target="_blank" href="https://www.businessinsider.com/met-gala-hosts-co-chair-list">celebrity co-chairs</a> are already showing off their style.Ahead of the Metropolitan Museum of Art's annual fundraising ball, Anna Wintour hosted a pre-<a target="_blank" href="https://www.businessinsider.com/met-gala-co-chairs-theme-dress-code-explained-2024">Met Gala</a> dinner in New York City on Sunday night.Its guest list was small but mighty, featuring the four stars helping Wintour lead the "Sleeping Beauties: Reawakening Fashion" event: <a target="_blank" href="https://www.businessinsider.com/jennifer-lopez-met-gala-outfits-ranked-2024-5">Jennifer Lopez</a>, <a target="_blank" href="https://www.businessinsider.com/zendaya-met-gala-looks-ranked">Zendaya</a>, Bad Bunny, and Chris Hemsworth.And, of course, each co-chair made a fashionable entrance into the function.<div type="image" title="Andrew Bolton, Anna Wintour and Jonathan Anderson at the Metropolitan Museum of Art." height="1526" width="2000" msid="109892799" hostid="261" sizebytes="280924"></div>Bad Bunny arrived in an understated outfit that subtly paid homage to New York City.He sported a black coat over a cream-colored T-shirt, black trousers, and accessories, including chunky boots, round glasses, a New York Yankees cap, and a leather tote bag.The musician also wore a single latex glove that covered half of one hand.<div type="image" title="Bad Bunny arrives at Anna Wintour's pre-Met Gala dinner." height="2000" width="1289" msid="109892801" hostid="261" sizebytes="195692"></div>Jennifer Lopez took the opposite approach in a glamorous, diamond-covered look.She wore a custom velvet dress from Diana Qerimi embellished with crystals, a black blazer, <a target="_blank" href="https://www.casadei.com/en/shoes/categories/platforms/flora-jolly-sandal-black-1L192X1401SATIN9000.html">$925</a> Casadei platform sandals, and a <a target="_blank" href="https://tylerellis.com/collections/veronica-clutch-satin/products/veronica-clutch-6">$1,950</a> clutch from Tyler Ellis.But it was her jewelry that stole the show.Wearing pieces from Yeprem, Lopez sported an <a target="_blank" href="https://yepremjewellery.com/collections/rings/products/ri2973">$8,400</a> diamond ring and a <a target="_blank" href="https://yepremjewellery.com/collections/earrings/products/ea2252">$31,200</a> earring set.<div type="image" title="Jennifer Lopez arrives at Anna Wintour's pre-Met Gala dinner." height="2000" width="1561" msid="109892802" hostid="261" sizebytes="160110"></div>Chris Hemsworth matched his wife, Elsa Pataky, for the Met Gala dinner.The model wore an alligator-print blazer and matching mini shorts in a sparkly blue color, and Hemsworth donned a cheetah-print blazer in the same shade.But while Pataky paired her outerwear with a satin button-up blouse in lavender, Hemsworth wore a black V-neck top, navy trousers, and orange-tinted sunglasses.<div type="image" title="Elsa Pataky and Chris Hemsworth arrive at Anna Wintour's pre-Met Gala dinner." height="2000" width="1390" msid="109892804" hostid="261" sizebytes="226478"></div>And finally, Zendaya made an entrance worthy of a princess in a vintage John Galliano piece.Her white knit dress was sleeveless and decorated with a mesh butterfly-print piece across her collarbones. It also had a midi skirt, seemingly cut from the original's floor-length design.<div type="image" title="Zendaya arrives at Anna Wintour's pre-Met Gala dinner." height="6000" width="4018" msid="109892806" hostid="261" sizebytes="1332324"></div>The gown was first created for Galliano's 1998 spring runway collection.<div type="image" title="A John Galliano design for his 1998 spring runway show." height="2000" width="1331" msid="109892807" hostid="261" sizebytes="188484"></div>Though each co-chair dressed differently for Wintour's dinner, all four stars looked stunning in their designer duds.And if their past Met Gala ensembles are any indication, last night's dinner looks are only a precursor to the mega fashion moments we can expect to see tonight.

The celebrity co-chairs for the 2024 Met Gala are already showing off their style

<ul class="summary-list"><li><a target="_blank" href="https://www.google.com/url?q=https://www.businessinsider.com/tesla&amp;sa=D&amp;source=docs&amp;ust=1717698140781943&amp;usg=AOvVaw0JyW9ORsUY48ZsfREMxvMV">Tesla</a> board chair argues Musk's leadership is needed at the company right now, in a CNBC interview.</li><li>Musk is the only one who hasn't been paid out for Tesla's "tremendous growth," she said.</li></ul><a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk's</a> <a target="_blank" href="https://www.businessinsider.com/tesla-robyn-denholm-what-happens-elon-musk-pay-plan-rejected-2024-6">controversial pay plan</a> is just a week away from being voted upon.As the pending vote heats up with <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-pay-vote-battle-between-fans-institutional-investors-2024-5">advocates on both sides speaking out to sway voters</a>, the situation begs the question: is Musk's leadership essential to Tesla's success?Tesla board chair Robyn Denholm thinks so — at least for now.The board chair said in an <a target="_blank" href="https://www.youtube.com/watch?v=jnG5swxLi6A">interview on CNBC's "Squawk Box"</a> on Thursday that Tesla "can exist" without him, but "the right thing for Tesla at this time is for Elon to continue to be at the helm."The company is at a critical point in terms of building its AI capabilities with the advancement of autonomous vehicles, Tesla's supercomputer Project Dojo, and its development of a humanoid <a target="_blank" rel="" href="https://www.businessinsider.com/elon-musk-tesla-robots-ai-automation">Tesla robot</a> named Optimus. Elon Musk recently said in a <a target="_blank" rel=" nofollow" href="https://x.com/elonmusk/status/1784561310883344542">post</a> on X that Tesla would spend around $10 billion this year in "combined training and inference AI."The board chair said "tremendous value" has been created at the EV giant over the last six years, and though the Tesla team was instrumental to it, Musk was at the forefront of that growth.Delholm said shareholders have profited from the stock growth and customers have benefited from "tremendous innovation." Meanwhile, she said the only person who hasn't been paid is "the leader of the company, Elon."Musk's pending compensation package, <a target="_blank" href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1">which was struck down by a Delaware judge</a>, depended on the completion of ambitious goals laid out in 2018. It includes a grant of 12 tranches of stock options that are vested when Tesla hits specific goalposts. When the company hits each target, Musk gets stock equal to 1% of outstanding shares at the time of the grant. Tesla said it reached all 12 milestones by 2023.But since that pay package was shot down, Musk has openly flirted with paying less attention to Tesla and focusing on his other companies.Musk <a target="_blank" rel=" nofollow" href="https://twitter.com/elonmusk/status/1746999488252703098">said</a> in a post on X in January that he was "uncomfortable" expanding Tesla's AI and robotics development without 25% control of the votes. <a target="_blank" href="https://www.businessinsider.com/elon-musk-more-control-tesla-before-expanding-ai-development-2024-1">The Tesla CEO currently has about 13%</a>, according to <a target="_blank" rel="" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1318605/000095017024000282/tsla-20240102.htm">company filings</a>.Until then, the CEO said he would "prefer to build products outside of Tesla" — and that's exactly what he's doing.As the leader of X, xAI, The Boring Company, and SpaceX, the billionaire has no shortage of projects. News broke on Wednesday that Musk may be building a <a target="_blank" href="https://www.businessinsider.com/elon-musk-may-build-xai-supercomputer-in-memphis-2024-6">supercomputer gigafactory for xAI in Memphis</a>. He's also been advancing projects for SpaceX with test launches of Starship.<a target="_blank" href="https://www.businessinsider.com/tesla-investors-advised-vote-against-elon-musk-pay-package-2024-5">As concerns arise over Musk's leadership at Tesla</a>, it's worth noting that even Musk himself has said he doesn't plan to be CEO forever, <a target="_blank" href="https://www.teslarati.com/tesla-ceo-elon-musk-nobody-should-be-ceo-forever/">according to a 2021 report from Teslarati</a>."Now obviously, nobody is or should be CEO forever," Musk said in a 2020 fourth-quarter earnings call. "So I don't expect to be — like the sheer amount of work required to be CEO of Tesla is insane."Denholm said ratifying the compensation plan is about Tesla's need for Musk's leadership at this moment.<a target="_blank" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla is currently valued at about $556 billion</a>. Musk has been with the carmaker for 16 years and took over as CEO in 2008 when the carmaker was close to bankruptcy. Since then, it's become the top EV company worldwide, and its skyrocketing value has generated most of Musk's fortune.

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