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<keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="261" meta.entityid="Reliance Power">Reliance Power</keyword> said it has received <keyword id="21075266" type="General" weightage="20" keywordseo="shareholders-approval" source="keywords">shareholders' approval</keyword> to raise <keyword id="23666886" type="General" weightage="20" keywordseo="Rs-1524-60-crore" source="keywords">Rs 1,524.60 crore</keyword> through issuance of <keyword id="20770487" type="General" weightage="20" keywordseo="preferential-shares" source="keywords">preferential shares</keyword>. A resolution through a postal ballot notice has been passed with requisite majority, the company said in a late night stock exchange filing on Wednesday. According to the postal ballot notice, the company will raise up to Rs 1,524.60 crore by preferential issue of up to 46.20 crore <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> and/or warrants convertible into equivalent number of equity shares at a price of Rs 33 per apiece. On September 23, the board of Reliance Power Ltd had approved raising Rs 1,524.60 crore through issue of preferential shares, wherein promoters will infuse Rs 600 crore into the company to advance its business. <div type="Article" hostid="261" msid="79183505" title="Happy Dhanteras 2024 messages and wishes" mstype="2" mssubtype="0"></div> Reliance Infrastructure, the promoter of the company, will enhance its equity stake by over Rs 600 crore. The other investors who will participate in the preferential issue include Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services. The fresh fund would be utilised for expansion of business operations directly and/or through investment in subsidiaries and joint ventures, debt reduction and for general corporate purposes, the company said. The preferential issue will enhance the company's net worth from about Rs 11,155 crore to over Rs 12,680 crore, it said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms" target="_blank">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms" target="_blank">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a><a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms" target="_blank">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Reliance Power gets shareholders' nod to raise ₹1,525 crore via preferential shares

<ul class="summary-list"><li>Tesla investors voted on Thursday to approve Elon Musk's multibillion-dollar pay package.</li><li>However, some institutional shareholders told BI that Musk's award was a mistake.</li></ul>Some institutional <a target="_blank" href="https://www.businessinsider.com/tesla-history-founders">Tesla</a> shareholders told Business Insider that approving <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a>'s record-shattering pay package was a mistake and that they have lingering concerns about Musk's ability to lead the company.Investors representing about 72% of the company's shares voted on Thursday to <a target="_blank" href="https://www.businessinsider.com/elon-musk-pay-package-approved-tesla-shareholders-vote-results-2024-6">green-light Musk's $55 billion pay package,</a> which was struck down by a Delaware court in January. The vote <a target="_blank" href="https://www.businessinsider.com/elon-musk-isnt-out-of-woods-tesla-pay-package-2024-6">doesn't immediately reinstate Musk's award</a>, but it does provide Tesla lawyers with some ammunition when they make their case again in Delaware.Reuters reported that Vanguard, the largest institutional shareholder with a 7% stake in Tesla, voted to approve the pay package.Yet despite the majority approval of Musk's pay package, <a target="_blank" href="https://www.businessinsider.com/tesla-shareholders-criticize-elon-musk-nvidia-chips-pay-package-2024-6">institutional shareholders</a> who spoke to Business Insider were skeptical that the $55 billion stock option is commensurate with his performance and remained concerned about the company's leaders, including Musk."Once again it has been solidified that Tesla is a great company with not so great governance," Anders Schelde, chief information officer of AkademikerPension, a Danish pension fund that invests in Tesla, told BI in an email. "We remain invested, but governance is red flag, and I seriously wonder if Tesla would be a better company with or without Mr. Musk, and I think many investors have the same doubts."AkademikerPension is one of <a target="_blank" href="https://www.businessinsider.com/tesla-shareholder-group-sec-letter-elon-musk-pay-package-2024-5">eight institutional Tesla shareholders</a> that cosigned a letter in May advising other investors to vote against both Musk's pay package and the reelection of James Murdoch and Musk's brother, Kimbal Musk, to seats on Tesla's board. Investors voted to retain both men on the board.It's unclear how many Tesla shares <a target="_blank" href="https://www.businessinsider.com/tesla-shareholders-criticize-elon-musk-nvidia-chips-pay-package-2024-6">AkademikerPension</a> owned as of June 14.<h2 id="aca3e320-04df-4790-a83a-e6c998d06eae">Shareholders call for board oversight</h2>During Thursday's <a target="_blank" href="https://www.businessinsider.com/elon-musks-cult-of-personality-retail-investors-tesla-shareholder-meeting-2024-6">shareholder meeting</a>, Musk challenged concerns from institutional shareholders, though he did not name specific investors."Talking to a lot of the sort of big institutional investors … they're often in like New York, and they don't drive cars," Musk said at the meeting. "So I'll be like, 'Um, have you tried self-driving? You know, the version 12.3?' And they're like, 'Uh no.' OK, well, you should try it. That would be a good thing to do."New York City Comptroller Brad Lander, who also cosigned the May letter, told BI in an email that approving the pay package was a "mistake," but that the company should move forward with clear plans to steady growth and <a target="_blank" href="https://www.businessinsider.com/elon-musk-prioritize-tesla-maintain-investor-loyalty-pay-battle-2024-6">ensure Musk is focused on that goal</a>."We expect genuine board oversight and a CEO deeply committed to Tesla's growth rather than other ventures," Lander said in a statement. "The Board should ensure its approval is required for any attempts to leverage Tesla's resources for Musk's other ventures, aligning shareholder interests with company goals."Lander added that the the board should hire a "compensation consultation" to renegotiate an incentive plan for Musk that won't be dilutive to shareholders instead of defending the pay package in court.Lander's spokesperson told BI that as of April 30, the New York City Retirement System owned more than 3.4 million shares of Tesla stock.The <a target="_blank" href="https://www.calpers.ca.gov/page/newsroom/calpers-news/2024/calpers-to-vote-against-tesla-ceo-multibillion-dollar-pay-package">California Public Employees' Retirement System</a>, or CalPERs, which, according to the pension fund, owns about 9.2 million Tesla shares, has also been vocal about striking down Musk's pay package.A CalPERS spokesperson declined to comment but pointed to a statement released a day before the Thursday shareholder vote, which stated that Musk is "entitled to be well compensated for his work," but the current award package is excessive and "highly dilutive to shareholders.""This exorbitant compensation package is at odds with CalPERS' longstanding views on executive pay," CalPERS CEO Marcie Frost said in the statement. "The compensation is excessive when compared to executives at peer companies, highly dilutive to shareholders, and isn't tied to the long-term profitability of Tesla."Musk and a spokesperson for Tesla did not immediately respond to a request for comment.

Elon Musk's pay package approval was a 'mistake' and Tesla needs to keep him in check, some institutional shareholders say

Reserve Bank of India has given its nod for the reverse <keyword id="42411" type="General" weightage="20" keywordseo="merger" source="Orion">merger</keyword> of <keyword id="6361420" type="General" weightage="20" keywordseo="idfc" source="Orion">IDFC</keyword> Ltd with its banking subsidiary <keyword id="7145428" type="General" weightage="20" keywordseo="idfc-first" source="Orion">IDFC First</keyword> Bank. The boards of IDFC First Bank and IDFC have approved the reverse merger in July. "....IDFC Limited and IDFC Financial Holding Company (IDFC FHCL) have received letters dated December 26, 2023 from <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> whereby RBI has conveyed its 'No Objection' to the composite scheme of amalgamation, subject to compliance with the terms specified therein," IDFC Ltd said in a regulatory filing. As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd. The scheme remains subject to other statutory and regulatory approvals, including from the National Company Law Tribunal and the respective shareholders and creditors of the companies involved under the applicable laws, it said. Under the proposed reverse merger scheme, an IDFC <keyword id="6388677" type="General" weightage="20" keywordseo="shareholder" source="Orion">shareholder</keyword> will get 155 shares for every 100 shares she/he holds in the bank. Both stocks have a face value of Rs 10 each. Post the merger, the standalone book value per share of the bank will increase by 4.9 per cent, as calculated on the audited financials as of March 2023, it said, adding that as of June 2023, IDFC through its non-financial holding company, owned 39.93 per cent in IDFC First Bank. IDFC was an infra lender in the private sector space, and following its bigger peers like ICICI and IDBI, it also launched a banking subsidiary in 2015 -- IDFC Bank -- but could not make a mark as the other two could do. Like HDFC Bank, the merged IDFC First Bank will also have no promoter entity, but fully owned by institutional and public shareholders. IDFC began as an infra lender in 1997. It got in-principle approval from the RBI to set up a bank in April 2014, and in October 2015, it launched IDFC Bank when on-tap licensing began, following which loans and liabilities of IDFC were transferred to the bank. In December 2018, it took over Capital First, a consumer and MSME-focused non-bank since 2012, and was renamed as IDFC First Bank and became a full-service universal bank.

RBI approves IDFC-IDFC First Bank merger

<ul class="summary-list"><li><keyword id="19903774" type="General" weightage="100" keywordseo="Paramount" source="keywords">Paramount</keyword>'s three <keyword id="20122085" type="General" weightage="20" keywordseo="CEOs" source="keywords">CEOs</keyword> told staff it was "<keyword id="22369465" type="General" weightage="20" keywordseo="business-as-usual" source="keywords">business as usual</keyword>" until its <keyword id="20035800" type="General" weightage="20" keywordseo="merger" source="keywords">merger</keyword> closed, <a target="_blank" href="https://deadline.com/2024/07/paramount-global-skydance-deal-brian-robbins-george-cheeks-chris-mccarthy-note-to-staff-1236003010/">Deadline said</a>.</li><li>They reminded employees that <keyword id="19916567" type="General" weightage="20" keywordseo="layoffs" source="keywords">layoffs</keyword> loomed, following a plan unveiled in June.</li></ul>Paramount's CEO trio told employees it was "business as usual" until the formal close of its megamerger with Skydance, while reminding them that layoffs loomed. Paramount's board approved the merger on Sunday, marking the end of tumultuous talks that were nearly torpedoed in June when Shari Redstone, who owns a controlling stake in Paramount through National Amusements, walked away from the negotiations. Skydance CEO David Ellison, the son of Oracle's cofounder Larry Ellison, is set to serve as chair and CEO of the newly combined company, and former NBCUniversal CEO Jeff Shell plans to serve as its president. Still, the deal is far from sealed — and <a target="_blank" href="https://www.businessinsider.com/ftc-needs-approve-paramount-and-skydance-merger-antitrust-competition-khan-2024-7">may yet face Federal Trade Commission scrutiny</a> over antitrust concerns. In a note to staff <a target="_blank" href="https://deadline.com/2024/07/paramount-global-skydance-deal-brian-robbins-george-cheeks-chris-mccarthy-note-to-staff-1236003010/">obtained by Deadline</a>, Paramount <a target="_blank" href="https://www.businessinsider.com/paramount-ceo-bob-bakish-out-2024-4">co-CEOs</a> George Cheeks, Brian Robbins, and Chris McCarthy said the transaction would likely close in the first half of 2025 because of "<keyword id="19941849" type="General" weightage="20" keywordseo="regulatory-approvals" source="keywords">regulatory approvals</keyword>" and other factors. Until then, the execs are moving forward with a plan that includes "streamlining teams, eliminating duplicative functions and reducing the size of our workforce," they wrote. They added that Paramount would explore "divesting some of our assets." A representative for Paramount declined to comment on who would be affected by the layoffs. The trio discussed job cuts earlier this year. At an investor meeting in June, they shared plans to run Paramount as a stand-alone company. This included $500 million in cuts, <a target="_blank" href="https://www.latimes.com/entertainment-arts/business/story/2024-06-04/despite-sale-paramount-announces-business-plan-and-job-cuts">the Los Angeles Times reported</a>, including layoffs, asset sales, and a joint venture for Paramount+. At a town hall last month, the CEOs said they'd made progress in identifying duplicative roles, <a target="_blank" href="https://variety.com/2024/biz/news/paramount-ceos-town-hall-layoffs-bankers-asset-sales-1236047993/">Variety reported</a>, including in the legal and corporate-marketing departments, but did not provide a timeline. In February, Paramount <a target="_blank" href="https://www.businessinsider.com/layoffs-sweeping-us-these-are-companies-making-cuts-2024#paramount-global-is-laying-off-800-employees-days-after-record-breaking-super-bowl-21">cut 800 jobs</a> — about 3% of its workforce. In terms of asset sales, Variety reported that BET, VidCon, and the Paramount Pictures lot could be in play. Correction: July 9, 2024 — An earlier version of this story misstated Shari Redstone's role at Paramount. She's the controlling shareholder of the company and its chair, not its owner.

Paramount co-CEOs tell workers it's 'business as usual' — and remind them that there'll be layoffs

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/tom-brady-nothing-replace-thrill-football-retirement-plan-nfl-2024-6">Tom Brady</a> has won the NFL's approval to acquire a minority stake in the Las Vegas Raiders.</li><li>The quarterback has been looking to buy a share of the NFL franchise for over a year.</li></ul><a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible c-link--underline" href="https://www.businessinsider.com/tom-brady-luxury-watch-collection-auction-photos-2024-10">Tom Brady</a> — the star quarterback and seven-time Super Bowl champion — has been approved to acquire a 5% stake in the Las Vegas Raiders, a source close to Brady and an NFL source have confirmed to Business Insider.On Tuesday, the National Football League voted to approve a deal that will see Brady, Knighthead Capital cofounder Tom Wagner, and former NFL defensive lineman Richard Seymour acquiring about a 10% stake in the team.The price of the transaction has not been confirmed, but <a target="_blank" class="" href="https://www.cnbc.com/2024/09/05/nfl-valuations-2024-las-vegas-raiders.html">CNBC</a> valued the team at $7.8 billion earlier this year. That would make a 10% stake worth $780 million.Brady was first reported to be eyeing a stake in the franchise in May 2023, soon after he retired from the league. But his bid was held up because of the discounted price that he was offered, <a target="_blank" class="" href="https://www.washingtonpost.com/sports/2023/10/05/tom-brady-raiders-part-owner/">The Washington Post reported</a> at the time.The purchase will make Brady the owner of two Las Vegas teams. In March, he bought a minority share of the WNBA's Las Vegas Aces. Mark Davis owns both the Aces and the Raiders.<a target="_blank" class="" href="https://www.businessinsider.com/tom-brady-nfl-retirement-career-plans-business-breakdown-2022-8">Brady has amassed a diversified portfolio</a>. He has founded or cofounded a number of companies and invested in several others. He's also become a shareholder in companies through endorsement deals."Tom Brady was as attractive a person and a brand as existed in the American sportscape," Leigh Steinberg, a top sports agent and CEO of Steinberg Sports and Entertainment Holdings, told <a target="_blank" class="" href="https://www.businessinsider.com/tom-brady-nfl-retirement-career-plans-business-breakdown-2022-8">Business Insider</a> in 2022. "He's been very innovative and taken advantage of a larger concept of athletes as brands and the ability to take equity in businesses."He's a cofounder in Autograph, the former NFT platform that recently rebranded as a media company, and owns a piece of sports merchandise platform Fanatics. Both platforms were valued in the double-digit billions at their height. His investments include online luxury watch magazine and marketplace Hodinkee, and sneaker blog HypeBeast.Brady earns millions each year from his $375 million, 10-year commentating deal with Fox Sports. His new ownership stake has raised questions about his broadcast career. An NFL spokesperson told the <a target="_blank" href="https://affiliate.insider.com?h=f305f38fb90e57d0be8831209510cda27e47cece5ea9638c1d7d22d737d84c31&amp;postID=670ed67f0c43543ec7bbe017&amp;postSlug=tom-brady-nfl-approves-stake-las-vegas-raiders-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.nfl.com%2Fnews%2Fnfl-places-restrictions-on-tom-brady-s-fox-broadcasting-access-because-of-pending-raiders-ownership-stake">Associate Press</a> that Brady will have to follow rules around public criticism of officials and other teams and that his access to production meetings, teams, facilities, and coaches may be limited.

Tom Brady is set to become the NFL's newest minority owner after league approves Las Vegas Raiders deal

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/tesla-history-founders">Tesla's</a> cultlike following was on full display at its annual shareholder meeting on Thursday.</li><li>Fans wore Cybertruck shirts, signed shareholder banners, and cheered throughout the event.</li></ul>It's no secret that Elon Musk has a cultlike following — and that was on full display at <a target="_blank" href="https://www.businessinsider.com/elon-musk-pay-package-approved-tesla-shareholders-vote-results-2024-6">Tesla's annual shareholder meeting on Thursday</a>.<a target="_blank" href="https://www.businessinsider.com/elon-musk">Musk</a> mobilized his fan base to help push through <a target="_blank" href="https://www.businessinsider.com/elon-musk-pay-package-approved-tesla-shareholders-vote-results-2024-6">his $55 billion pay package</a>, and some of Tesla's biggest supporters scored invites to the annual meeting.<a target="_blank" href="https://www.businessinsider.com/tesla-texas-gigafactory-tour-elon-musk-shareholder-vote-pay-package-2024-5">Some also scored a factory tour with the CEO</a> — one of many tactics Tesla used to boost the number of retail shareholders who voted on proposals, including Musk's pay package and one for Tesla to move its state of incorporation from Delaware to Texas (which was also approved).<a target="_blank" href="https://www.businessinsider.com/tesla-robyn-denholm-what-happens-elon-musk-pay-plan-rejected-2024-6">Musk and Tesla's board did a full-court press</a> in the lead-up to the vote, and it seems to have worked.<a target="_blank" href="https://www.nytimes.com/2024/06/14/business/dealbook/elon-musk-pay-package-win.html">The New York Times' DealBook reported</a> that Tesla got a higher-than-usual number of retail investors to vote, and Musk's pay package passed with about 72% approval. Retail investors undoubtedly played a key role, but Tesla needed the support of some of its biggest institutional investors, like BlackRock and Vanguard, to get the pay package across the finish line.Vanguard was Tesla's largest outside investor to vote in favor of the pay package, <a target="_blank" href="https://www.reuters.com/business/autos-transportation/vanguard-vote-switch-helped-pass-tesla-ceo-elon-musks-56-billion-pay-package-2024-06-14">Reuters reported</a>. Vanguard's fund manager voted against the compensation package in 2018, the report said.<h2 id="1a983644-c903-44c6-8a19-70df8e7fd254">A triumphant atmosphere — and some dancing from Musk</h2>For Musk and Tesla fans who made the journey to Texas for the meeting, <a target="_blank" href="https://www.businessinsider.com/analyst-says-musk-vote-victory-signals-roses-and-rainbows-tesla-2024-6">the mood was celebratory</a>.Some wore Cybertruck shirts to the event, and others signed a large banner emblazoned with the words "Don't mess with Tesla retail shareholders." After it became official that shareholders had reapproved his enormous pay package, Musk danced his way onto the stage, jumping up and down to the crowd's cheers."I just want to start off by saying hot damn! I love you guys," Musk said.Thursday's vote made one thing crystal clear: For many of Tesla's retail shareholders, the feeling is mutual. Most of the questions posed to Musk during the Q&amp;A segment started with the shareholders singing their praises of the Tesla CEO.One shareholder started by saying, "We love you so much, Elon." Another said he moved to Texas thanks to Musk. One shareholder referred to him as "an absolute idol" and asked if Musk was taking care of his safety and health, because he cared about Musk as a person.Musk ate it up. The CEO was in high spirits and even agreed on the spot to make a change a shareholder proposed, offering to allow Tesla owners to transfer its Full Self-Driving package to new vehicles for one more quarter.<a target="_blank" href="https://www.businessinsider.com/tesla-employees-describe-intense-conditions-life-under-elon-musk-2018-8">Musk's tendency to make bold and ambitious promises</a>, even if they shift, is part of what excites his fan base. His ability to achieve seemingly impossible goals, like the ones entailed in his performance-based compensation plan, has clearly fueled loyalty and passion for his vision.

The cult of Elon Musk was on full display at Tesla's shareholder vote

<ul class="summary-list"><li>Shareholders are voting on whether to approve <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>'s massive compensation package.</li><li>It's essentially a vote deciding how central Musk is to <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>, investor <keyword id="21425720" type="General" weightage="20" keywordseo="Roger-McNamee" source="keywords">Roger McNamee</keyword> <a href="https://www.youtube.com/watch?v=WqnXpOVU2z8" target="_blank">told CNBC</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>'s path forward in the stock market is now in the hands of its shareholders as they vote on CEO Elon Musk's <a href="https://www.businessinsider.com/tesla-elon-musk-pay-shareholders-vote-again-2024-4">$47 billion compensation package</a>, says investor Roger McNamee. If the pay deal doesn't get approved, it could likely cost the company Musk's leadership, he said in a <a href="https://www.youtube.com/watch?v=WqnXpOVU2z8" target="_blank">CNBC interview</a>. "It's a test of Tesla as a meme stock, because if Musk is no longer viewed as central to the story going forward, then I think Tesla starts to trade like a car company, as opposed to an extension of Elon Musk," the Elevation Partners co-founder said. The sentiment echoes prior criticism Tesla has faced, with short-sellers like Jim Chanos nicknaming it a <a href="https://markets.businessinsider.com/news/stocks/jim-chanos-tesla-stock-valuation-elon-musk-twitter-geopolitics-china-2022-10">"hopes and dreams" stock</a>: its success built more on a fascination with Musk, and <a href="https://markets.businessinsider.com/news/stocks/short-seller-jim-chanos-crypto-bitcoin-tesla-ai-tech-etf-2023-11">not based in fundamentals</a>. It's the latest hurdle for the electric-vehicle maker, which has seen shares tank close to 40% this year, and who just announced new layoffs. Those job cuts came as the firm reported weaker-than-expected <a href="https://www.businessinsider.com/tesla-sales-deliveries-q1-elon-musk-disappoint-fsd-2024-4">deliveries in the first quarter</a>, notching its first year-over-year quarterly decline since 2020. The hiccups prompted many analysts across Wall Street to <a href="https://www.businessinsider.in/stock-market/news/as-negative-as-we-have-seen-in-the-last-few-years-why-a-number-of-wall-street-analysts-are-souring-on-tesla/articleshow/108882119.cms" target="_blank">trim their price targets on the EV giant</a>. McNamee also cited Musk's recent behavior as contributing to the stock downturn, a <a href="https://www.businessinsider.com/elon-musk-tesla-reputation-turning-buyers-off-ev-caliber-2024-4">frustration</a> other <a href="https://africa.businessinsider.com/markets/teslas-stock-plunge-could-turn-around-quickly-if-it-gets-a-real-ceo-investor-ross/bfkkg9v" target="_blank">investors have also made public</a>. Controversies have included the CEO's interaction with an anti-semitic post, and concern that he was distracted by his other companies. But McNamee does expect the package to ultimately be approved. Wedbush Securities' Dan Ives agreed, but wrote on Wednesday that this won't spell the end to Tesla's difficulties: "In our view the clock has struck midnight for Musk to now layout the growth strategy, give realistic delivery and margin goal posts, discuss why significant layoffs now, and most importantly give a clear outlook to the Street around Model 2," he wrote in a note, citing vagueness in what Tesla was actually focused on. Amid other corrective measures, Ives has previously suggested for Musk to be offered a compensation package that <a href="https://markets.businessinsider.com/news/stocks/tesla-market-value-stock-drop-ai-initiatives-wedbush-dan-ives-2024-1#:~:text=To%20that%20end%2C%20Ives%20called,vehicle%20in%202025%2C%20he%20said.">would retain him as CEO til at least 2030</a>. "This vote is the test that investors get to say which way they want to go," McNamee said.

Elon Musk's pay-deal vote is the ultimate 'meme stock' test for Tesla, investor says

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/tesla-history-founders">Tesla</a> is seeking shareholder approval for <keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>'s pay package, which a judge previously struck down.</li><li>The company argues the package is "critical to the future success of <keyword id="107096" type="General" weightage="20" keywordseo="tesla" source="Orion">Tesla</keyword>."</li></ul>Why does Tesla's board think <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a> deserves a $55 billion pay package? It's a matter of respect and fairness. Tesla plans to ask shareholders to vote again on Musk's $55 billion pay package after it was <a target="_blank" href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1">struck down</a> by a Delaware Judge earlier this year. The chair of Tesla's board of directors, Robyn Denholm, highlighted several key reasons why the carmaker wants shareholders to vote in favor of the package in a <a target="_blank" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001318605/000110465924048040/tm2326076d13_pre14a.htm">proxy statement</a> filed with the Securities and Exchange Commission on Wednesday. Denholm calls the pay package, as well as a motion to move Tesla's state of incorporation from Delaware to Texas, "critical to the future success of Tesla." The board chair said a vote in favor of Musk's pay package will "restore Tesla's stockholder democracy" and the issue is a "matter of fundamental fairness and respect to our CEO." "Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value," Denholm writes, adding that shareholders have "benefited from unprecedented growth under Elon's leadership." Since the beginning of 2018, Tesla's shares have increased nearly six times in value. The filing also argues that the pay package will further motivate the Tesla CEO to keep driving growth at the company as the plan requires Musk to hold onto his Tesla shares for five years after he exercises his options. "He will continue to be driven to innovate and drive growth at Tesla because the value of his shares will depend on it!" according to the filing. Tesla made similar arguments during the trial over the compensation plan last year. <keyword id="6809006" type="General" weightage="20" keywordseo="tesla-shareholders" source="Orion">Tesla shareholders</keyword> will be able to vote on the issue during the company's annual meeting in June. When Court of Chancery Judge Kathleen St. J. McCormick voided Musk's compensation package in January, she said that Musk had undue influence over the package due to his close ties to several board members and said Musk's influence resulted in an "unfair price." Musk does not receive a salary from Tesla and his pay package centered on a series of goalposts around the carmaker's financial growth, initially set in place in 2018. Specifically, the plan involves a 10-year grant of 12 tranches of stock options vested when Tesla hits certain targets. According to the carmaker, Tesla has accomplished all of the 12 targets as of 2023. When each milestone is passed, Musk gets stock equal to 1% of outstanding shares at the time of the grant. The package was valued at around $55 billion at the time it was struck down, but is now valued around $47 billion, according to <a target="_blank" href="https://www.nytimes.com/2024/04/17/business/elon-musk-pay-tesla.html">The New York Times.</a> Tesla's proxy filing comes only a few days after Musk told staff the carmaker was <a target="_blank" href="https://www.businessinsider.com/elon-musk-sent-tesla-employees-email-announcing-layoffs-read-memo-2024-4">laying off more than 10% of its workforce</a>. Do you work for Tesla or have a tip? Reach out to the reporter via a non-work email and device at gkay@businessinsider.com

Elon Musk Pay Package: Why Tesla proposes a $55 billion compensation plan for its boss

<ul><li><keyword id="596" type="General" weightage="20" keywordseo="Hyundai" source="Orion">Hyundai</keyword> Motor India received approval from SEBI for its initial public offering (IPO).</li><li>The automaker is expected to raise $3 billion (approx. ₹25,000 crore) through its IPO.</li><li>This will make it the biggest IPO in India, beating the state-owned Life Insurance Corporation of India’s IPO.</li></ul> Hyundai Motor India Limited (HMIL), the Indian arm of the South Korean automaker Hyundai has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The automaker had<a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms"> filed papers</a> with SEBI in June 2024 and has finally received approval. The company plans on raising $3 billion (approx. ₹25,000 crore) at a valuation of $20 billion. The company established its first manufacturing plant in India in 1998, followed by a second plant in 2008. In FY24, Hyundai Motor India was the country’s second-largest carmaker after Maruti Suzuki. Hyundai is offering 14.2 crore shares with a face value of ₹10 each, which is around 17.5% stake in the company. While there is no official announcement yet, the IPO is expected to hit the street in October 2024. "The objects of the offer are to carry out the Offer for Sale of up to 142,194,700 Equity Shares of the face value of Rs 10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the Equity Shares on the Stock Exchanges," the company said in the DRHP. <div type="Article" hostid="261" msid="111519009" title="Reliance Jio IPO – Mukesh Ambani-led telco might be gearing up for India’s biggest IPO" mstype="2" mssubtype="0"></div> This will make the <keyword id="20457114" type="General" weightage="100" keywordseo="Hyundai-ipo" source="Orion">Hyundai IPO</keyword> the country’s biggest IPO, beating the state-owned Life Insurance Corporation of India’s (LIC) $2.7 billion (approx. ₹21,000 crore) listing in 2022. That is until Reliance Jio’s IPO hits the street. Jio is expected to raise around ₹55,000 crore from the market. Hyundai has become the first car maker to go public in India in over two decades. The last car maker to go public was Maruti Suzuki, which held its IPO in 2003. Apart from this, Tata Motors and Mahindra and Mahindra are listed in the Indian stock market. Over the past year, Hyundai Motor Group has announced new investment plans in India totalling approximately $3.75 billion. The company has already invested around $5 billion in the country. India is the third biggest market for the company, after the US and South Korea. <div type="Article" hostid="261" msid="113016216" title="August auto sales – Maruti Suzuki, Tata Motors and others report a decline in sales" mstype="2" mssubtype="0"></div> Hyundai emerged as the second biggest automaker in August 2024 with nearly 50,000 cars sold during the month. A Reuters report revealed that the company plans on launching its first India-made electric vehicle in the country in 2025. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/krn-heat-exchanger-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113653270.cms">KRN Heat Exchanger IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/sebi-report-reveals-the-ugly-truth-of-fo-trading-in-india-93-of-retail-traders-incurred-losses/articleshow/113620397.cms">SEBI report reveals the ugly truth of F&amp;O trading in India – 93% of retail traders incurred losses</a> <a href="https://www.businessinsider.in/business/auto/news/tata-nexon-ev-with-a-bigger-battery-launched-starting-at-13-99-lakh/articleshow/113631992.cms">Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh</a>

Hyundai Motor India’s ₹25,000 crore IPO gets SEBI approval – India’s biggest IPO expected to launch in October

<ul class="summary-list"><li>A group of Tesla shareholders are urging others to reject Musk's proposed pay package.</li><li>They also want shareholders to vote against the reelection of board members James Murdoch and Kimbal Musk.</li></ul>A group of <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> shareholders are urging others to vote against the reelection of Kimbal Musk and James Murdoch to the Tesla Board and reject a plan to give <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk</a> a hefty pay package.The <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1318605/000121465924009597/o520243px14a6g.htm">letter</a>, made public Monday in an SEC filing, cites concerns that Kimbal, who is <a target="_blank" href="https://www.businessinsider.com/elon-musk-family-tree">Musk's younger brother</a>, and <a target="_blank" href="https://www.businessinsider.com/rupert-murdoch-fox-news-lachlan-james-real-life-succession-2023-9">Murdoch</a>, a friend of Musk who has taken <a target="_blank" href="https://courts.delaware.gov/Opinions/Download.aspx?id=359340">vacations</a> with his family, cannot effectively oversee the CEO because of their personal ties. Per the shareholders, they believe there is "ample evidence" that Tesla's entire board of directors is "overly beholden to CEO Musk."The shareholder letter also cites The Wall Street Journal's reporting on <a target="_blank" href="https://www.businessinsider.com/tesla-board-director-worried-elon-musk-drug-use-wsj-2024-1">Musk's drug use</a>. Board members, including Kimbal, <a target="_blank" href="https://www.businessinsider.com/elon-musk-company-directors-drug-use-report-wsj-2024-2">took drugs with Musk</a>, the Journal reported in February, citing people who witnessed the <a target="_blank" href="https://www.businessinsider.com/elon-musk-drug-use-cringeworthy-spacex-meeting-wsj-2024-1">incidents</a>."If Board members are unable to resist pressure to use illegal substances for fear of alienating the person they are obligated to supervise, one can hardly imagine they will stand up to Musk when corporate issues requiring Board input and oversight are at stake," the shareholders wrote.The shareholder group — which includes New York City Comptroller Brad Lander, SOC Investment Group, Amalgamated Bank, and several other investors — also disapproved of the plan to give Musk a $56 billion pay package. <a target="_blank" href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1">Musk's original pay package</a>, approved by the board in 2018, was struck down by a Delaware judge in January. The judge ruled that Musk's close ties to the board resulted in an "unfair price," Business Insider reported.Now, the Tesla board is looking for shareholders to <a target="_blank" href="https://www.businessinsider.com/tesla-elon-musk-pay-56-billion-approved-shareholders-robyn-denholm-2024-5">approve Musk's pay</a>, though this group opposes the idea. The group says <a target="_blank" href="https://www.businessinsider.com/elon-musk-social-media-posting-headache-for-tesla-chair-2024-5#:~:text=Robyn%20Denholm%2C%20the%20chair%20of,t%20exist%2C%22%20Denholm%20said.">Musk's controversial X posts</a> have affected the company's bottom line. They also cite <a target="_blank" href="https://www.businessinsider.com/elon-musk-having-terrible-year-tesla-lawsuits-compensation-2024-4">Musk's legal troubles</a>, including a class action lawsuit from <a target="_blank" href="https://www.reuters.com/legal/tesla-must-face-class-action-claims-by-6000-workers-race-bias-case-2024-02-29/">6,000 Black employees</a> who say they've faced racial discrimination working for Tesla, and reports of <a target="_blank" href="https://www.businessinsider.com/tesla-factory-cybertruck-workers-shouting-matches-elon-musk-deadlines-report-2023-11">workplace safety issues</a> at his factories."Even as Tesla's performance is floundering, the Board has yet to ensure that Tesla has a <a target="_blank" href="https://www.businessinsider.com/elon-musk-ceo-tesla-spacex-twitter-too-many-companies-2024-4">full-time CEO</a> who is adequately focused on the long-term sustainable success of our Company," the investors wrote.Shareholders are set to vote on <a target="_blank" href="https://www.businessinsider.com/tesla-spends-money-advertising-elon-musk-pay-package-shareholder-vote-2024-5">Musk's pay package,</a> along with the other proposals, on June 13.Representatives for Murdoch, Kimbal Musk, and Elon Musk did not immediately respond to a request for comment from Business Insider.

Tesla shareholders say Elon's influence makes Kimbal Musk and James Murdoch unsuitable for the company's board

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/tesla-history-founders">Tesla</a> announced investors approved Elon Musk's pay package.</li><li>The package, initially approved in 2018, was voided by a Delaware judge in January.</li></ul>It's official — Tesla investors voted to approve <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk's</a> pay package.The carmaker announced the results of the shareholder vote during the company's annual meeting on Thursday.Musk did a victory dance as he took the stage amid cheers from on-site investors."I just want to start off by saying: "Hot damn! I love you guys," Musk said.Tesla shares held after-hours gains of more than 1% after the vote.Investors had initially approved the compensation plan in 2018, but a Delaware judge <a target="_blank" href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1">voided it in January</a> after a shareholder <a target="_blank" href="https://www.businessinsider.com/tesla-employee-survey-elon-musk-leadership-culture-compensation-complaints-2022-11">filed a lawsuit</a> alleging the agreement was "beyond the bounds of reasonable judgment."In January, Delaware Chancellor Kathaleen McCormick said she had decided to strike down the pay package because she believed Musk had undue influence over the agreement and its approval due to his close ties to several board members, one of which is his brother.Tesla has yet to appeal the decision, but the company hopes to use the shareholder approval to argue that the ruling is moot now — the question now is whether the Delaware court will agree. The company said in a <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1318605/000110465924048040/tm2326076d13_pre14a.htm">filing</a> with the Securities and Exchange Commission on Monday that it will seek to reverse the ruling and will use an affirmative vote to do so.When the compensation package was voided, it was <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-01-30/elon-musk-s-55-billion-tesla-pay-package-voided-by-judge">estimated</a> to be worth around $55 billion — making it the <a target="_blank" href="https://www.businessinsider.com/elon-musks-pay-package-compared-highest-paid-ceos-2024-6">largest pay package to ever be awarded to a CEO.</a>Musk does not receive a salary from Tesla. His pay was determined by his ability to hit a series of financial goalposts. It consists of a 10-year grant comprising 12 sets of stock options. These options become available to Musk when Tesla achieves the specific goals. Each time a milestone is met, Musk receives stock equivalent to 1% of Tesla's outstanding shares at the time of the grant. By 2023, Tesla said it had successfully reached all 12 milestones.<a target="_blank" rel="" href="https://www.businessinsider.com/why-tesla-wants-give-elon-musk-billion-pay-package-2024-4">Tesla has argued</a> that the pay package is both fair and necessary to maintain Musk's focus on the car company. And the company went all out in its efforts to promote Musk's pay package, paying for advertisements and even offering shareholders who voted a chance to win a tour of the Texas gigafactory alongside Musk.Some <a target="_blank" href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1">Tesla fans</a> took to social media to promote the proposal, joining with some of the company's notable shareholders, such as <a target="_blank" href="https://www.businessinsider.com/tesla-shareholder-billionaire-ron-baron-supports-elon-musk-pay-package-2024-6">Ron Baron</a> of Baron Funds and Cathie Wood of Ark Investment Management, who were quick to rally around Musk."Elon is the ultimate 'key man' of key man risk. Without his relentless drive and uncompromising standards, there would be no Tesla," Baron wrote in an open letter last week.One big reason investors are rallying around Musk: they are afraid of losing him — or at least his attention. The <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-leave-delaware-judge-blocks-pay-deal-2024-1">CEO has threatened</a> to take his plans for AI and robotics elsewhere, saying that unless he had about 25% of voting control, he would "prefer to build products outside of Tesla.""He is putting a knife at the throat of the company: 'You don't pay me what I want, then I am going to compete,'" Anat Alon-Beck, a corporate law expert at Case Western Reserve University, told BI.During the annual meeting, Tesla announced that a proposal to move Tesla's state of incorporation to Texas had been approved. Earlier this year, Musk moved SpaceX's state of incorporation from Delaware to Texas as well.Additionally, shareholders approved a proposal to reelect Tesla board members Kimbal Musk and James Murdoch.This is a developing story. Check back for updates.Do you work for Tesla or have a tip? Reach out to the reporter via a non-work email and device at <a target="_blank" href="mailto:gkay@businessinsider.com">gkay@businessinsider.com</a> or 248-894-6012.

Tesla investors approve Elon Musk's $55 billion pay plan

<ul class="summary-list"><li>Institutional Shareholder Services recommends Tesla shareholders vote against Musk's huge pay deal.</li><li>It comes after Glass Lewis, another proxy advisor, made the same recommendation.</li></ul>Influential proxy advisor Institutional Shareholder Services (ISS) has recommended that <a target="_blank" href="https://www.businessinsider.com/category/tesla">Tesla</a> shareholders vote against <a target="_blank" href="https://www.businessinsider.com/category/elon-musk">Elon Musk's</a> proposed $56 billion pay package.The ISS said in a report that the Tesla CEO's share options deal, initially outlined in 2018, was "outsized from the start," <a target="_blank" class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2024-05-31/tesla-shareholders-advised-by-iss-to-reject-musk-s-pay-package">Bloomberg</a> reported."Some investors may find the board's argument compelling, that it would be unfair for Musk not to receive the award," the report continued."However, the concerns raised, both back in 2018 and in the interim, have not been sufficiently mitigated, particularly given that the board has effectively only offered shareholders an 'all or nothing' option in this vote," it added.It comes after Glass Lewis, another leading proxy advisory firm, also <a target="_blank" href="https://www.businessinsider.com/tesla-investors-advised-vote-against-elon-musk-pay-package-2024-5">urged Tesla investors to vote against the deal</a>.Glass Lewis said the deal was of "excessive size" and "dilutive" and raised concerns over Musk's many "time-consuming projects" — particularly the social media platform X, formerly Twitter."Mr. Musk's slate of extraordinarily time-consuming projects unrelated to the Company was well-documented before the 2018 grant and only expanded with his high-profile purchase of the company now known as X," Glass Lewis said in its report.Tesla was quick to respond to the report in a <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1318605/000110465924066122/tm2413800d12_defa14a.htm">letter to shareholders</a> titled "What Glass Lewis Got Wrong About Tesla."The letter, published on Wednesday, said that the proxy advisor had relied on "speculation and hypotheticals," used "faulty logic," and omitted "key considerations."ISS gave "cautionary support" for a proposal to reincorporate Tesla in Texas, but it noted that the board's process toward the move left "something to be desired," per Bloomberg.On the other hand, Glass Lewis urged shareholders to reject the proposed move, saying it offered them "uncertain benefits and additional risk.<h2 id="9eca0344-a441-4566-91a6-9287f78ef0eb">Musk has previously hit out at the power of proxy advisors</h2><div type="image" title="A Tesla showroom and service center in Amsterdam." height="3202" width="4633" msid="110624962" hostid="261" sizebytes="403758"></div>Proxy advisors help shareholders decide how to vote at shareholder meetings, and they can have "significant influence" over investors' voting decisions, according to a <a target="_blank" href="https://corpgov.law.harvard.edu/2018/06/14/the-big-thumb-on-the-scale-an-overview-of-the-proxy-advisory-industry/">report</a> published by the Harvard Law School Forum on Corporate Governance.Musk has previously hit out at the amount of influence such firms have."Far too much power is concentrated in the hands of 'shareholder services' companies like ISS and Glass Lewis because so much of the market is passive/index funds, which outsource shareholder voting decisions to them," he wrote in a <a target="_blank" href="https://x.com/elonmusk/status/1617728786136727556">post</a> on X in January 2023."ISS and Glass Lewis effectively control the stock market," he added.Investors will vote on his pay package at Tesla's annual meeting on June 13.Musk, who also runs SpaceX, Neuralink, and the Boring Company, has previously warned that he would develop future products outside of Tesla if his bid to increase his stake in the EV maker were blocked.Musk's controversial compensation package was initially approved by 73% of investors in 2018, but <a target="_blank" href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1">a Delaware judge</a> struck it down in January over concerns about its size and the board's independence.Tesla's board has since been working to persuade investors to support the deal.If the board can prove investors still support it, it could help in an appeal of the decision to void it.However, a loss would be a major blow to the board and could raise questions about Musk's leadership.

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