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Tesla shareholders have approved Elon Musk’s multi-billion-dollar pay package.

The package is now worth $44bn (£34bn). The package was once as much as $56bn (£44bn) but has declined in value in tandem with Tesla’s stock.

The proposal passed despite opposition from some large institutional investors and proxy firms.

Onstage at the annual shareholder meeting in Austin, Texas, the billionaire described himself as “pathologically optimistic”.

“If I wasn’t optimistic this wouldn’t exist, this factory wouldn’t exist,” Musk said to resounding applause.

“But I do deliver in the end. That’s the important thing.”

The approval does not, however, resolve a lawsuit on the pay package in a Delaware court, which some legal experts believe could last months.

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The judge invalidated it in January, describing it as “unfathomable”.

Musk may also face fresh lawsuits on the deal, which would be the largest in American corporate history.

Shareholders had first approved the bumper pay packet in 2018.

“This thing is not over,” said Brian Quinn, a professor at Boston College Law School.

The Delaware judge will scrutinise the vote and require Tesla to prove the process was not coerced or improperly influenced by Musk, Professor Quinn said.

A general view of the Tesla gigafactory in Austin, Texas, U.S., February 28, 2023. REUTERS/Go Nakamura
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A general view of the Tesla gigafactory in Austin, Texas, U.S., February 28, 2023 Pic: Reuters

The judge had criticised Tesla’s board fore being “beholden” to Musk, saying the plan was proposed by a “conflicted board” with “close personal and financial ties” to its top executive.

Shareholders also approved a proposal to move the company’s legal home to Texas from Delaware.

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They also backed other proposals, including the re-election of two board members, Musk’s brother Kimbal Musk and James Murdoch, son of media mogul Rupert Murdoch.

Shareholders did increase the level of investor control by passing proposals in favour of shortening board terms to one year and lowering voting requirements for proposals to a simple majority, despite board opposition to both.

Tesla did not disclose the voting tallies, which are expected to be revealed in coming days.

At least a half-million viewers watched the meeting on the livestream on X, which Musk also owns, and about 40,000 watched on YouTube.

Tesla’s share price has dropped about 55% from its 2021 peak as electric vehicle sales have slowed.

The stock closed up 2.9% on Thursday.

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Ben & Jerry’s’ boss would give back money for brand independence amid ‘silencing’ claim

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Ben & Jerry's' boss would give back money for brand independence amid 'silencing' claim

The co-founders of the Ben & Jerry’s ice cream brand are demanding the brand be given its independence back amid a long-running row with its current UK owner.

Ben Cohen and Jerry Greenfield have written an open letter demanding that it be “released” from its parent firm.

Mr Cohen told Sky News he would give back the money he received in the sale of the business to Unilever in 2000 if it meant the brand could be independent.

Ben & Jerry’s is set to spin off all its ice cream brands under The Magnum Ice Cream Company (TMICC) name in a deal set to be fully completed before the end of the year.

“You’re saying, would I give it back? Absolutely. If we could still have Ben and Jerry’s independent, any day”, he said.

“It seems like the board of Magnum has been Trumpified”, Mr Cohen told Sky News as he protested the “silencing” of Ben & Jerry’s social mission.

Money latest: My parents’ row with P&O Cruises was resolved by audio recording

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The consumer goods firm Unilever has never enjoyed an easy relationship with Ben & Jerry’s – a brand known for its activism on many political and social issues.

As part of the original merger deal, an independent board was set up to protect the ice cream brand’s mission.

But a series of disputes have followed.

The most high-profile spat came in 2021 when the US brand took the decision not to sell ice cream in Israeli-occupied Palestinian territories on the grounds that sales would be “inconsistent” with its values.

Ben Cohen in London
Image:
Ben Cohen in London

Unilever responded by selling the business to its licensee in Israel.

The independent board is currently locked in a legal dispute with Unilever, claiming in March that its then-chief executive David Stever was improperly sacked.

Ben Cohen. File pic: AP
Image:
Ben Cohen. File pic: AP

For its part, Unilever has always argued that it “reserved primary responsibility for financial and operational decisions” as owners of Ben & Jerry’s.

In another example of the frostiness between them, an ice cream flavour launched in support of Democrat presidential candidate Kamala Harris went down badly in London.

Ben & Jerry’s claimed Unilever had demanded it stop public criticism of Donald Trump.

Mr Cohen was one of seven people arrested during the Senate protest in May
Image:
Mr Cohen was one of seven people arrested during the Senate protest in May

Ben Cohen himself was arrested earlier this year over a protest in support of Gaza during a US Senate hearing.

He and Mr Greenfield intervened in the ownership row as TMICC briefed investors on their plans at a so-called capital markets day. They say the independent board and many consumers and employees “no longer support the trajectory on which it is set”.

Mr Cohen, who is attending the event to protest, said: “Ben & Jerry’s was founded on a simple but radical premise: that our business could thrive and make outstanding products whilst standing up for progressive values.

“We fought to ensure our social justice mission was protected by Unilever when the company was acquired, but over the past several years, this has been eroded, and the company’s voice has been muted.

“We won’t be silent anymore. Authenticity has always been at the very heart of what we do, and stripping this away risks destroying the very value of Ben & Jerry’s. We urge the board and potential investors to rethink the inclusion of Ben & Jerry’s in Magnum’s future makeup and establish a Free Ben & Jerry’s.”

The new ice cream division, which will also comprise other brands such as Wall’s, is based in the Netherlands and will have a primary stock market listing in Amsterdam.

A spokesperson for The Magnum Ice Cream Company told Sky News: “Ben & Jerry’s is a proud part of The Magnum Ice Cream Company and is not for sale.

“We remain committed to Ben & Jerry’s unique three-part mission – product, economic and social – and look forward to building on its success as an iconic, much-loved business.”

Unilever has also been contacted for comment.

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Nationwide app and internet banking down

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Nationwide app and internet banking down

The mobile banking app and internet banking are down at Britain’s biggest building society.

Nationwide’s online services have been offline since around 3pm on Tuesday.

It apologised “for any problems this may cause”.

“We’re working to get things back to normal as quickly as we can,” it added.

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Direct debits and standing orders are working normally, and customers can still use cards online and in shops, withdraw money from cash machines and receive payments.

Initially, Nationwide said some customers were unable to access the app or internet banking and told users to try again later.

At 2.44pm 1,900 users reported issues with Nationwide services on the Downdetector website.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

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Ben & Jerry’s co-founders demand independence for brand in latest ownership spat

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Ben & Jerry's co-founders demand independence for brand in latest ownership spat

The co-founders of the Ben & Jerry’s ice cream brand are demanding the brand is given its independence back amid a long-running row with its current UK owner.

Ben Cohen and Jerry Greenfield have written an open letter demanding that it be “released” from its parent firm.

Unilever bought Ben & Jerry’s in 2000 but is set to spin off all its ice cream brands under The Magnum Ice Cream Company (TMICC) name in a deal set to be fully completed before the end of the year.

The consumer goods firm has never enjoyed an easy relationship with Ben & Jerry’s – a brand known for its activism on many political and social issues.

Money latest: My parents’ row with P&O Cruises was resolved by audio recording

As part of the original merger deal, an independent board was set up to protect the ice cream brand’s mission.

But a series of disputes have followed.

More from Money

The most high-profile spat came in 2021 when the US brand took the decision not to sell ice cream in Israeli-occupied Palestinian territories on the grounds that sales would be “inconsistent” with its values.

Unilever responded by selling the business to its licensee in Israel.

Ben Cohen. File pic: AP
Image:
Ben Cohen. File pic: AP

The independent board is currently locked in a legal dispute with Unilever, claiming in March that its then-chief executive David Stever was improperly sacked.

For its part, Unilever has always argued that it “reserved primary responsibility for financial and operational decisions” as owners of Ben & Jerry’s.

In another example of the frostiness between them, an ice cream flavour launched in support of Democrat presidential candidate Kamala Harris went down badly in London.

Ben & Jerry’s claimed Unilever had demanded it stop public criticism of Donald Trump.

Ben Cohen himself was arrested earlier this year over a protest in support of Gaza during a US Senate hearing.

Mr Cohen was one of seven people arrested during the Senate protest in May
Image:
Mr Cohen was one of seven people arrested during the Senate protest in May

He and Mr Greenfield intervened in the ownership row as TMICC briefed investors on their plans at a so-called capital markets day. They say the independent board and many consumers and employees “no longer support the trajectory on which it is set”.

Mr Cohen, who is attending the event to protest, said: “Ben & Jerry’s was founded on a simple but radical premise: that our business could thrive and make outstanding products whilst standing up for progressive values.

“We fought to ensure our social justice mission was protected by Unilever when the company was acquired, but over the past several years, this has been eroded, and the company’s voice has been muted.

“We won’t be silent anymore. Authenticity has always been at the very heart of what we do, and stripping this away risks destroying the very value of Ben & Jerry’s. We urge the board and potential investors to rethink the inclusion of Ben & Jerry’s in Magnum’s future make-up and establish a Free Ben & Jerry’s.”

The new ice cream division, which will also comprise other brands such as Wall’s, is based in the Netherlands and will have a primary stock market listing in Amsterdam.

Unilever and TMICC have been contacted for comment.

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