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Elon Musk is already the world’s richest man, but today he could take a giant step towards becoming the world’s first trillionaire.

Shareholders at Tesla are voting on a pay deal for their chief executive that is unlike anything corporate America has ever seen.

The package would grant Musk, who already has a net worth of more than $400bn, around 425 million shares in the company.

That would net him about $1trn (£760bn) and, perhaps more importantly to Musk, it would tighten his grip on the company by raising his stake from 15% to almost 30%.

The board, which has been making its case to retail investors with a series of videos and digital ads, has a simple message: Tesla is at a turning point.

Musk onstage during an event for Tesla in Shanghai, China. Pic: Reuters
Image:
Musk onstage during an event for Tesla in Shanghai, China. Pic: Reuters

Yes, it wants to sell millions of cars, but it also wants to be a pioneer in robotaxis, AI-driven humanoid robots, and autonomous driving software. At this moment, it needs its visionary leader motivated and fully on board.

Musk has served his warning shot. Late last month, he wrote on X: “Tesla is worth more than all other automotive companies combined. Which of those CEOs would you like to run Tesla? It won’t be me.”

Not everyone is buying it, however.

With so much of his personal wealth tied up in Tesla, would Musk really walk away?

Musk poses after his company's initial public offering at the NASDAQ market in New York on 29 June 2010. Pic: Reuters
Image:
Musk poses after his company’s initial public offering at the NASDAQ market in New York on 29 June 2010. Pic: Reuters

Bad for the brand?

Others see his continued presence and rising influence as a risk. Norway’s sovereign wealth fund, the world’s largest, which owns 1.1% of the company (making it a top 10 shareholder), has already declared it will vote against the deal. It cited concerns about “the award’s size, dilution, and lack of mitigation of key person risk”.

Several major US pension funds have followed suit. In an open letter published last month, they warned: “The board’s relentless pursuit of keeping its chief executive has damaged Tesla’s reputation.”

They also criticised the board for allowing Musk to pursue other ventures. They said he was overcommitted and distracted as a result. Signatories of that letter included the state treasurers of Nevada, New Mexico, Connecticut, Massachusetts, Colorado, and the comptrollers of Maryland and New York City.

All of them Democrats. Republicans have been more favourable. There is a political slant to this.

The signatories’ concerns with his “other ventures” no doubt include the time Musk spent dabbling in right-wing politics with the Republican inner circle. That made him a polarising figure and, to an extent, Tesla too.

Elon Musk, who's been close to Donald Trump, boards Air Force One in New Jersey. Pic: Reuters
Image:
Elon Musk, who’s been close to Donald Trump, boards Air Force One in New Jersey. Pic: Reuters


Pay packet dwarfs rivals

Combine this with a mixed sales performance and a volatile share price, and some are wondering whether the carmaker has lost its way under his leadership.

Irrespective of performance, for some, the existence of billionaires – let alone trillionaires – can never be justified. Some may also ask why Musk is worth so much more than the leaders of Apple, Facebook, and Microsoft, or Nvidia, the world’s most valuable company by market capitalisation.

Nvidia‘s chief executive, Jensen Huang, received $49.9m (£37.9m) this fiscal year. So, how has Tesla come up with these numbers? Why is Musk’s pay so out of kilter with the benchmark? Does the company have a corporate governance problem?

The courts have suggested it might. Last year, a Delaware court took the view that Tesla’s board members, which include Musk’s brother Kimbal, were not fully independent when agreeing to a $56bn (£42.6bn) pay packet back in 2017.

Jensen Huang has defended the AI sector. Pic: Reuters
Image:
Jensen Huang has defended the AI sector. Pic: Reuters

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The Delaware Supreme Court is now reviewing the case. It is a reminder that even if Musk meets his targets, a similar fate could befall the current package.

The Tesla board is holding firm, however. Robyn Denholm, the company’s chair, told The New York Times: “He doesn’t get any compensation if he doesn’t deliver,” adding that Musk “does things that further humankind”.

Tesla’s valuation is tied up in its promise to deliver revolutionary AI and robotics products that will change the world. Those ambitions, which include robots that can look after children, are lofty. Some would call them unrealistic, but the board is adamant that if they are to become a reality, only Musk can make it happen.

Under the deal, Musk would receive no salary or cash bonus. Instead, he would collect shares as Tesla’s value grows. To unlock the full package, he would have to increase the current market valuation six times to $8.5trn (£6.47trn). For context, that’s almost twice that of Nvidia.

There are other hurdles. The company would have to sell 20 million additional electric vehicles, achieve 10 million subscriptions to its self-driving software on average over three months, deploy one million robotaxis on average over the same period, sell one million AI-powered robots, and boost adjusted earnings 24-fold to $400bn (£304bn).

They are ambitious targets, but Musk has defied the sceptics before.

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Israel receives hostage’s remains – as Turkey issues arrest warrants for 36 officials involved in the war

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Israel receives hostage's remains - as Turkey issues arrest warrants for 36 officials involved in the war

Israeli troops in Gaza have received the remains of another hostage.

They have now been taken to the National Institute for Forensic Medicine to be examined.

If it is confirmed that they belong to a hostage, this would mean there are five bodies left to be returned under the terms of a ceasefire that began on 10 October.

Israel has also released the bodies of 285 Palestinians – but this identification process is harder because DNA labs are not allowed in Gaza.

Last night’s transfer is a sign of progress in the fragile truce, but some of the remains handed over in recent weeks have not belonged to any of the missing hostages.

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October: Heavy machinery enters Gaza to clear rubble

At times, Israel has accused Hamas of violating the agreement – however, US President Donald Trump has previously acknowledged conditions on the ground in Gaza are difficult.

Meanwhile, UN officials have warned the levels of humanitarian aid flowing into the territory fall well short of what Palestinians require.

Deputy spokesperson Farhan Haqq said more than 200,000 metric tons of aid is positioned to move in – but only 37,000 tons has arrived so far.

Earlier on Friday, hundreds of mourners attended the military funeral of an Israeli-American soldier whose body was returned on Sunday.

Omer Neutra was an Israeli-American soldier. Pic: AP
Image:
Omer Neutra was an Israeli-American soldier. Pic: AP

Captain Omer Neutra was 21 when he was killed by Hamas militants who then took his body into Gaza following the October 7th attacks.

Admiral Brad Cooper, who heads up US Central Command, said during the service: “He is the son of two nations.

“He embodied the best of both the United States and Israel. Uniquely, he has firmly cemented his place in history as the hero of two countries.”

His mother Orna addressed her son’s coffin – and said: “We are all left with the vast space between who you were to us and to the world in your life and what you were yet to become. And with the mission to fill that gap with the light and goodness that you are.”

Read more world news:
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IDF troops carry the coffin of hostage Omer Neutra. Pic: AP
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IDF troops carry the coffin of hostage Omer Neutra. Pic: AP

In other developments, Turkish prosecutors have issued arrest warrants for Prime Minister Benjamin Netanyahu and 36 other Israeli officials on charges of carrying out “genocide” in Gaza.

They have been accused of crimes against humanity – but the move is highly symbolic since these officials were unlikely to enter Turkey.

Foreign minister Gideon Saar dismissed the warrants, and said: “Israel firmly rejects, with contempt, the latest PR stunt by the tyrant Erdogan.”

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Putin’s right-hand man made him look weak – it may have cost him his seat at Kremlin’s top table

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Putin's right-hand man made him look weak - it may have cost him his seat at Kremlin's top table

In Soviet times, Western observers would scrutinise video footage of state occasions, like military parades on Red Square, to try to learn more about Kremlin hierarchy.

Who was positioned closest to the leader? What did the body language say? Which officials were in and out of favour?

In some ways, not much has changed.

The footage present-day Kremlinologists are currently pouring over is from Wednesday’s landmark meeting of Russia’s Security Council, in which Vladimir Putin told his top officials to start drafting proposals for a possible nuclear weapons test.

It was an important moment. Not one you’d expect a trusted lieutenant to miss. But Sergei Lavrov, Russia’s veteran foreign minister, was conspicuously absent – the only permanent member of the Council not present.

According to the Russian business daily, Kommersant, his absence was “coordinated”.

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US President Donald Trump meets with Russia's President Vladimir Putin in Alaska. Pic: AP
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US President Donald Trump meets with Russia’s President Vladimir Putin in Alaska. Pic: AP

Sergey Lavrov and Marco Rubio in Alaska. Pic: AP
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Sergey Lavrov and Marco Rubio in Alaska. Pic: AP

That episode alone would have been enough to raise eyebrows.

But coupled with the selection of a more junior official to lead the Russian delegation at the upcoming G20 summit (a role Lavrov has filled in recent years) – well, that’s when questions get asked, namely: Has Moscow’s top diplomat been sidelined?

The question has grown loud enough to force the Kremlin into a denial, but it’s done little to quell speculation that Lavrov has fallen out of favour.

Russian foreign minister Sergei Lavrov. File pic: Reuters
Image:
Russian foreign minister Sergei Lavrov. File pic: Reuters

Rumours of a rift have been mounting since Donald Trump called off a planned summit with Putin in Budapest last month, following a phone call between Lavrov and US secretary of state Marco Rubio.

According to the Financial Times, it was Lavrov’s uncompromising stance that prompted the White House to put the summit on ice.

Conversations I had with diplomatic sources here at the time revealed a belief that Lavrov had either dropped the ball or gone off-script. Whether it was by accident or by design, his diplomacy (or lack of it) torpedoed the summit and seemingly set back a US-Russia rapprochement.

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September: Anyone downing aircraft in Russian airspace will ‘regret it’

That would’ve angered Putin, who is keen to engage with Washington, not only on Ukraine but on other issues, like nuclear arms control.

More importantly, perhaps, it made the Russian president appear weak – unable to control his foreign minister. And Putin is not a man who likes to be undermined.

Football fans will be familiar with Sir Alex Ferguson’s golden rule of management: Never let a player grow bigger than the club. Putin operates in a similar fashion. Loyalty is valued extremely highly.

Lavrov meets with his Iranian counterpart Mohammad Javad Zarif in 2015. Pic: Reuters
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Lavrov meets with his Iranian counterpart Mohammad Javad Zarif in 2015. Pic: Reuters

North Korea's Kim Jong Un and Lavrov meet in Pyongyang in 2023. Pic: AP
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North Korea’s Kim Jong Un and Lavrov meet in Pyongyang in 2023. Pic: AP

Lavrov and Chinese counterpart Wang Yi meet in Indonesia in 2022. Pic: Reuters
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Lavrov and Chinese counterpart Wang Yi meet in Indonesia in 2022. Pic: Reuters

If Lavrov has indeed been sidelined, it would be a very significant moment indeed. The 75-year-old has been the face of Russian diplomacy for more than two decades and effectively Putin’s right-hand man for most of the Kremlin leader’s rule.

Known for his abrasive style and acerbic putdowns, Lavrov has also been a vociferous cheerleader for Russia’s invasion of Ukraine.

At the Putin-Trump summit in Alaska, he arrived wearing a jumper emblazoned with the initials “CCCP”, the Russian letters for USSR. The apparent message: Ukraine still belongs to Moscow.

And in the melee that immediately followed the presidents’ press statements at the summit, I remember racing over to Lavrov as he was leaving and yelling a question to him through the line of security guards.

He didn’t even turn. Instead, he just shouted back: “Who are you?”

It was typical of a diplomatic heavyweight, who’s known for not pulling his punches. But has that uncompromising approach finally taken its toll?

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COP’s potential for change limited not by who turned up, but by the elephants not in the room

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COP's potential for change limited not by who turned up, but by the elephants not in the room

The COP climate summit in Belem opened with a diplomatic double-whammy.

The Prince of Wales and Sir Keir Starmer reaffirmed the UK’s commitment to fighting climate change and urged the rest of the world to do so, too.

But as the tropical rain beat down on the tarpaulin roof of this temporary summit venue, it’s hard not to feel the air going out of the process.

The Prince of Wales is passionate about fighting climate change. Pic: Reuters
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The Prince of Wales is passionate about fighting climate change. Pic: Reuters

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COP30: India’s climate refugees

Sir Keir and Prince William’s presence doesn’t make up for the geopolitical weight of the elephants not in the room.

The leaders of China, the US and India – the world’s three largest contributors to climate change – are no-shows.

Donald Trump’s highly-publicised decision to withdraw America from the UN climate talks is a blow.

Before Mr Trump, America – the world’s largest economy, largest oil and gas producer, and major market for renewable energy – had serious deal-making power here.

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Having formally withdrawn, there is no US delegation.

And, as far as I can tell, any US broadcasters either, so for Americans, this meeting may as well not be happening at all.

Pic: Reuters
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Pic: Reuters

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Cop out: Is net zero dead?

Without the US, things will be harder.

But does that mean the process is doomed?

The leaders of China and India may be absent but they’ve sent high-level delegations.

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Why is COP 30 controversial?

China is represented by vice-premier Ding Xuexiang, the country’s most high-ranking politician after President Xi himself.

And, while China and India might not be big on eco-messaging, between them they are busy driving the most rapid shift away from fossil fuels towards wind, solar and nuclear power the world has ever seen.

What’s more, the real work at these summits isn’t done by heads of state, but experienced sherpas, some of whom have trodden the nylon carpeted corridors of COP for 30 years.

The Prince of Wales with Prime Minister Keir Starmer. Pic: PA
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The Prince of Wales with Prime Minister Keir Starmer. Pic: PA

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Prince takes a tumble on Brazil beach

It’s reasonable to ask what they’ve achieved in all that time.

The commitments of the Paris agreement of a decade ago have been missed by a wide margin.

The world is about to blow past 1.5 degrees of warming and almost certainly exceed two degrees as well.

But when the Paris deal was signed, the trajectory was for four degrees of warming.

There are good COPs and bad COPs, but the world is undoubtedly a safer place now than it would have been without them.

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