Tesla gave Elon Musk a stock grant of $29 billion on Monday as a reward for years of "transformative and unprecedented" growth despite a recent foray into right-wing politics that has hurt its sales, profits and its stock price. In giving its billionaire CEO 96 million in restricted shares, the electric car company noted that Musk hasn't been paid in years because his 2018 compensation package has been rejected by a Delaware court. Tesla on Monday called the grant a "first step, good faith" way of retaining Musk and keeping him focused, citing his leadership of SpaceX, xAI and other companies.
South San Francisco is moving ahead with a new In-N-Out burger restaurant, making it one of six locations in the county and the first one in t…
Google has struck a deal to buy cybersecurity firm Wiz for $32 billion in what would be the tech giant's biggest-ever acquisition at the same time it's facing a potential breakup of its internet empire. The proposed takeover announced Tuesday is part of Google's aggressive expansion into cloud computing during an artificial intelligence boom. The frenzy is driving demand for data centers that provide the computing power for AI technology and intensifying the competition in that space among Google and two other tech powerhouses, Microsoft and Amazon. If the all-cash transaction is approved by regulators, Wiz will join Google Cloud next year.
Kroger and Albertsons are defending their plan to merge in a hearing that began Monday in federal court in Oregon. In October 2022, the chains proposed what would be the largest supermarket merger in U.S. history. They say joining together would help them compete with big rivals like Walmart and Costco. But the Federal Trade Commission sued to try to block the merger, saying it would eliminate competition and raise grocery prices. After a three-week hearing, U.S. District Judge Adrienne Nelson will decide whether to grant the FTC's request for a preliminary injunction, which would block the merger while the case goes through in-house proceedings at the FTC.
Tesla shareholders have voted to restore CEO Elon Musk's record $44.9 billion pay package that was thrown out by a Delaware judge earlier this year. Vote totals were not immediately announced. The favorable vote doesn't mean CEO Musk will get the all-stock compensation anytime soon. The package is likely to remain tied up in the Delaware Chancery Court for months as Tesla appeals the rejection. The court ruled in January that Musk essentially controlled the Tesla board when it approved the package in 2018, and that it failed to fully inform shareholders who approved it the same year. Tesla has said it would appeal, but asked shareholders to reapprove the package at Thursday's annual meeting.
NEW YORK (AP) — Shares of Tesla jumped at the opening bell Monday after the electric car maker announced its second stock split in less than t…
