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Apple CEO Tim Cook to take more than 40% pay cut
Business

Apple CEO Tim Cook to take more than 40% pay cut

  • By MICHELLE CHAPMAN AP Business Writer

Apple CEO Tim Cook will take a more than 40% pay cut this year from a year earlier as the company adjusts how it calculates his compensation. Apple Inc. said in a regulatory filing that Cook's target total compensation is $49 million for 2023. Last year the company conducted a shareholder vote on executive pay. Apple said its compensation committee took into account shareholder feedback, the company's performance and a recommendation from Cook, who was promoted to CEO in 2011, to adjust his compensation in light of the feedback received.

Wells Fargo 4Q profit falls by half but tops expectations
Business

Wells Fargo 4Q profit falls by half but tops expectations

  • By MATT OTT AP Business Writer

Wells Fargo's profit for the fourth quarter came in ahead of Wall Street's targets but were about half of what it earned last year as the bank had to pay another $3.3 billion in fines and penalties to settle numerous scandals from recent years. Wells earned $2.9 billion, or 67 cents per share, in the the last quarter of 2022. Analysts were expecting a profit of 60 cents per share. Last year, the bank earned $5.8 billion in the fourth quarter, or $1.38 per share. Wells said the losses related to the regulatory matters were equal to about 70 cents per share.

Musk says Twitter in precarious position, defends cost cuts
Business

Musk says Twitter in precarious position, defends cost cuts

  • Updated

Elon Musk is defending his massive cost-cutting at Twitter as necessary for the social media platform to survive next year, in part due to debt payments tied to his $44 billion takeover of the company. Musk described Twitter as like a plane that is headed towards the ground at high speed with the engines on fire and the controls don't work. He was speaking to a late-night audience on a Twitter Spaces call Tuesday. That's after Elon Musk said earlier on Tuesday that he plans on remaining as Twitter's CEO until he can find someone willing to replace him in the job.