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Nov. 7 (UPI) — Tesla shareholders approved an unprecedented new package for CEO Elon Musk that could see him become the world’s first trillionaire.

The firm said 75% of shareholders with voting rights on Thursday backed Musk’s 10-year pay deal, which could net him $1 trillion over that time by boosting his stake in Tesla by more than 423 million shares.

The share bonanza is contingent on him delivering on a promise to drive up Tesla’s market capitalization five-fold from is current level of around $1.5 trillion to $8.5 trillion, roughly double the size of the Japanese economy.

Shareholders at the annual general meeting at Tesla HQ in Austin, Texas, voted it through on the recommendation of Tesla’s board, arguing Musk might quit if it were rejected and that the company could not afford to lose him.

Counsel from independent advisors Glass Lewis and Institutional Shareholder Services who said the “astronomical” deal should be rejected due to “unmitigated concerns surrounding the special award’s magnitude and design,” was largely ignored.

Addressing the meeting after the result, Musk thanked the board and shareholders, saying what Tesla was poised to do was not just “a new chapter in the future of Tesla, but a whole new book.”

Under the deal, Musk will receive the stock in tranches tied to delivering financial and production targets, including 20 million new electric vehicles rolling off production lines, 10 million full self-driving subscriptions​, 1 million Optimus humanoid robots and 1 million robotaxis in service.

The first block of stock gets paid to Musk when Telsa market capitalization reaches $2 trillion with the next nine awarded each time the company’s value rises by another $500 billion, up to $6.5 trillion.

Two additional rises in market capitalization, each of $1 trillion, bringing the value to $8.5 trillion, are required for the final two stock grants to kick in.

While the deal is performance-based, it’s not set in stone — with Musk still in line to earn more $50 billion even if he fails to meet the bulk of the targets — and includes riders for so-called “covered events” with the potential to impact Tesla’s future designs, manufacturing and sales.

These include natural disasters, wars, pandemics and changes to “international, federal, state and local law, regulations or other governmental action or inaction.”

In June 2024, Musk reincorporated Tesla in Texas, the company’s headquarters and center of operations, moving from Delaware six months after a court there struck down a $56 billion pay deal the board awarded to Musk in 2018, ruling it was “unfair” and that Musk held excessive power over the rules and size of the deal.

On the same day, shareholders voted to reinstate the package, at the time the largest in corporate history.

In December 2024, the Delaware judge in the case reaffirmed her ruling in favor of the complainant, shareholder Tornetta, and ordered Musk must return what he had already received from the package.

The board eventually awarded Musk a $29 billion “good faith” package in August, aimed at keeping Musk at the helm, that would see him granted 96 million shares after two years of service in a “senior leadership role” at Tesla.

Musk’s mega-deal on Thursday came three weeks after Tesla reported Tesla reported third quarter profits down 37%, despite a jump in revenue to a record $28.1 billion on stronger sales of its electric cars in the domestic market.

Aspiration Partners made a splash when it entered the green investing space in 2013.

The Marina del Rey firm billed itself as a socially conscious online banking company, offering investments and focusing its finances on the climate crisis. It also generated and sold carbon credits meant to help offset greenhouse gas emissions.

Soon, it collected celebrity investors such as Leonardo DiCaprio, Orlando Bloom, Robert Downey Jr., and Steve Ballmer, the former Microsoft chief executive, philanthropist and owner of the Los Angeles Clippers.

But 12 years later, things have turned sour.

Earlier this year, the co-founder and another top company official agreed to plead guilty to wire fraud charges and scheming to bilk investors using falsified documents. Aspiration went bankrupt.

And now, the company is at the center of a NBA investigation into whether a $28-million deal the firm cut with Clippers star Kawhi Leonard was designed to help the team circumvent the league’s salary cap.

The Clippers have strongly denied that, and said neither the team nor Ballmer played any role in Leonard’s deal and that there was no intention to violate any NBA rules. Leonard has also denied any wrongdoing.

In a statement, the Clippers said Ballmer and his family are “focused on sustainability” and built the Clippers’ home arena at the leading edge of environmental design. Aspiration was part of that effort, the statement said, and Ballmer was “duped on the investment and on some parts of this agreement, as were many other investors and employees.”

A review of hundreds of pages of court records offers a window into how the once high-flying green company fell amid illegal dealings and multiple federal criminal investigations.

A company’s rise and fall

Founded by Joseph Sanberg and Andrei Cherny, Aspiration Partners reportedly raised $110 million from venture capital funds in just its first few years of existence.

It came at a moment of rising concern about climate change, and Aspiration seemed to capitalize. Sizable deals rolled in, including a $315-million pact with Oaktree Capital Management and Ballmer.

The firm even partnered with rapper Drake in 2021, using its reforestation program to offset the artist’s estimated climate impact. The company at the time claimed its business partners and customers had funded the planting of 15 million trees over the course of a year.

In September 2021, the Clippers announced a deal with the company as the first “Founding Partner” for its state-of-the-art arena in Inglewood. The idea was fans would be able to offset their carbon impact when buying a ticket to watch the team. Aspiration even bid unsuccessfully for the naming rights to the venue, now known as Intuit Dome.

The partnership, the news release announcing it declared, “set a new standard for social responsibility in sports.”

But behind the cadre of celebrity sponsors and investors, court documents reveal trouble was brewing inside Aspiration.

In 2020, the company explored a potential $55-million loan from an investor fund in exchange for 10.3 million shares of stock, according to federal court filings. But the investor fund wanted a “put option” — a sort of safety net guaranteeing it would be able to sell its stock if Aspiration defaulted on the loan, according to federal complaints.

Sanberg, according to federal prosecutors, turned to Ibrahim Ameen AlHusseini, a venture capitalist and then-board member of Aspiration Partners.

According to a federal criminal complaint, Sanberg was aware AlHusseini didn’t have the funds to cover the “put option.” So he allegedly coordinated with AlHusseini to falsify financial records and inflate AlHusseini’s worth by tens of millions of dollars.

Federal prosecutors allege AlHusseini sent Sanberg a spreadsheet showing his investment portfolio from several years back and told Sanberg the spreadsheet was not accurate but a “hypothetical.”

Sanberg, according to the federal complaint filed against him, revised the spreadsheet to read as if it were from Dec. 31, 2019, and sent it to an investment advisor.

AlHusseini also used a graphic designer from Lebanon to falsify financial documents at least 24 times between April 2020 and February 2023, according to the federal complaint filed against Sanberg. The records sent to the financial advisor made it appear that AlHusseini’s investments and assets were worth more than $200 million, the records show.

But in reality, federal prosecutors allege his Bank of America account balance in September 2021 was $11,556.89. His Fidelity investment accounts, according to court records from federal prosecutors, totaled $2,963.63 at the time.

According to a federal complaint, Sanberg then refinanced the loaned $55 million, securing $145 million from another investment firm, again using a “put option” from AlHusseini. This time, AlHusseini promised to buy the shares for $65 million from that firm if Sanberg defaulted, according to the federal complaint.

AlHusseini did not have the funds to back that deal, federal prosecutors alleged in court papers. But he still banked $6.3 million for his role in securing it, the complaint alleged.

There were other signs the company was in trouble.

Federal prosecutors allege Sanberg moved money from his personal checking account between Aspiration and another one of his companies in March 2022, making it appear on paper as if new investments were coming in.

On Nov. 2, 2022, Sanberg defaulted on the loan, and AlHusseini agreed the following month to boost the put option value to $75 million.

Some contractors began to complain that they were not being paid, according to court filings. Lawsuits followed.

In July 2022, Cherny also notified the company he would step down as chief executive. The day after he and the company signed a separation agreement in October, Sanberg threatened to sue him, according to a letter from Sanberg’s attorneys sent to Cherny.

Cherny would later file suit against Aspiration Partners, alleging the company didn’t pay him the entirety of his severance package agreed to in October 2022, according to a complaint filed in federal court. The suit was settled out of court earlier this year.

Federal prosecutors filed charges against AlHusseini in October 2024. He later agreed to plead guilty to one count of wire fraud, as well as to work with federal authorities in their investigation.

He is expected to appear in court for a sentencing hearing on Feb. 26, according to court filings.

Aspiration Partners filed for bankruptcy in March.

Sanberg originally entered a plea of not guilty to the charges, but in August he agreed to plead guilty to two felony counts of wire fraud, according to federal prosecutors.

Court filings show he is expected in court on Oct. 20 for a change of plea hearing.

An NBA star’s deal

Aspiration cut its deal with Leonard in 2022. Although players are allowed to have separate endorsement and other business deals, the NBA probe is trying to determine whether the Clippers participated in arranging the side deal beyond simply introducing Aspiration executives to Leonard.

The investigation follows information detailed in the “Pablo Torre Finds Out” podcast, which reported that Leonard’s deal amounted to a no-work contract meant to circumvent the NBA’s salary cap rules.

The salary cap limits how much teams can spend on player payroll. It’s meant to ensure talent parity by preventing the league’s wealthiest teams from outspending smaller markets to acquire the best players.

Circumventing the cap by paying a player outside of his contract is strictly prohibited and can be severely punished.

Cherny, in a statement posted on X, disputed that the agreement with Leonard required no work from the basketball star.

“The contract contained three pages of extensive obligations that Leonard had to perform,” Cherny wrote in the Sept. 12 post. “And the contract clearly said that if Leonard did not meet those obligations, Aspiration could terminate the contract.”

In the statement, Cherny said he does not remember any conversations about the NBA’s salary cap when the contract between Leonard and Aspiration was signed.

“There were numerous internal conversations about the various things Aspiration was planning to do with Leonard once the 2022-23 season began, including emails from the marketing team about their plans,” he said.

Cherny declined to be interviewed for this article.

It was Aspiration’s collapse that shed light on the Leonard deal. According to bankruptcy filings, Leonard’s private company, KL2 Aspire, is listed as one of the company’s biggest creditors — being owed $7 million.

The Clippers are, by far, the biggest creditor listed for the company, with more than $30 million in outstanding debt.

In a statement, a spokesperson for the Clippers said the team terminated its relationship with Aspiration during the 2022-23 season, when the company defaulted on the agreement.

Ballmer has said he was duped by Aspiration, and insisted the Clippers followed all NBA rules. He also said he welcomed the investigation.

The Clippers signed Leonard to a four-year, $176-million contract in August 2021. In an interview with ESPN last month, Ballmer said that the sponsorship deal with Aspiration was completed in September 2021 and that the Clippers introduced Leonard to Aspiration two months later.

In a statement, a spokesperson for the Clippers said both the team and Ballmer were unaware of Aspiration’s suspicious dealings.

“Neither the Clippers nor Mr. Ballmer was aware of any improper activity by Aspiration or its co-founder until after the government instituted its investigation,” the statement read. “The team and Mr. Ballmer stand ready to assist law enforcement in any way they can.”

Joelinton says it was troubling to see Newcastle United team-mate Lewis Miley “get stick” after a landmark moment, but the Brazilian believes genuine supporters are firmly behind the teenager.

Miley chose to limit replies to a post he made on X to mark his 50th first-team game for Newcastle at the weekend. It is understood this was a precaution as he is still young.

The 19-year-old put in an accomplished display in the goalless draw against Bournemouth – his first Premier League start since February – but he still came in for criticism from a small minority of social media users who questioned his first-team credentials.

Miley’s course of action on the social media platform was noticed, and fans have since sent messages of support, while captain Bruno Guimaraes hailed his fellow midfielder as a “top player and guy”.

Joelinton played alongside academy graduate Miley in Newcastle’s 4-1 win against Bradford City on Wednesday night and said the youngster has a “great future in front of him”.

“It’s always difficult when you see your team-mate get stick,” Joelinton said following the Carabao Cup third-round tie. “I have had a difficult time here, too. I know how it is.

“I know the fans are behind the team and a really good young player. He played really well on Sunday. The team has to get better and everyone has to look on the mirror and get better.”

Miley praised Newcastle’s “amazing” travelling support in his post on Sunday, saying he was “very proud” to have hit the milestone for his boyhood club.

The midfielder broke a number of records during a breakout campaign at Newcastle a couple of years ago, including becoming the youngest player in Champions League history to provide an assist for an English side by doing so at the age of 17 years and 226 days.

Miley went on to suffer back and foot injuries and has faced intense competition for a starting berth while competing with fellow midfielders Guimaraes, Joelinton and Sandro Tonali.

But Miley, tellingly, kept his place in Eddie Howe’s starting line-up for the visit of Bradford.

“I thought Lewie was excellent,” the Newcastle head coach said. “In part, I think he really helped us in the first half. He played some lovely little deft touches and short passes into midfield using Joe and Bruno as a springboard, really, to control that midfield area.

“He’s come back into the team and produced two really good performances back-to-back. I thought he was really good against Bournemouth in maybe a slightly different way to tonight, but he’s developing his experience all the time and I’m really pleased with him.”

Intel (INTC -3.22%) has a new and powerful ally. On Thursday, Nvidia (NVDA 0.34%) said it will invest $5 billion in Intel and codevelop multiple generations of custom products, spanning data centers and PCs. Intel shares jumped more than 20% on the news, as investors digested what a tie-up with the leader in artificial intelligence (AI) computing could mean for the company’s multiyear turnaround.

The semiconductor veteran designs and manufactures CPUs and runs a contract manufacturing business. In recent years, Intel has wrestled with product delays, shrinking margins, and heavy losses in its foundry segment. The Nvidia partnership gives Intel access to new design opportunities and a stronger place in AI-centric systems. Whether that translates into durable earnings power is the question investors care about.

Image source: Getty Images.

A vote of confidence that counts

Nvidia’s announcement laid out two concrete planks. First, Intel will design Nvidia-custom x86 CPUs that Nvidia will integrate into its AI infrastructure platforms. Second, Intel will build x86 system-on-chips for PCs that integrate Nvidia RTX GPU chiplets.

As part of the collaboration, Nvidia will invest $5 billion in Intel common stock at $23.28 per share, subject to regulatory approvals.

“This historic collaboration,” Nvidia CEO Jensen Huang said, ties Nvidia’s AI stack to Intel’s vast x86 ecosystem. Intel CEO Lip-Bu Tan framed it as confidence in Intel’s roadmap and manufacturing — and a path to “new breakthroughs for the industry.”

The market reaction was swift. Intel rose more than 20% intraday, while Nvidia ticked higher as well. The move arrives as Intel trims costs, resets capital spending, and narrows its focus. Notably, the companies did not commit to shifting Nvidia’s GPU manufacturing to Intel’s fabs; investors should view this as a design and platform collaboration plus equity capital — not a wholesale manufacturing shift.

Recent results show a company still in repair

Intel’s business results have been underwhelming. Its second-quarter revenue was $12.9 billion, roughly flat year over year. Generally accepted accounting principles (GAAP) gross margin declined to 27.5%, and GAAP earnings per share was a loss of $0.67, pressured by $1.9 billion of restructuring charges and other one-time items. Non-GAAP earnings per share were a loss of $0.10.

For the third quarter, Intel guided revenue to $12.6 billion to $13.6 billion and non-GAAP earnings per share of about $0.00 at the midpoint.

There were signs of operational progress and AI relevance. Data center and AI revenue rose 4% year over year to $3.9 billion, and Intel highlighted that its Xeon 6776P is the host CPU in Nvidia’s latest DGX B300 systems.

Still, the overall picture remains mixed, with margins depressed and the foundry business a drag as Intel pares projects and slows certain builds to defend returns.

“We are laser-focused on strengthening our core product portfolio and our AI roadmap,” Tan said in the quarterly release — a reminder that the turnaround is still very much underway.

What’s next?

Viewed through an investor lens, two things matter: earnings power and price. With trailing-12-month revenue around low-$50 billion and losses on the bottom line, price-to-earnings is not useful; price-to-sales in the mid-2s is a better quick gauge for now. That leaves the stock leaning on a credible path back to healthier gross margins and operating income.

The Nvidia deal may help by anchoring Intel CPUs inside Nvidia’s AI platforms, creating a new PC silicon vector with integrated RTX chiplets, and signaling third-party confidence that can attract talent and customers. But execution — on both products and cost discipline — still has to show up in the numbers.

Of course, Nvidia’s involvement doesn’t guarantee success. Foundry losses and prior write-downs underscore how costly it is to rebuild manufacturing relevance.

Additionally, investors shouldn’t forget Intel’s challenges. Its guidance implies only modest sequential improvement, and Intel must prove it can expand gross margin back toward a level that supports sustainable free cash flow.

Finally, competition is intense, with Advanced Micro Devices growing in servers and client CPUs even before layering in its own AI accelerators. And while the partnership is meaningful, it does not remove the need for Intel to hit product and manufacturing milestones over the next several quarters.

But Nvidia’s stake and the co-development roadmap arguably do increase the odds that Intel’s turnaround gains traction. The collaboration creates real product hooks and stronger incentives for both sides to make the designs successful. If Intel converts these tailwinds into margin recovery and stable growth over time, today’s valuation could look reasonable for investors with patience.

US president has urged Republicans to redraw map to help the party net a handful of seats in the midterms next year.

Texas Democrats are leaving the state en masse in an attempt to prevent the state’s House of Representatives from holding a vote on Monday on new congressional maps that Republicans hope will win them several additional US House seats in the 2026 midterm elections to buttress their narrow majority.

The dramatic move on Sunday could expose Democrats to fines and other penalties, with the state’s attorney general having previously threatened to arrest them if they took such an action. Refusing to attend legislative sessions is a civil violation, so Democrats legally could not be jailed, and it is unclear who has the power to carry out the warrants.

Democrats have cast the decision to leave the state as a last-ditch effort to stop Republicans who hold full control of the Texas government from pushing through a rare mid-decade redrawing of the congressional map at the direction of President Donald Trump.

Trump is eager to avoid a repeat of his first term, when Democrats flipped the House just two years into his presidency, stymying his legislative plans, and hopes the new Texas map will aid that effort.

“This is not a decision we make lightly, but it is one we make with absolute moral clarity,” said Gene Wu, chair of the House Democratic Caucus, in a statement.

To conduct official business, at least 100 members of the 150-member Texas House must be present.

Democrats hold 62 of the seats in the majority-Republican chamber. At least 51 Democratic members are leaving the state, said Josh Rush Nisenson, spokesperson for the House Democratic Caucus.

“Apathy is complicity, and we will not be complicit in the silencing of hard-working communities who have spent decades fighting for the power that Trump wants to steal,” he said.

Standoff in 2021

The move marks the second time in four years that Texas Democrats have fled the state to block a vote.

In 2021, a 38-day standoff took place when Democrats left for Washington, DC, in opposition to new voting restrictions.

Republican Governor Greg Abbott called a special session of the legislature that started last month to take up the redistricting effort, as well as to respond to flooding in Texas Hill Country, which killed at least 135 people in July.

Texas Republicans last week unveiled their planned new United States House map that would create five new Republican-leaning seats. Republicans currently hold 25 of the state’s 38 seats.

SOME of London’s biggest festivals face an uncertain future after residents won a court battle to block a major park from hosting events. 

Backed by Oscar winning actor Mark Rylance, the campaign has ordered the council to confirm that events will be cancelled this summer.

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Brockwell Park in Lambeth has long been a popular site for some of the UK’s biggest festivals. 

Hundreds of thousands of Brits flock to the park every summer to attend events including Mighty Hoopla – which was set to host both Kesha and Jade Thirwall this year. 

However, residents decided to fight back against the festivals after the park was left in a state they described as a “mud-bath”. 

Rebekah Shaman, a member of the Protect Brockwell park group, successfully brought legal action against Lambath Council over the use of the area for events season – which kicks off on May 23. 

The High Court was told that the challenge was over the council’s decision to certify the use of the land as lawful, since a change of the park’s use is allowed for 28 days per year. 

Mr Justice Mold rule in Rebekah’s favour, since the park would be used as an event space for more than 28 days. 

Now, events such as Brockwell Live and the Mighty Hoopla could be banned from setting up in the park.

Rebekah and her lawyers wrote a letter addressed to the council which asked if the “event has been cancelled” and ordered them to clear any fencing or infrastructure. 

The draft letter from Goodenough Ring solicitors said that Brockwell Live does not have planning permission and cannot benefit from permitted development rights, and that a planning application could not be decided for at least three weeks.

The letter read: “It follows that not only do the Brockwell Live events not have planning permission, but permission cannot be obtained until after they are concluded.”

It continued: “As there is no planning permission for the Brockwell Live event, the event has to be cancelled.”

Goodenough Ring has asked for a response by 10am on May 19.

A Lambeth Council spokesperson responded by saying: “We are currently assessing the impact of this judgement and determining next steps.”

The court ruling recieved a cheer from Dunkirk actor Mark Rylance. 

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The Oscar nominated performer said: “Wonderful news. Brockwell park will be open to all for free again this summer. No walls. No trucks.

“The grass, and trees, and plants will have a chance to recover from the years of abuse.

“Now let’s help revive the beloved Lambeth country fair as it used to be, open to all. Congratulations to all who worked so devotedly to achieve this decision.

“Every small victory for nature makes a difference.”

However, the event’s cancellation is a blow to London’s beleaguered events industry. 

Critics of residents’ associations have said that noise complaints have led to the closure of several major London locations. 

However, in April, Mayor of London Sadiq Khan was awarded increased powers to protect the capital’s pubs. 

The Mayor will be able to block councils and residents from shutting down late-night pub and club openings. 

The increased powers had support from Chancellor Rachel Reeves who said that “unnecessarily burdensome red tape” was choking London’s events industry.

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Nvidia’s shares surged 5.6% on Tuesday, boosted by a tens-of-billions-of-dollars artificial intelligence (AI) investment plan agreed between the US and Saudi Arabia. However, the AI powerhouse’s stock remains down 4.5% year-to-date as of market close on 13 May, facing challenges stemming from US-China trade tensions and the launch of China’s DeepSeek, a lower-cost AI model.

CEO Jensen Huang was among the US tech leaders—alongside Tesla’s Elon Musk, OpenAI’s Sam Altman, AMD’s Lisa Su, Palantir’s Alex Karp, and other executives—who accompanied President Trump on his visit to Saudi Arabia. At the investment conference, the White House announced a $600 billion investment pledge by the Middle Eastern kingdom into the US, including a nearly $142 billion defence sales deal, an $80 billion commitment into “cutting-edge transformative technologies” in both countries, and other agreements across energy, aerospace, and sports sectors.

Trump also vowed to lift all sanctions against Syria during his visit, a political gesture to warm the relationship with key Middle East countries. He is also going to meet leaders of Qatar and the United Arab Emirates (UAE) later this week.

The Middle East AI deals

Nvidia announced it will partner with HUMAIN, a subsidiary of Saudi Arabia’s Public Investment Fund focused on AI, to transform the Kingdom of Saudi Arabia (KSA) into “a global powerhouse in AI, cloud and enterprise computing, digital twins and robotics.” Nvidia will supply its most advanced AI chips over the next five years, including 18,000 units of the GB200 Grace Blackwell AI supercomputer with its InfiniBand networking in the initial phase. The purchase forms part of a broader project for HUMAIN to build AI factories in the kingdom, with a projected capacity of up to 500 megawatts.

The announcement also includes a deal with the Saudi Data & AI Authority (SDAIA), which will “deploy up to 5,000 Blackwell GPUs for a sovereign AI factory and enable smart city solutions.” Aramco Digital, the technology arm of oil giant Saudi Aramco, will also collaborate with Nvidia to develop AI infrastructure in the country.

Saudi Arabia, an oil-rich nation, is seeking to diversify its economy, which still relies heavily on crude exports. The kingdom aims to attract $100 billion in foreign direct investment annually, as outlined under its Vision 2030 strategy.

According to a Bloomberg report, the Trump administration is also considering a deal with the UAE, which would permit the import of over one million advanced Nvidia chips—well above the export limits imposed under the Biden administration.

Other major US tech firms, including AMD, Global AI, Amazon, Cisco, and OpenAI, also announced AI investment plans in Saudi Arabia during the event.

The US scraps Biden’s AI diffusion rule

Trump’s Middle East trip is shaping up to be a major win for US AI chipmakers, as the president looks to ease export curbs to China. On the same day, the US Department of Commerce (DOC) announced that it is rescinding the AI diffusion rule imposed during former President Joe Biden’s administration, which had been due to take effect on 15 May.

Biden’s administration had implemented fresh restrictions on AI chip exports to China in January, its final month in office, expanding controls to much of the world, amid concerns that China was accessing US AI chips via third countries. Both Saudi Arabia and the UAE had also been subject to those restrictions.

“The Trump administration will pursue a bold, inclusive strategy to advance American AI technology with trusted foreign partners, while keeping the technology out of the hands of our adversaries. At the same time, we reject the Biden administration’s attempt to impose its own ill-conceived and counterproductive AI policies on the American people,” stated the DOC.

The department added that the Bureau of Industry and Security (BIS) issued new guidance to strengthen controls over overseas exports of AI chips to limit China’s access to advanced US technologies.