Good Morning! It’s Friday again! Another week in the books. A diverse news pallet, but also a new segment: In Case You Missed It. This segment will highlight some headlines of the day and it will give you some more background on what is going on in the world.

Next the new section, a lot of other things you cannot miss!

• Elon Musk might get his $56 billion back 🤑

• Revolut is challenging the big conventional banks with their new HQ 🏦

• G7 come together in Italy, and it is not for the pasta 🍝

Enjoy the weekend!

X Nils

ELON MUSK
A $56 billion paycheck is coming Elon’s way

What Happened
A $56 billion paycheck was on the line for Elon Musk after a judge in Delaware rescinded his 2018 bonus package because Elon had too much influence of the board members deciding on that package. After this, Tesla decided to put the pay package on the agenda for the shareholders meeting for ratification. Of course, Elon was quite shocked by the judge's ruling and decided that Tesla should move its incorporation from Delaware to Texas. This was also voted on in the shareholders' meeting, which will most likely be approved as well. The move to Texas, if approved, could have significant implications for Tesla's corporate governance and legal framework

Now, it seems Elon will come out on top in this shareholder vote and will get the largest CEO payout in history!

Why It Matters

• Building up to the vote, large shareholders of Tesla announced that they would vote against the pay package. However, Tesla has a lot of retail investors, which Elon seemed to have reached. As they normally do not vote in shareholder meetings. It is another clear sign that retail investors do have powers in the financial world as long as they team up

• After it became public that Elon is likely to win, share of Tesla went up with 6%, also showing a positive sign for Elon, as clearly Tesla is more valuable with Elon than without.

• The move to Texas, if approved, could have significant implications for Tesla's corporate governance and legal framework, as Texas law may offer different protections or requirements compared to Delaware.

What’s Next
The ratification will be confirmed once the votes officially close. Tesla and Elon hope to convince the judge with this ratification that the shareholders are actually in favor of the pay package and that she comes back on her previous decision. Otherwise, Tesla and Elon will likely appeal the decision.