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Tesla awards Elon Musk $29 billion worth of stock to keep the CEO focused. The electric car maker granted Musk 96 million restricted shares, saying it was a “first step, good faith” gesture toward retaining its CEO and keeping his focus on the company amidst his other projects. Musk had previously threatened to turn his attention to developing AI elsewhere if he didn’t get more control of Tesla. The company said Musk, who is currently the world’s richest person, hadn’t been paid in years because of legal disputes over his $56 billion 2018 pay package (which a Delaware court tossed out as improperly granted twice, prompting Tesla to appeal), noting that the company’s value on the stock market has gone up by $735 billion since 2018. The shares will be forfeited if Tesla prevails in getting the earlier compensation package restored. The big payday comes despite Tesla’s recent falling sales amid Musk’s public turn to politics.
AI pushes Palantir’s quarterly revenue up to $1b. The data analysis software company beloved by both retail traders and government spies is on a roll: Palantir’s revenue rose 48% last quarter, hitting $1 billion for the first time, which its CEO Alex Karp said was thanks to “the astonishing impact of AI.” Palantir also upped its guidance for the year, saying it now expects to make $4.14 billion to $4.15 billion. While some on Wall Street have warned that the company’s shares are overvalued, Karp said, “The skeptics are admittedly fewer now, having been defanged and bent into a kind of submission.”
Trump threatens India with high tariffs for buying Russian oil. He hasn’t revealed an exact number, but with President Trump’s envoy Steve Witkoff headed to Russia this week to try to encourage it to negotiate a ceasefire with Ukraine, Trump said he plans to “substantially” raise tariffs on India’s goods. Last week, the president said he would impose a 25% tariff on Indian imports, but this would likely be on top of that since he has threatened “secondary tariffs” on Russia’s trading partners. India called targeting it “unjustified and unreasonable,” saying the US and the EU had also traded with Russia.—AR
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