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Elon Musk buys $1b worth of Tesla shares. The Tesla CEO is putting his money where his electric cars are, buying 2.57 million shares, in a show of confidence in the company as its shareholders prepare to vote on a pay package that could make Musk the world’s first trillionaire. Investors and analysts cheered his first purchase of the stock in the open market since February 2020, sending the share price up 3.26% yesterday—putting it up 85% from its April low to erase its losses for the year. But Musk’s big potential payday also gained a notable detractor: Pope Leo criticized the disparity between worker and CEO salaries, specifically referencing Musk’s potential package and saying, “If that is the only thing that has value anymore, then we’re in big trouble.”
China says Nvidia violated its antitrust laws. While there may be signs of a thawing over TikTok (see above), there were still some frosty signals as the US and China continued trade talks yesterday. Chinese regulators said that California-based Nvidia ran afoul of its antimonopoly rules during its 2020 purchase of Israeli networking gear maker Mellanox Technologies. China did not say what remedies it might seek from Nvidia, but this isn’t the chipmaker’s first time being caught between Washington and Beijing, since it has also had its sales to China curtailed by US export controls. Nvidia said it was in compliance with the law and would continue to cooperate with government agencies “as they evaluate the impact of export controls on competition in the commercial markets.”
US announces deadly strike on another alleged drug boat. President Trump said on Truth Social that the military had killed three “male terrorists” in a strike on a boat allegedly carrying drugs from Venezuela in international waters. Tensions were already running high between the US and Venezuela after a previous strike two weeks ago killed 11 people on a boat that the US said was transporting drugs, allegedly with a connection to the Tren de Aragua gang. Venezuela and some scholars in the US had raised questions over whether that strike was legal, but with the second strike, the administration appeared to be doubling down on the aggressive strategy.—AR
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