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Elon Musk gets his $1 trillion Tesla pay package. Tesla shareholders voted to approve the CEO’s controversial pay package at the company’s annual meeting yesterday, with 75% support, CNBC reported. The package can net Musk—already the richest person in the world—up to $1 trillion if the company meets certain goals over the next decade. Some major investors and proxy firms had urged investors to reject the astronomical package, but it was expected to pass after Musk threatened to leave the company if it wasn’t approved. The package also gives Musk more voting power over the company, whose stock has recovered this year despite flagging sales and worries over the EV market now that the $7,500 US tax credit has expired.
Eli Lilly, Novo Nordisk make deal with Trump admin to lower weight loss drug prices. In a press conference at the White House yesterday, President Trump announced a deal with the two pharma giants to lower the cost of their popular obesity drugs for Americans on Medicare and Medicaid as well as those who pay out of their own pockets. Starting next year, Lilly’s Zepbound and Novo’s Wegovy will cost $245 through Medicare and Medicaid and $350 for those paying directly (they currently cost ~$500 a month). In exchange for lowering the prices, the companies will be exempt from Trump’s planned tariffs on the pharmaceutical industry. Pfizer and AstraZeneca have already made similar deals with the White House.
Nancy Pelosi announces she will retire from Congress in 2027. The 85-year-old former House speaker—the first and only woman to hold the position—announced yesterday that she will not seek reelection after nearly 40 years in the legislative chamber. In separate statements, former presidents Biden and Obama each thanked Pelosi and applauded her ability to unite different factions to advance the Democratic Party’s agenda. First elected to Congress to represent the San Francisco area in 1987, Pelosi became speaker in 2007, helping to pass the Affordable Care Act, Dodd-Frank Wall Street reform, and several other landmark bills. She also led the impeachments of President Trump in 2019 and 2021. Trump called Pelosi “evil” and said her retirement is “a great thing for America.”—AE
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