President Donald Trump has publicly blamed the Federal Reserve's interest rates hikes for holding back U.S. economic growth.The Fedread more
China's President Xi Jinping arrived in Pyongyang on Thursday morning for a state visit to North Korea — the first by a Chinese state leader in 14 years. Experts say the move...Asia Politicsread more
Gold prices spiked in the afternoon of Asian trading hours on Thursday after a dovish U.S Federal Reserve opened the door to further rate cuts, and the 10-year Treasury yield...Metalsread more
The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Waymo has signed a deal with Renault and Nissan to develop self-driving cars and trucks for use in France, Japan and possibly other countries in Asia, including China, the...Autosread more
"No U.S. drone was operating in Iranian airspace today," a U.S. Central Command spokesman said, according to NBC News.World Politicsread more
The Fed left interest rates unchanged at its monetary policy meeting. The U.S. central bank did, however, drop the word "patient " from its statement and said it would "act as...Asia Marketsread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
The yield on the benchmark 10-year Treasury note fell below 2% for the first time since November 2016 on Wednesday.Bondsread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
It's official: Tesla shareholders have approved chairman and CEO Elon Musk's multibillion-dollar stock option pay proposal, which could award Musk $2.6 billion in stock options in 12 tranches, or portions.
Overall, Musk could earn up to $55.8 billion in stock and awards.
The catch is that his compensation is tied to the company's success, so Musk will only be paid if Tesla reaches a set of aggressive milestones that aim to grow the company's valuation from its current $52 billion to more than $650 billion.
When the billionaire first announced the plan, Andrew Ross Sorkin in The New York Times called it possibly "the boldest pay plan in corporate history." Supporters have said the plan will align Musk with shareholders and could greatly increase the company's value.
Musk is worth a reported $20 billion, but the official salary he currently receives from Tesla is far more modest: The CEO earns just around $37,000 per year. (Musk is also the CEO of SpaceX, which is privately held.)
If Musk had things his way, he says, he'd choose not to take a salary at all. But because California law prohibits him from earning less than minimum wage, he still draws a token salary, according to the Times.
The CEO can choose not to spend the money, however. "I don't cash it," he told the Times. "It just ends up accumulating in a Tesla bank account somewhere."
Musk's not the only top executive forgoing a big salary and tying his compensation to company stock instead. Taking an official salary of only $1 has become something of a point of pride in and around Silicon Valley.
That's because a company's stock value speaks louder than a set salary. "The dollar salary really for them is meant to signify that they have large stakes in their company. The value they're going to receive — the compensation they'll earn — is coming solely from their stock," Aaron Boyd, previously the director of governance for Equilar, a company that researches executive compensation, explained to Forbes in 2014.
In the past, Facebook's Mark Zuckerberg, Snap Inc.'s Evan Spiegel and Alphabet's Larry Page and Sergey Brin have all opted to take a single dollar in official compensation.
This is an updated version of a previously published article.
Like this story? Like CNBC Make It on Facebook!