10 Jun , 2024 By : Debdeep Gupta
Elon Musk's $50 billion pay package faces intense scrutiny as Norway's $1.7 trillion wealth fund opposes the move, while Saudi Aramco's $11.2 billion stock sale attracts global investors. Kia recalls 450,000 SUVs for fire risks and Buffett boosts Occidental stake by $150 million. All this and more on the June 10 edition of World Street.
Elon's Epic Earnings
Elon Musk's wealth is at the center of an upcoming shareholder vote. After a Delaware judge nullified his $50 billion pay package from 2018, Musk and Tesla's board are asking shareholders to reinstate it and move the company out of Delaware.
Norway's $1.7 trillion sovereign wealth fund announced it will vote against Musk's $56 billion pay package, following the judge's decision earlier this year.
Global Buyers Snap Up Aramco's Offer
Shares of Saudi Aramco surged on Sunday after a stock sale expected to raise approximately $11.2 billion for the state oil company. About 60 percent of the shares were allocated to foreign investors, a shift from Aramco's 2019 listing, which was primarily bought by domestic investors.
According to sources, the sale saw strong demand from the US and Europe, with significant interest from funds in the UK, Hong Kong, and Japan, accumulating over $65 billion in orders.
Kia Issues Recall
Kia America is recalling over 450,000 Telluride SUVs due to a potential fire risk, whether parked or in motion. Owners are urged to park these vehicles outdoors, away from buildings and other cars until repairs are made.
The problem lies with the front power-seat motor, which can overheat if the slide knob is stuck, potentially leading to a fire and posing an injury risk.
Buffett Ups Stake
From June 5 to 7, Warren Buffett's Berkshire Hathaway bought about 2.57 million shares of Occidental Petroleum, according to a U.S. securities filing. This purchase, worth over $150 million, brings Berkshire's total holdings to around 250.6 million shares. As of March, Berkshire owned roughly 28 percent of Occidental.
Southwest Airlines in Focus
Elliott Investment Management has acquired a nearly $2 billion stake in Southwest Airlines and intends to advocate for changes within the company, according to the Wall Street Journal.
The size of the holding makes the activist firm one of the largest investors in Dallas-based Southwest, the Journal reported Sunday, citing people with knowledge of the matter. Elliott plans to engage with management at Southwest, which has a market capitalization of $16.6 billion.
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