Tesla is trying to persuade shareholders to approve a move to Texas and re-enter a $56bn (£44.26bn) pay deal with Elon Musk, according to the electric car company’s chairman. He is said to be on the verge of climbing Mount Everest.
In an interview with the FT, Tesla Chairman Robin Denholm pointed to the importance of shareholder approval, stressing that shareholder decisions are “important” “for American companies as well.”
The controversial pay deal had already been upheld once by shareholders in 2018, but was vetoed by a Delaware judge in January.
Musk criticized the decision and called on shareholders to move Tesla out of Delaware, something he has already done with SpaceX. But Denholm said Musk would continue his contributions to the EV maker even if he loses in the next vote.
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“There’s always a risk, but he doesn’t put a gun to people’s heads. . . . He hasn’t said anything explicitly. And he’s not saying he’s committed to Tesla. Do you think so?
Reddit (RDDT)
Reddit shares rose in pre-market trading after the platform announced it would give artificial intelligence (AI) startup OpenAi access to its data.
The agreement “will enable OpenAI’s AI tools to better understand and showcase Reddit content, especially recent topics,” the companies said in a joint statement. The deal will allow OpenAI to display content from Reddit and train its AI systems based on its partners’ data.
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“Reddit will build on OpenAI’s platform of AI models to realize its powerful vision,” OpenAI wrote in the post. “By using LLM, ML, and AI, Reddit can improve the user experience for everyone.”
Investors see selling data to train AI models as an important source of revenue outside of Reddit’s advertising business.
The two companies also plan to cooperate on advertising.
Walmart (WMT)
Walmart soared to record highs and rose further in premarket hours after the retailer beat quarterly profit and sales estimates.
The retail giant said its net income for the three months ended April 30 jumped to $5.1 billion, or 63 cents a share, from $1.67 billion, or 21 cents a share, a year earlier. reported.
Sales increased 6% from $152.3 billion in the same period last year. This increase includes approximately 1% gain from additional sales days during the period.
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U.S. comparable sales, or sales from digital channels and stores operated for at least 12 months, increased 3.8% in the quarter ended April 26. This was slower growth than last year, when sales soared at relatively high prices.
Looking forward, the Bentonville, Ark.-based company now expects full-year net sales growth to be at or slightly above its initial forecast of 3% to 4%. Adjusted earnings per share are expected to be at the high end or slightly above the initial guidance of $2.23 to $2.37.
GSK has raised £1.2bn by selling its last remaining stake in Sensodyne and Advil maker Haleon (HLN.L), almost two years after spinning off its consumer healthcare business.
The pharmaceutical giant initially held a 12.9% stake in Haleon after the IPO and has now sold the stake, raising a total of around £3.9bn.
GSK said in a statement this morning: “GSK’s exit from Haleon is consistent with its previous commitment to monetize its holdings in a disciplined manner.”
Haleon was formed in 2019 through the merger of British pharmaceutical group GSK and U.S. rival Pfizer’s consumer healthcare business, and was established as a joint venture within GSK.
It was subsequently spun out from GSK as an independent company in July 2022 and listed on the London Stock Exchange.
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