Tesla Seeks Shareholder Revote on Musk Pay Package

Tesla is asking shareholders to revote on CEO Elon Musk’s $56 billion compensation package, following a Delaware court ruling earlier this year. The package required Musk to deliver significant growth to earn any compensation and incentivized him to hold onto shares for five years. This move comes after the company was ordered to rescind the pay package.

In other news, Capri Holdings shares fell 3% after reports that the FTC is preparing to block its $8.5 billion takeover of Tapestry, the parent company of Coach and Kate Spade. The deal, announced in August, may face regulatory hurdles.

Fitch has cut its outlook on Alibaba and Tencent from “stable” to “negative,” citing government regulation and oversight in China. Despite this, the long-term default ratings on their senior debt remain at “A+.”

Japan’s exports rose more than expected in March, while business optimism in the country darkened in April. Rising margin loans are seen as a warning sign for the market, according to Interactive Brokers’ Thomas Peterffy.

Stock futures opened higher, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all trading close to 0.2% higher. Stay tuned for more updates on these developing stories.