Tesla CEO Elon Musk earned the first performance-based payment of his compensation plan, a tranche of 1.7 million Tesla shares that would amount to about $775 million based on the company's stock price at market close Thursday, according to an SEC filing reported by CNBC.
The big picture: Musk does not take a salary, but he owns about 18.5% of the company — worth about $24 billion — as of May 1, per CNBC. The options are set to vest over 12 tranches that use different milestone requirements.
The long process of reopening office buildings after months of being shut down will require new technology, careful planning and far fewer workers than before the pandemic.
Driving the news: The Centers for Disease Control and Prevention issued new guidelines on Wednesday detailing how office buildings can reopen.
Sen. Bill Cassidy (R-La.) says young people can lead the way to reopening the economy in the midst of the coronavirus pandemic, but their ability to infect others should be taken into account.
Why it matters: Cassidy says the young are paying the highest price for the coronavirus shutdown, by taking opportunities away from children, teens and young adults that they won't be able to recover.
If you can't beat them, join them. And then beat them.
Driving the news: Silver Lake acquired a 12% stake in Far Point Acquisition (NYSE: FPAC), in order to help force the blank-check acquisition company to complete its $2.6 billion takeover of Swiss payments firm Global Blue.
General Electric (NYSE: GE) agreed to sell its lighting business to Savant Systems, a Hyannis, Mass.-based smart home management company backed by KKR.
Why it matters: This cuts GE's last product ties to Thomas Edison.
The U.S. economy shrunk by an annualized 5% in the first quarter — worse than the initially estimated 4.8% contraction — according to revised figures released by the government on Thursday.
Why it matters: It's the worst quarterly decline since 2008 and shows a huge hit as the economy was just beginning to shut down because of the coronavirus. Economists are bracing for the second quarter's figures to be the worst ever — with some projecting an annualized decline of around 40%.
SUVs reached a milestone last year, crossing 40% of worldwide new car sales for the first time, according to newly released International Energy Agency data.
Why it matters: The popularity of big, heavy cars and pickups is one challenge around decarbonizing transportation, even as fuel economy improves and electrics gain a beachhead.
Another 2.1 million people filed for unemployment last week, the Department of Labor said on Thursday.
Why it matters: Even as states reopen their economies, the number of newly filed unemployment applications remains historically high as the pandemic slams the labor market.
Despite the lack of live games, sports betting stocks have performed particularly well over the past month, highlighted by fantasy sports/betting platform, DraftKings, and gaming operator, Penn National.
By the numbers: Since going public on April 24, DraftKings' stock is up 82%, while Penn National Gaming — which acquired Barstool Sports in January — is up 130%.
While still trailing the S&P 500 and other major U.S. stock indexes by a solid margin year to date, the Russell 2000 index, which consists of many of the country's smallest public companies, has outpaced the broader market's rebound since March 23.
The state of play: The Russell 2000 rose 3.1% on Wednesday for its second straight day of gains over 3%. The increase in small cap stocks shows investors growing bullish on the overall U.S. economy.
The total number of home loans now in forbearance increased to 8.36%, according to the latest report from the Mortgage Bankers Association, and that number could be higher but many Americans aren't aware they have the option.
What it means: Fannie Mae's latest national housing survey finds that only half of mortgage holders and just a third of renters know about relief programs, including the forbearance program now available because of the CARES Act.
As air travel increases, many airlines are now offering options for travelers worried about social distancing on packed flights.
The state of play: After previously packing customers onto full flights despite assurances that planes would be sold only to 50% capacity, American Airlines announced Wednesday it will alert travelers about crowded planes before their trips and allow them to switch to other flights.
Now that governors across the country have begun to pull back "stay at home" orders, businesses are facing a new set of challenges — consumers skittish about returning to normal activities and employees who aren't yet ready to come back to work.
What's happening: The Fed's latest Beige Book, a survey of business leaders around the U.S., was released Wednesday and revealed that for firms in each of the Fed's 12 districts, "the outlook remained highly uncertain and most contacts were pessimistic about the potential pace of recovery."
Charles Koch, chairman and CEO of Koch Industries since 1967, plans a book this fall based on the principle that "what made societies successful was empowering not just a few at the top, but people throughout society."
Koch was at his desk at his Wichita headquarters when I talked to him about the book, which he said "is geared toward people who see problems and injustices in society, to help them see a way they can become social entrepreneurs."
Driving the news: Over the last few days, reportsthat stocks of JUMP bikes in several cities are getting scrapped have angered biking advocates. They see Uber's decision as a waste of some of the most beloved vehicles for shared use.
The top U.S. megacities boasting the highest economic growth and biggest talent-attracting companies may start losing people to other cities, thanks to the remote-work wave brought on by the coronavirus.
Why it matters: With more people finding long-term flexibility to work from anywhere, they have less reason to live in the most expensive cities like New York, San Francisco, Los Angeles and Seattle. That could create a wave of rising-star cities that have already begun to attract people looking for a better quality of life.
A new type of a Medicare prescription drug plan will cap insulin costs at $35 per month for people who have diabetes. The Trump administration and every industry group were quick to hype the model as a win for everyone.
Reality check: Medicare's new model will bring some financial relief next year to patients who are struggling to afford their insulin. But experts say it doesn't change actual prices and gives cover to avoid more serious drug pricing reforms during the coronavirus pandemic.
Six Blue Cross Blue Shield insurers have sued CVS Health, alleging the pharmacy chain overcharged them based on "artificially inflated prices" for generic drugs and concealed the true cash prices of those drugs.
The big picture: CVS has faced legal scrutiny over its cash discount programs since 2015, and this lawsuit adds big names to a mounting problem.
Ford has developed software that literally bakes the interior of police cars to kill traces of the coronavirus that other cleaning methods might have missed.
Why it matters: The self-cleaning heat treatment is an example of how vehicle manufacturers and transit providers are experimenting with sanitization methods in the COVID-19 era.
The Centers for Disease Control and Prevention issued new guidelines on Wednesday detailing how office buildings can reopen following months of social distancing amid the novel coronavirus outbreak.
What they're saying: The guidance outlines steps for employers to ensure they "create a safe and healthy workplace and protect workers and clients." The CDC urged caution and careful planning before bringing workers back to office buildings.
