In this week’s wrapup, we talk about Elon Musk’s big fat pay package, Tata Steel’s UK business slowdown, HUL’s palm oil reduction plan and the biggest possible cryptocurrency scam in history.
Here’s a recap.
Elon Musk is overpaid. But who cares?
In 2018, Tesla’s shareholders approved a $56 billion pay package for Elon Musk. And you’d think that he deserved this compensation. After all, he’s the driving force behind the auto giant.
It turns out, he didn’t. Because Richard Tornetta, one of the shareholders dragged Musk to court for unfairly controlling the company’s decisions and sort of bargaining for an excessive pay with his shenanigans. The court was convinced too. It cancelled this payout.
But now, shareholders have said yes to the same pay, which has slightly been revalued at $45 billion, again. Does that mean that this is actually what shareholders want? Find out in Tuesday’s newsletter here.
Why is the UK paying Tata Steel £500 million?
In 2007, Tata Steel acquired Corus, a huge Anglo-Dutch steel company. It imagined becoming one of the top 50 steel companies in the world.
But close to two decades later, its dreams have sort of become a dud. The copany has incurred more than a whopping £4 billion (nearly ₹42,400 crores) in losses ever since it was acquired. And that has forced its UK steel plant at Port Talbot to succumb to a tough decision ― shutting down its blast furnaces and letting go of 2,800 employees.
The UK government has come forward to help Tata Steel revamp itself in the country, with a £500 million grant. But why would it do that, you ask?
You’ll have to read our Wednesday’s newsletter to find out.
An HUL decision is creating jitters across Asia
A few days ago, HUL (Hindustan Unilever) came up with something new. It said that it would use as much as 25% less palm oil in its soaps and replace it with other plant-based ingredients.
Its reason is simple. Palm oil price have been volatile for quite some time now and that’s affecting its ability to make steady profits. Besides, palm oil has been linked to deforestation. And using an ingredient that encourages climate change doesn’t bode well for an FMCG (Fast Moving Consumer Goods) giant like itself.
And that’s worrying the folks at the Asian Palm Oil Alliance (APOA). But why?
We wrote about it in Thursday’s newsletter here.
The biggest crypto scam in history?
In 2016, Ruja Ignatova, a Bulgarian-born German businesswoman addressed a cheerful crowd at Wembley Football Arena in the United Kingdom.
She passionately exclaimed, “OneCoin is on course to becoming the world’s biggest cryptocurrency so everyone can make payments everywhere!” She swore that it would be a “Bitcoin Killer”, and that nobody would ever speak of Bitcoin in the years to come.
Fast forward to 2017, OneCoin was busted by investigators and authorities worldwide for being a carefully cut out scam. And before they could get to Ignatova, she vanished with billions of dollars belonging to trustful investors, leaving no trace. But how did a random woman manage to pull off such a bold scam?
Find out in Friday’s newsletter here.
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That’s it from us this week. Have a great weekend!
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