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Tesla has proposed a new $1 trillion pay package for chief executive Elon Musk, in what would be the largest compensation deal ever awarded to a corporate leader.
Under the plan, Musk would receive 12 tranches of shares over the next decade if Tesla hits a series of financial, production and technological milestones. If achieved in full, the deal would lift Tesla’s valuation from about $1 trillion today to $8.5 trillion, making it the most valuable company in the world and adding nearly $7.5 trillion in shareholder value.
The plan also stipulates that Musk’s activities in the political sphere “wind down in a timely manner”, reflecting investor concern over his public clashes and a messy split with US President Donald Trump.
To unlock the first tranche, Musk would need to nearly double Tesla’s market capitalisation to $2 trillion while achieving a cumulative 20 million vehicle deliveries from the date of Tesla’s first production car.
Further milestones include rolling out one million Robotaxis, delivering one million AI-powered humanoid bots, and hitting aggressive earnings and product targets. Meeting them all would increase Musk’s stake in Tesla to at least 25% and grant him greater voting power over the company’s future.
Tesla chairwoman Robyn Denholm and board member Kathleen Wilson-Thompson told shareholders the award was critical to keeping Musk focused on Tesla at a pivotal point in its history.
“Simply put, retaining and incentivising Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history,” they wrote.
Denholm told CNBC the deal was structured to reward delivery, not promises: “If he performs, if he hits the super ambitious milestones that are in the plan, then he gets equity. It’s 1 per cent for each half a trillion dollars of market cap, plus operational milestones.”
The $1 trillion package dwarfs Musk’s previous pay arrangements. Earlier this year, Tesla approved an interim stock award valued at $29 billion to secure his leadership through 2030.
The Delaware Court of Chancery struck down Musk’s 2018 pay plan, then worth up to $56 billion, ruling it excessive and improperly granted. Musk is appealing, claiming the court erred in rescinding a deal that shareholders had approved twice. That package spurred Tesla’s extraordinary growth over the past five years but became a flashpoint for corporate governance concerns.
Now Tesla’s board is betting that an even larger, more ambitious award will ensure Musk devotes his energy to transforming the company from an electric vehicle maker into an AI-first technology giant. Shareholders will vote on the new plan in the coming months.
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Tesla proposes $1 trillion pay package for Elon Musk, the largest in corporate history

McDonald’s UK has lost one of its most aptly named executives, with Zoe Hamburger stepping down after just 18 months as senior vice president and chief restaurant officer.
Hamburger, who joined the UK leadership team in 2024, was responsible for overseeing franchising and delivery operations across Britain. She has now been promoted to managing director of McDonald’s Netherlands.
Her name frequently drew attention during her tenure — she once joked that “some things are meant to be,” acknowledging the nominative determinism of running restaurants at a company famous for flipping burgers. “Hamburger has been my name my entire life too, so as you can imagine, it has always made people do a bit of a double take,” she told The Times.
Hamburger has worked in and around McDonald’s for more than a decade, beginning her career in advertising and PR before taking on senior roles within the US business. She previously led the Bethesda Field Office, which covered six states and more than 1,200 restaurants.
Her McDonald’s biography described her as a “passionate leader” who embraced collaboration “across all three legs of the stool” — a reference to the brand’s franchisees, suppliers and employees. Despite her surname, she admitted her favourite McDonald’s menu item was the Double Cheeseburger.
Her departure is the latest senior leadership shake-up at McDonald’s UK. Chief executive for the UK and Ireland Alistair Macrow announced last week he was stepping down after more than 18 years with the business, saying it was the “right moment” for new leadership to take over.
Despite the turnover at the top, McDonald’s UK remains in strong financial health. Profits nearly doubled in 2024 to £120 million, up from £66.3 million the previous year, even as the chain cut more than 2,000 jobs. The figure remains slightly below the £120 million posted in 2022.
Hamburger has been succeeded as UK chief restaurant officer by Patrick Gerber, who takes over responsibility for restaurant operations across the country. It is good that Gerber has no responsibility for the operations in France as his surname in French means to vomit or to puke in a slang context.
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Hamburger to depart McDonald’s UK after 18 months to lead Netherlands business

Daniel Levy has stepped down as executive chairman of Tottenham Hotspur after nearly 25 years in charge, bringing to an end one of the longest tenures in Premier League history.
The 63-year-old, who became Spurs chairman in 2001, leaves the club having overseen its transformation from a mid-table side valued at £80 million into a global football and business powerhouse now worth close to £3 billion. Off the pitch, he spearheaded the move into the state-of-the-art Tottenham Hotspur Stadium in 2019 and the development of the club’s training ground at Hotspur Way.
On the pitch, however, Levy’s record has been more divisive. Spurs lifted the Europa League trophy in May — their first European silverware in decades — but supporters have long accused him of failing to capitalise on the club’s rise. Tottenham reached the Champions League final in 2019 under Mauricio Pochettino but were criticised for their net transfer spend of just -£4m that summer, with many fans frustrated at what they viewed as a lack of ambition in the transfer market.
The club confirmed that Peter Charrington will become non-executive chairman as part of its succession planning. Over the summer, Spurs hired former Arsenal director Vinai Venkatesham as chief executive, while other senior changes included the departures of Donna-Maria Cullen, a close Levy adviser, and Scott Munn, the club’s chief football officer.
In a farewell statement, Levy said: “I am incredibly proud of the work I have done together with the executive team and all our employees. We have built this club into a global heavyweight competing at the highest level. More than that, we have built a community. I will continue to support this club passionately.”
Charrington acknowledged Levy’s contribution but said the club was entering “a new era of leadership” focused on stability and empowering Venkatesham’s executive team.
Tottenham’s financial and sporting position has been underlined this week by the report on the most valuable football squads in Europe, which listed Spurs with a value of €891.1 million. The rise followed their Europa League success under Ange Postecoglou — later dismissed and replaced by Thomas Frank — marking a decisive step back toward Europe’s elite.
Yet for many Spurs fans, patience with Levy had run out. Banners calling for his resignation were displayed at the Tottenham Hotspur Stadium last season, with one reading: “24 years, 16 managers, 1 trophy. Time for Change.”
Under Levy’s reign, Spurs appointed five permanent managers in the last six years. Their league finishes since the 2019 Champions League final — sixth, seventh, fourth, eighth, fifth and 17th — have fuelled criticism that the club’s growing revenues have not been matched by consistent investment in the playing squad. Deloitte’s Football Money League data for 2023/24 also showed Tottenham had the lowest wages-to-revenue ratio among Europe’s top 20 clubs, at just 42%.
Levy’s exit therefore marks the end of an era. For a generation of Tottenham supporters, his leadership reshaped the club’s infrastructure, financial standing and global reach — but also left lingering questions about whether his caution in the transfer market cost Spurs the chance to consistently compete with Europe’s best.
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Daniel Levy steps down as Tottenham chairman after nearly 25 years in charge

Giorgio Armani, the Italian designer who built one of the world’s most recognisable fashion empires, has died at the age of 91.
The Armani Group confirmed his death in a statement on Sunday, saying: “With infinite sorrow, the Armani Group announces the passing of its creator, founder, and tireless driving force: Giorgio Armani.”
Armani died at home, the company said. His passing comes just months after he was forced to miss his shows at Milan Fashion Week due to ill health — an absence that prompted widespread concern across the industry.
Founded in 1975, the Armani brand became synonymous with sleek, modern Italian style, revolutionising tailoring with softer silhouettes and understated elegance. The company grew into a global powerhouse, with annual revenues exceeding £2 billion across its fashion, fragrance, cosmetics and homeware divisions.
Armani himself was regarded as one of the most influential designers of the late 20th century, credited with reshaping the look of men’s suits and dressing generations of Hollywood stars and business leaders. His work became a byword for understated luxury and “quiet power dressing.”
In a recent interview with the Financial Times, Armani said he had been preparing for succession with a “gradual transition” of responsibilities to his closest collaborators, including long-time colleague Leo Dell’Orco, members of his family, and his executive team.
“My plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me,” he said. “I want it to be organic and not a moment of rupture.”
Armani had reassured fans after missing the Milan shows earlier this year, thanking the public and promising: “See you in September.”
Born in Piacenza in 1934, Armani began his career as a window dresser before moving into fashion design, where he quickly rose to prominence. Over nearly five decades, he turned his name into a global symbol of Italian style and craftsmanship.
His death marks the end of an era for the fashion industry, though the brand he built is expected to continue under the stewardship of the inner circle he trusted to carry forward his vision.
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Giorgio Armani, Italian fashion icon, dies aged 91

High street cosmetics chain Lush has closed all of its UK shops, factories and its website in a one-day protest over the humanitarian crisis in Gaza.
The Dorset-based company said the gesture, carried out on Wednesday 3 September 2025, was intended as an act of solidarity, with shop windows across the UK displaying the message: “Stop starving Gaza – we are closed in solidarity.”
In a statement, Lush said: “Across the Lush business we share the anguish that millions of people feel seeing the images of starving people in Gaza. One thing Lush can currently send into Gaza is our love and a strong message that we stand in solidarity.”
The company apologised to customers inconvenienced by the closure but said many of them shared its concern about the situation in Gaza.
Lush has previously faced criticism for its political positions. In 2023, one of its Dublin shops displayed a “Boycott Israel” poster, which the firm later described as an isolated incident. At the time, Lush stressed it was a diverse company and that its official position was to “deplore all violence and all injustice” and support human rights for both Israelis and Palestinians.

Founded in 1995 in Poole, Dorset, Lush has grown to operate 951 stores in 52 countries. Known for its ethical and activist stances, the company has previously closed some of its social media channels, saying it wanted to create a safer environment for users.
As part of its latest campaign, Lush announced the relaunch of its Watermelon Slice soap, with proceeds now directed to medical services in Palestine, including charities preparing to provide prosthetic limbs for adults and children injured in the conflict.
The company noted that closing for a day meant losing not only its own takings but also tax contributions to the UK government. “We hope they too hear the message our closure sends, with more Government action needed to bring an immediate stop to the death and destruction, including an end to arms sales from the UK,” the statement said.
Lush added that while the closure began in Britain, where the business was founded, similar actions could follow in other countries where the brand trades.
The statement was signed off: “Peace and Solidarity.”
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Lush closes all UK stores and website in one-day protest over Gaza crisis

Deputy Prime Minister Angela Rayner has admitted she underpaid tax on her £800,000 Hove property, conceding she made a “mistake” but insisting she acted in good faith on legal advice.
Speaking to Sky News’ political editor Beth Rigby, Rayner confirmed reports that she failed to pay the full amount of stamp duty on her second home, a liability estimated at around £40,000. She said she has now referred herself both to HMRC and to the independent adviser on the ministerial code.
Rayner explained that the error stemmed from a complex trust arrangement established in 2020 to provide for her son, who has lifelong disabilities. The trust was set up by a court as part of an award following an injury, with a legal trustee managing the property that had been adapted for her son’s needs.
When Rayner divorced in 2023, she said the trust assumed ownership of the family home so both parents could continue to use it while caring for their children. She then withdrew her remaining equity from the property to buy the Hove home with a mortgage.
She told Rigby she had relied on advice that she was only liable for standard stamp duty because she technically owned one property. But subsequent expert counsel concluded she should have paid the additional rate due to the nature of the trust.
“As soon as I knew that was the case, I alerted HMRC and referred myself for independent scrutiny,” she said.
“Not tax dodging”
Rayner rejected accusations she had deliberately sought to avoid tax. “The trust was set up by a court to provide for my son after an injury,” she said. “I wasn’t trying to dodge tax.”
She said the confidential nature of her divorce and family arrangements, protected by a court order until recently lifted, had prevented her from giving a full account earlier.
The Labour deputy leader admitted she briefly considered stepping down, describing the episode as “devastating”. “I thought I’d done everything properly and I relied on the advice I received,” she said. “I’ve always tried to uphold the rules.”
Pressed on whether her position was sustainable, particularly given her housing brief, Rayner said: “People make mistakes, but I conducted myself in trying to do the right thing, and I hope people can see that.”
Rayner’s case will now be examined by the independent adviser on ministerial standards. HMRC has also been contacted to ensure the additional tax owed is paid.
Her political future will hinge on whether voters and colleagues accept her explanation that the mistake was one of legal misinterpretation rather than intent — and whether she can weather the fallout as Reeves prepares her November budget and Labour faces mounting pressure on economic credibility.
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Angela Rayner admits tax mistake on £800k Hove home but refuses to resign

Britain’s long-term borrowing costs surged to their highest level in nearly three decades on Tuesday, underlining the scale of the fiscal challenge facing Chancellor Rachel Reeves ahead of her autumn budget.
The yield on 30-year gilts climbed to 5.747% in early trading, surpassing the 5.723% peak hit on Monday. The move marks the highest level since 1998 and extends a global sell-off in long-dated government bonds.
Yields on 10-year gilts — the more widely watched benchmark for government borrowing — also rose to their highest level since January.
The rise in gilt yields, which move inversely to prices, reflects growing investor concern about the sustainability of the UK’s public finances. Reeves is preparing her 26 November budget with an estimated £40bn fiscal hole to fill.
Thomas Pugh, chief economist at consultancy RSM UK, said Britain risks sliding towards a “debt trap”, where the interest rate on government debt exceeds the economy’s nominal growth rate.
“The UK economy is likely to grow by 3.5–4% a year in cash terms over the next few years. But the average interest rate on government debt is about 3.9%,” Pugh warned. “That leaves very little room for error. If Chancellor Reeves loosens the fiscal rules, markets are likely to push gilt yields even higher.”
Even so, he dismissed predictions of a 1970s-style crash and IMF bailout, noting that the UK still has the second-lowest debt-to-GDP ratio in the G7.
Analysts said the rise was part of a broader shift across global markets. Fred Repton of Neuberger Berman pointed to a surge in debt issuance as markets reopened after the US Labour Day holiday.
“Yesterday was the largest issuance day on record in Europe,” Repton said. “For the UK, the gilt syndication and today’s linker sale represent the largest sovereign issuance ever. It has caused turbulence, but one day does not make a trend.”
David Roberts of Nedgroup Investments rejected suggestions of a “buyers’ strike” in UK debt. “The UK sold £14bn of gilts yesterday, met with record demand of £150bn,” he said. “Across Europe and the US, issuance also hit records. The numbers show extraordinary demand, not the opposite.”
Market watchers noted the pressure is concentrated at the long end of the curve. Chris Beauchamp, chief market analyst at IG, said: “Only when the 10-year yield shoots significantly higher should we really start to worry. For now, the government still has breathing space.”
Neil Wilson, strategist at Saxo Markets, said the shift was “more of a slow-motion train wreck than the flash-in-the-pan Truss episode,” adding: “Yields are rising across the world — US 30-year bonds have breached 5%, while French, German and Japanese yields are also climbing.”
For Reeves, the message from bond markets is clear: credibility will depend on a mix of tax and spending decisions that convince investors Britain can keep its debt burden under control.
With less than three months until budget day, gilt markets are sending Westminster an unmistakable signal — the room for manoeuvre is narrowing fast.
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UK long-term borrowing costs hit 27-year high as global bond markets wobble

Google has been ordered to hand over some of its search data to rivals after a U.S. federal judge ruled that the company must take steps to curb its dominance in internet search.
In a decision described as the most significant antitrust ruling of the internet age, Judge Amit P. Mehta of the U.S. District Court for the District of Columbia said Google must share parts of its search results with “qualified competitors” to help level the playing field. The ruling follows a years-long case brought by the Justice Department, which accused the company of abusing its power to maintain a near-90 per cent share of the search market.
The government had pushed for far tougher remedies, including forcing Google to divest its Chrome web browser and banning the multibillion-dollar payments it makes to secure default search placement on smartphones and browsers such as Apple’s Safari and Mozilla’s Firefox. Those requests were denied, though Mehta did place restrictions on such agreements. In 2021, Google spent more than $26 billion on contracts to ensure its search engine was the default choice across devices.
“Notwithstanding this power, courts must approach the task of crafting remedies with a healthy dose of humility,” Mehta said, reflecting his decision not to impose structural changes such as a breakup. Google has confirmed it will appeal, meaning the case is likely to remain tied up in the courts for years.
The ruling marks the first time a monopoly case against a modern technology platform has reached the remedies stage, making it a bellwether for other challenges to Silicon Valley’s biggest companies. Under both the Trump and Biden administrations, regulators have filed lawsuits against Apple, Amazon, Meta and Google over alleged anticompetitive practices.
The stakes extend beyond search. Google is also facing separate lawsuits over its advertising technology, while Meta awaits a ruling on whether its acquisitions of Instagram and WhatsApp illegally stifled competition. Amazon has been accused of squeezing smaller merchants, with a trial scheduled for 2027. Apple is fighting claims that it deliberately locks users into its ecosystem.
Former U.S. assistant attorney general Bill Baer called the Google ruling “the most important antitrust case of the 21st century”, warning that the battle is only beginning. “There will be appeals and appeals and appeals,” he said.
The decision comes as the nature of search itself is being transformed by artificial intelligence. Start-ups including OpenAI, Anthropic and Perplexity are already offering chatbots that can summarise information and plan tasks, while Google has integrated its own AI answers into the top of its results page and added a conversational search tab.
For now, Judge Mehta’s order forces Google to open up some of its data to competitors, curbing its power without dismantling the business. But the ruling has set a precedent. As other Big Tech antitrust battles move through the courts, it offers the clearest guide yet on how U.S. judges may attempt to restrain the digital monopolies of the 21st century.
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Judge orders Google to share search data with rivals in landmark monopoly ruling