Tesla shareholders approved a historic pay package worth one trillion dollars to the company's CEO, Elon Musk. At the company's annual meeting they paved the way for Musk to become the world's first trillionaire.

San Francisco

Tesla shareholders have approved a compensation package that could award CEO Elon Musk up to $1 trillion in stock, contingent on the company reaching a valuation of $8.5 trillion within ten years. Musk promoted plans for advanced technologies, such as robots and self-driving cars, to encourage investor support for the deal.

If Musk meets the outlined milestones, he could become the world's first trillionaire, with the potential payout exceeding the GDP of Switzerland. Despite criticism regarding Musk's influence and the concentration of wealth among billionaires, the majority of Tesla shareholders have expressed confidence in his leadership and future vision for the company.

Tesla approves $1 trillion pay deal for CEO Elon Musk

Elon Musk, the trillion-dollar man. Well not quite, but Tesla shareholders have paved the way for the world's richest man to get a whole lot richer, voting in favour of a deal which will give Musk around one trillion dollars of stock if he can significantly boost the company's value over the next ten years to 8.5 trillion dollars. Musk hyped up shareholders with plans for Tesla robots and self-driving cars. It's the first car that is specifically built. I think we'll be able to deploy all the cyber cabs that we produce and the other thing is like once it becomes like extremely normal in cities it's just going to become like the regulators will have just fewer and fewer reasons to say no. If Musk does achieve the ambitious milestones needed for the payout, it would make him the world's first trillionaire. It's a mind-boggling figure. For context, Switzerland's GDP is less at roughly 900 billion dollars. Already worth around 500 billion dollars, Musk has managed to extend his influence far beyond his companies. As an advisor to the White House, he slashed government spending. Many of Musk's critics argue he is among a group of billionaires who exercise outsized power over US politics. The very same billionaires who funded his campaign, who have bestowed gifts upon him and who have seen huge increases in their wealth and power since Trump took office. But the majority of Tesla shareholders appear unfazed by those concerns, betting big on Musk's moves for the future.

World leaders are gathering at the heart of the Amazon for global climate summit COP30 in Belem, Brazil, with Earth set to surpass 1.5 C of warming in the next decade, a climate change skeptic in the White House and worry that global co-operation to fight climate change is collapsing.

Belém

World leaders gather in Brazil for COP30 climate summit

The White House meeting came after Trump managed to at least temporarily ease tensions between the U.S. and China over the export of rare earth metals, a major source of contention in their trade talks.

Washington

Trump hails Central Asian leaders to forge critical mineral ties

Sudan's army rebuffed a U.S. proposal for a ceasefire and said it will rally public support to fight rebels who've captured much of the western half of the country.

Johannesburg

Sudan army rebuffs U.S. ceasefire proposal, prepares to fight on

The U.S. Senate narrowly voted 51-49 to block a resolution that sought to prevent President Donald Trump from launching strikes on Venezuela without congressional approval. The measure, led by Senators Tim Kaine, Adam Schiff, and Rand Paul, followed reports that U.S. forces have carried out at least 16 strikes on boats off Venezuela since September, killing more than 65 people.

Washington County

U.S. war on drugs: Senate republicans block move to stop boat attacks

In a video letter to her constituents, California Democrat Nancy Pelosi ended months of speculation about her political future, announcing she would not seek reelection to Congress. Elected in 1987, Pelosi would become the most powerful women in politics as the first female House speaker.

Nancy Pelosi announces retirement after historic career in Congress

Israel’s military says it has begun conducting “a wave of strikes” targeting Hezbollah military sites in southern Lebanon.

Tyre

Israel launched ‘wave of strikes’ in southern Lebanon despite truce

Russian President Vladimir Putin ordered his government to submit proposals to potentially resume testing nuclear weapons. This comes after President Trump directed the Pentagon to resume nuclear weapons testing "on an equal basis" with other countries.

Moscow

Putin orders proposals for resuming nuclear weapons testing

The U.S. Supreme Court heard arguments challenging President Trump's authority to impose sweeping tariffs on foreign countries, with justices expressing skepticism about whether such actions fall within presidential powers or infringe on congressional authority over taxation.

Global Tariffs

Supreme Court justices appear skeptical of Trump's tariffs policies

The US government shutdown is now in its 36th day—a record-breaking length. While both political parties blame each other, the result is being felt by the public. Hundreds of thousands of federal workers are going without pay, and government programs like food benefits have been slashed.

Republicans and Democrats trade blame as shutdown drags on

At least 90 people in the central Philippines have died in floods and heavy rains caused by Typhoon Kalmaegi. 75 others are missing. Tens of thousands have been evacuated after rains flooded homes and streets, swept away vehicles and left people trapped on their roofs.

Manila

Dozens killed as Typhoon Kalmaegi hits central Philippines

President Trump hosted a breakfast for Republican senators at the White House on Wednesday morning, where he urged them to end the filibuster as the government shutdown hits a historical milestone.

Trump doubles down on Republicans as government shutdown makes history

At least nine people were killed, officials say, after a UPS cargo plane crashed near the airport in Louisville, Kentucky. Video shows the jet's left wing on fire as it tries to take off before quickly losing altitude and exploding.

Louisville

Video shows moment UPS plane crashes in Kentucky, killing nine

People around the world are reacting to Zohran Mamdani's win in the New York City mayoral race against former New York Gov. Andrew Cuomo and Republican Curtis Sliwa. CBS News' Ramy Inocencio spoke to Mamdani's mentor in his native Uganda about the election results.

New York

World reacts to Zohran Mamdani's win in NYC mayoral race

Typhoon Kalmaegi left a trail of destruction in the central Philippines, as the powerful storm unleashed heavy rains and floods across Visayas islands region. It's now headed towards the South China Sea and Vietnam where preparations are underway ahead of its expected landfall.

Visayas

Deadly Typhoon Kalmaegi lashes Philippines, heads towards Vietnam

A centuries-old legislative practice in the U.S Senate is being blamed as the latest roadblock in resolving the federal government shutdown. That shutdown is now in its 35th day—equaling the longest in the country's history.

Filibuster blamed for deepening U.S government shutdown

Injuries have been reported after a UPS plane crashed near the Louisville International Airport on Tuesday, officials said.

UPS plane crashes near airport in Kentucky, officials say

The U.S. Senate's 14th vote on a House-passed continuing resolution to fund the government has failed, setting up the shutdown to become the longest ever in American history.

Senate vote fails again to reopen government

A new UN report reviews the gap between countries’ climate commitments and global emissions targets.

UN report reveals climate pledges 'barely moving the needle'

Peru has severed diplomatic relations with Mexico after learning that former prime minister Betssy Chávez, accused of helping ex-president Pedro Castillo attempt a coup in 2022, has taken refuge in the Mexican embassy in Lima.

Lima

Peru cuts ties with Mexico over asylum for ex-prime minister

Former U.S. Vice President Dick Cheney has died at the age of 84. He was a major force in the Republican party for more than 30 years and served as vice president under former President George W. Bush.

Former U.S. Vice President Dick Cheney dies at 84

There has been a sharp escalation in bloodshed in the conflict since Rapid Support Forces fighters captured the city of al-Fashir.

Al Fashir

United States working to secure a humanitarian truce in Sudan

The Trump administration says it will restart the Supplemental Nutrition Assistance Program, but will only pay half the amount people usually get. The move comes after two federal judges ruled that freezing payments for the U.S.'s biggest anti-hunger program is unlawful.

Trump administration will partially restore food benefit funding

Manufacturing giant Kimberly-Clark is set to acquire Kenvue, the maker of Tylenol, for $48.7 billion. CBS News MoneyWatch correspondent Kelly O'Grady has more details.

Kimberly-Clark to buy Tylenol maker Kenvue for nearly $50 billion

Russia said on Monday that its troops had advanced in the eastern Ukrainian city of Pokrovsk, a transport and logistics hub that they have been trying to capture for over a year, but Ukraine said its forces were holding on.

Pokrovsk

Ukraine Invasion

Ukraine sends special forces to Pokrovsk

Israeli police have arrested a former military prosecutor after she leaked a video appearing to show soldiers abusing a Palestinian detainee. Major General Yifat Tomer-Yerushalmi was detained overnight on Monday following a scandal that erupted after she leaked a video, resigned and then disappeared.

Jerusalem

Middle East Conflict

Israel arrests ex-army lawyer over leaked video showing abuse

U.S. President Donald Trump told 60 Minutes he thinks Venezuelan President Nicolas Maduro's days are numbered amid the U.S. striking another boat in the Caribbean allegedly transporting drugs.

Breakdown