Musk’s $1T Payday, China’s Trade Shift, UK’s Tax Plans, and Pelosi’s Farewell

7th November 2025

Elon Musk won shareholder approval for a record $1 trillion Tesla pay package, reinforcing his control as the company accelerates its AI and robotics ambitions. China is loosening rare earth export rules, though analysts say the move falls short of U.S. expectations, keeping global trade tensions simmering. UK finance minister Rachel Reeves is reportedly planning an income tax rise in her upcoming budget, aiming to shore up public finances while easing living costs. Nancy Pelosi confirmed she’ll retire from Congress in 2027, closing a historic four-decade career that shaped modern U.S. politics and Democratic leadership. All this and more in today’s Read It and Eat! 

Major News 

• Elon Musk’s Record $1 Trillion Tesla Pay Deal Wins Shareholder Approval

Elon Musk just scored the biggest corporate pay package in history. At Tesla’s annual meeting in Austin, Texas, shareholders overwhelmingly backed a compensation plan that could hand the CEO up to $1 trillion in stock over the next decade a vote of confidence in his ambitious vision to turn the electric carmaker into an AI and robotics powerhouse.

The plan passed with more than 75% support, prompting Musk to stride onto the stage flanked by dancing robots declaring that Tesla was entering “a whole new book” of its future.

The board had warned that Musk might walk away without the deal, arguing that retaining him was vital as Tesla pushes deeper into autonomous driving, robotaxis, and humanoid robots. Critics called the package excessive, but supporters said it ties his payout directly to performance milestones that could reward shareholders along the way.

Musk used the meeting to roll out bold new promises: production of the Cybercab, Tesla’s self-driving two-seater robotaxi, by next April; an unveiling of the next-generation Roadster; and even the possibility of building a “gigantic chip fab” to support Tesla’s AI ambitions potentially in collaboration with Intel. Shareholders also approved a move to invest in Musk’s AI startup xAI, though some investors expressed caution over potential conflicts of interest.

The pay package is structured around steep goals including delivering 20 million vehicles, deploying 1 million robotaxis, and hitting a $8.5 trillion market cap benchmarks that would make Tesla the most valuable company on Earth. Even if Musk falls short of those lofty targets, the payout could still be worth tens of billions. But for Musk, who says the voting power that comes with the shares matters more than the money, the plan is about more than compensation it’s about control. “This isn’t just a new chapter for Tesla,” he said. “It’s a whole new story.” Reuters 

• China Moves to Ease Rare Earth Export Rules But Stops Short of U.S. Hopes

China is taking the first steps toward loosening its rare earth export restrictions, but insiders say the changes will likely fall short of Washington’s expectations for a full rollback.

According to industry sources, the Ministry of Commerce has told some exporters that they’ll soon be able to apply for streamlined, one-year export licenses that could make shipments faster and larger in volume. The move marks Beijing’s latest effort to balance trade relations after the agreement between Presidents Donald Trump and Xi Jinping, which included a pledge to pause certain export curbs for a year.

Still, experts say this is far from the “end of controls” the White House described. While the new general licenses could simplify approvals, they don’t remove the sweeping export restrictions China introduced earlier this year rules that require separate permits for every shipment. Those curbs have disrupted global supply chains and led to temporary shortages, especially in the auto sector.

China dominates more than 90% of the global supply of processed rare earths and magnets, key materials used in everything from electric vehicles to missiles. Given their strategic importance, Beijing’s rare earth policies have become one of its most powerful tools in its ongoing trade rivalry with Washington.

For now, companies are still waiting for clarity on how the new licensing system will work and whether it will truly ease the bottlenecks. “It’s progress,” one industry insider said, “but it’s not the breakthrough the U.S. was hoping for.” Reuters 

• Reeves Poised to Raise Income Tax in Upcoming UK Budget

UK finance minister Rachel Reeves is preparing to include an income tax rise among the key measures in her upcoming November 26 budget, according to The Times. The move, expected to raise tens of billions of pounds, aims to keep the government on track to meet its fiscal targets, a priority for investors watching Britain’s debt trajectory.

While details are still being finalized, the plan’s inclusion in the government’s submission to the Office for Budget Responsibility suggests it’s under serious consideration. A spokesperson for Reeves said the budget will address “global and long-term economic challenges,” focusing on cutting waiting lists, reducing national debt, and easing the cost of living.

Reeves is reportedly considering a two-pence increase in income tax alongside a two-pence cut to National Insurance, a move designed to shift the tax burden away from workers and toward groups such as pensioners and landlords. The National Insurance cut could also be capped for those earning above £50,270, a change economists say could generate more than £6 billion ($8 billion) annually.

Earlier this week, Reeves hinted that “each of us must do our bit,” signaling a potential break from Labour’s election pledge not to raise major taxes. She has argued that broader tax measures are needed to avoid austerity and sustain public spending amid high debt, weak productivity, and stubborn inflation. The National Institute of Economic and Social Research has urged Reeves to find up to £50 billion in fiscal measures to stabilize the economy. Reuters

• Nancy Pelosi to Retire, Closing a Defining Chapter in U.S. Politics

Nancy Pelosi has announced her retirement from Congress, marking the end of a groundbreaking political career that spanned nearly four decades and reshaped American politics. In a video message on Thursday, the California Democrat said she will not seek re-election when her current term ends in January 2027.

Pelosi, 85, made history as the first woman to serve as Speaker of the House, a role she held twice from 2007 to 2011 and again from 2019 to 2023. “We have made history, we have made progress,” she said. “As we go forward, my message to the city I love is this: San Francisco, know your power.”

First elected in 1987, Pelosi quickly became a dominant force on Capitol Hill, known for her political discipline and legislative savvy. She was instrumental in passing Barack Obama’s Affordable Care Act, and later, under President Joe Biden, helped steer major bills on infrastructure and climate policy through a narrowly divided House. She was also a fierce opponent of Donald Trump, leading two impeachment efforts and becoming a symbol of Democratic resistance during his presidency.

Even after stepping down as Speaker, Pelosi remained an influential figure in Democratic politics. Most recently, she helped push through California’s Proposition 50, a redistricting effort aimed at flipping several House seats for Democrats in the 2026 midterms. Her retirement closes a defining era for House Democrats and for a trailblazer whose influence stretched far beyond the chamber she led. BBC 

Minor News 

• Texas sues Roblox for allegedly hiding safety risks from parents. Reuters 

  
  

• AI startup Anthropic expands its European presence with new offices in Paris and Munich. Finance.Yahoo

  
  

• Eli Lilly and Novo Nordisk struck a deal with the Trump administration to slash prices on their blockbuster weight-loss drugs. CNBC 

  
  

• Nvidia CEO says company has no plans to ship products to China. Finance.Yahoo

  
  

• Apple TV+ service restored after a brief global outage. Reuters 

  
  

• Tinder is testing a feature that gives the app access to your camera roll to “learn your personality” and recommend better matches. TechCrunch 

  
  

• Rockstar Games confirmed Grand Theft Auto VI won’t drop until November 2026, pushing it back from May. BBC 

  
  

• David Sacks, Trump’s “AI and crypto czar,” says there’ll be no federal bailout for AI, if one company fails, “others will take its place.” CNBC 

Earnings 

Beats (with cautious / neutral guidance)

Novo Nordisk – Beat Q3 earnings and revenue estimates but lowered growth outlook for obesity and diabetes drugs amid price pressure and competition. CNBC 

McDonald’s – Missed Q3 earnings and revenue but beat same-store sales; warned of weakening low-income consumer spending heading into 2025. CNBC 

DoorDash – Beat Q3 revenue but missed on earnings as it ramped up tech platform and autonomous delivery investments. CNBC 

AMD – Beat Q3 earnings and revenue; guidance was in line as the firm works to capture AI market share from Nvidia. CNBC 

Shopify – Beat Q3 revenue but missed earnings as AI-driven R&D costs weighed on margins. Bloomberg 

ExxonMobil – Beat Q3 earnings but missed revenue; record output from Guyana and the

Permian Basin offset lower oil prices. CNBC 

Beats (with raised / positive guidance)

Pfizer – Issued a beat-and-raise as cost cuts offset weaker sales; became first pharma to reach voluntary US drug pricing deal. CNBC 

Palantir – Delivered a beat-and-raise with 52% jump in government sales on AI-driven defense contracts. CNBC 

Chime – Beat Q3 earnings and revenue; raised FY guidance after 29% YoY revenue growth and user gains in digital banking. Reuters 

AbbVie – Beat-and-raise on strong Botox demand, though warned of margin pressure from upcoming Medicare price cuts. Reuters 

Duolingo – Beat-and-raise as daily users surpassed 50M and AI Max tier lifted ARPU by 7%. Bloomberg 

Apollo – Beat Q3 earnings; fee-related income up 23% and AUM near $1T, supported by Bridge Investment Group acquisition. Bloomberg 

Chevron – Beat on both earnings and revenue; record production and Hess acquisition offset cost pressures. CNBC 

Beats (but with mixed headwinds)

Robinhood – Beat on all metrics; revenue doubled and net income surged 270%, but crypto revenue missed expectations. Bloomberg 

Qualcomm – Beat earnings and revenue; strong AI chip forecast, though cloud and mobile demand remain uneven. CNBC 

Ryanair – Profits surged 40% on higher fares and strong demand, though management flagged fuel cost risks ahead. Financial Times 

Yum Brands – Beat on both metrics; Taco Bell and KFC growth stayed solid, but Pizza Hut sale talks added uncertainty. CNBC 

Berkshire Hathaway – Beat Q3 results on record insurance profits; Buffett’s exit and $382B in cash signal transition phase. CNBC 

Mixed / Misses

Supermicro – Missed Q1 earnings and revenue; 15% sales drop as “design win upgrades” delayed expected revenue into next quarter. CNBC 

Cava – Met earnings but missed revenue and cut FY outlook amid flat traffic and economic uncertainty. CNBC 

Carlyle – Reported mixed quarter; PE dealmaking slowdown offset by AUM growth in fund-of-funds unit. Reuters