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Rivian Awards CEO RJ Scaringe a $4.6 Billion Pay Package Modeled on Musk’s Tesla Deal

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Electric vehicle maker Rivian has unveiled a massive $4.6 billion compensation plan for CEO RJ Scaringe, mirroring the structure of Elon Musk’s Tesla pay package. The deal, announced Friday, is one of the largest executive awards in history, tying Scaringe’s payout to ambitious profit and share price milestones over the next decade.

The move signals Rivian’s determination to retain its founder and keep him focused on growth as the company prepares to launch its smaller, more affordable R2 SUV next year — a key model aimed at competing with Tesla’s Model Y.

Rivian said the new plan replaces an earlier one issued in 2021 that was unlikely to be met. The updated package includes options to purchase 36.5 million shares at $15.22 each, vesting if Rivian’s stock hits price targets ranging from $40 to $140 a share over the next ten years. The company’s previous plan required share prices between $110 and $295, thresholds now deemed unrealistic amid market pressures and the removal of EV tax credits that have slowed sales.

The award also introduces operating income and cash flow goals over seven years. Rivian shares closed at $15.22 on Thursday — exactly the strike price for Scaringe’s new options.

“This plan keeps RJ incentivized to scale Rivian efficiently while aligning his success with shareholder returns,” said a company statement.

The EV startup recently laid off 600 employees, or 4.5% of its workforce, as part of cost-cutting efforts. Still, the company insists it is on track to improve profitability and expand production.

Separately, Scaringe was granted 1 million common units in Mind Robotics, a new Rivian spinoff focused on industrial AI technology. He will serve as chairman of its board and could earn up to a 10% stake once the venture turns a profit.

Nvidia CEO Jensen Huang Says No Plans to Sell Blackwell AI Chips to China

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Nvidia CEO Jensen Huang said on Friday that there are “no active discussions” about selling the company’s cutting-edge Blackwell AI chips to China, pushing back on speculation that a U.S.–China deal could soon allow limited exports.

The Blackwell processor, Nvidia’s most powerful chip for artificial intelligence applications, is currently banned from sale in China under U.S. export restrictions introduced by the Trump administration. Washington fears the hardware could accelerate Beijing’s military and AI capabilities.

“There are no plans to ship anything to China right now,” Huang told reporters during a visit to Tainan, Taiwan, where he attended a TSMC company event. “It’s up to China when they would like Nvidia products to go back to serve the Chinese market,” he added, implying that Beijing’s own policies are a barrier to reentry.

Rumors of a possible diplomatic breakthrough emerged last week when U.S. President Donald Trump and Chinese President Xi Jinping met in South Korea, but no agreement has materialized.

Nvidia is still allowed to sell its H20 chips, a downgraded model tailored for the Chinese market, but Huang said China’s stance has left Nvidia’s market share for advanced AI chips at zero.

Asked about Tesla CEO Elon Musk’s plan to build a semiconductor fabrication plant, Huang noted that “building advanced manufacturing like TSMC does is extremely hard,” but added that demand for such technology remains enormous.

Huang also clarified remarks reported by the Financial Times, denying that he had said China would win the AI race. “What I said was that China has very good AI technology,” he explained. “They have many AI researchers. The United States just has to move very, very fast because the world is competitive.”

The comments underscore Nvidia’s delicate position between U.S. export controls and China’s growing AI ecosystem, even as global demand for its chips remains red-hot.

Elon Musk Wins Shareholder Approval for Record $1 Trillion Tesla Pay Plan

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Elon Musk has secured shareholder approval for a record-breaking $1 trillion Tesla pay package, cementing his grip on the company as he pushes to transform the electric vehicle maker into a global leader in AI and robotics.

The plan received over 75% support during Tesla’s annual shareholder meeting in Austin, Texas, where Musk appeared on stage alongside dancing robots, calling the moment “a whole new book” in Tesla’s story.

The approved package could grant Musk up to $878 billion in stock over the next decade, contingent on ambitious performance milestones — including delivering 20 million vehicles, deploying 1 million robotaxis, and generating $400 billion in core profit. Tesla’s market value would need to climb from $1.5 trillion to $8.5 trillion for Musk to unlock the full payout.

The vote follows months of intense debate over Musk’s compensation and influence. The Tesla board warned that Musk could shift his focus to other ventures — such as SpaceX or his AI startup xAI — if shareholders rejected the plan.

“This isn’t just another chapter,” Musk said to cheering investors. “It’s the start of something entirely new.”

Critics, including Norway’s sovereign wealth fund and proxy advisory firms Glass Lewis and ISS, opposed the plan, citing governance concerns and the risk of excessive power consolidation. Yet supporters argued that tying compensation to Tesla’s market success aligns Musk’s incentives with shareholders’.

Shareholders also voted to invest in xAI, though analysts noted that many abstentions signaled caution over potential conflicts of interest.

The approval clears a major uncertainty clouding Tesla’s future and reinforces Musk’s position as both the visionary and lightning rod behind the company’s AI and robotics ambitions.