Elon Musk’s Tesla pay could hit $50B

Shareholders of electric car and solar panel maker Tesla Inc. have approved an ambitious pay package for iconic CEO Elon Musk that could net him more than $50 billion if he meets lofty milestones over the next decade. A company filing Wednesday with the Securities and Exchange Commission showed shareholders supported the pay deal by a large margin.

If the goals are reached, Tesla would be fourth-most-valuable U.S. company and Musk would be among the richest people in the world.

EU taxes could target tech giants

European authorities proposed revamping the way many technology companies in the region are taxed, outlining wide-ranging changes Wednesday that they hope will curb tax avoidance across the European Union.

The system would tax a company’s revenues in the countries where they are generated, rather than its profits. Regulators say profit-shifting allows some businesses to use regional offices in low-tax countries to reduce payments. The plan pits the EU against the United States as both sides battle to retain corporate tax revenue.

— From wire reports