6:48 am, September 8, 2025
Elon Musk in line for trillion-dollar pay package if Tesla hits 10-year goals
The world’s richest man could become its first trillionaire if Elon Musk hits a series of aggressive targets for his electric car company over the next decade, according to a proposed pay package released by the company.
Tesla said in a regulatory filing on Friday that it will hand Musk shares worth as much as 12% of the company in a dozen separate packages if the company meets certain performance targets, including massive increases in car production, share price and operating profit.
If approved by shareholders, the new pay package could make Musk the world’s first trillion-dollar executive, and would mark a new level of outsized pay. But the payoff is in shares, not cash, and the goals are extreme.
Supermarkets and shops hit hardest by business rates shake-up – research
Changes to property taxes designed to ‘level the tax playing field’ between high street and online retailers will hit shops including supermarkets and department stores hardest, according to new analysis.
Research by global tax services firm Ryan found the changes to business rates coming into force next year will hit thousands of physical stores with major bill increases. Experts have said the ‘policy risks penalising the very businesses that anchor the high street’.
From April 2026, the Treasury will introduce a new business rates surcharge of up to 10p on properties with a rateable value (RV) of £500,000 or more.
Skoda’s Epiq set to broaden firm’s range of electric SUVs
Skoda will expand its electric SUV line-up with the just-revealed Epiq.
Due to enter production next year, the Epiq will sit underneath the Elroq and Enyaq as the firm’s smallest electric SUV.
With space for five and a 475-litre boot, the Epiq has been designed to maximise space in a car with a relatively small footprint. At 4.1 metres in length, it’s slightly shorter than the Skoda Kamiq, which is currently the smallest SUV in the brand’s range. The Czech firm says that the price tag of the Epiq is ‘expected to be comparable with its ICE (Internal Combustion Engine) counterpart, putting it around £24,000.
The markets
The FTSE 100 gave back early gains to close lower on Friday as a weak US jobs report boosted hopes of rate cuts, but also raised fears the world’s biggest economy was slowing.
It closed down 8.66 points, 0.1%, at 9,208.21. It had earlier traded as high as 9,253.53. The FTSE 250 ended 100.86 points higher, 0.5%, at 21,575.54 and the AIM All-Share finished up 3.63 points, 0.5%, at 765.63.
The pound jumped to 1.35 dollars late on Friday afternoon in London, compared to 1.34 at the equities close on Thursday. The euro firmed to 1.17.
Labour’s ruling body to draw up plans for race to replace Rayner
Labour’s ruling body will meet to draw up plans for a deputy leadership election as MPs consider whether to enter the race to replace Angela Rayner.
The National Executive Committee (NEC) will hold talks on Monday aimed at deciding on a timeline and rules for the contest, including how many nominations from MPs will be needed for candidates to make a ballot.
New home secretary Shabana Mahmood, who has been tasked with tightening the government’s grip on immigration, has not yet made a decision on whether to run, it is understood.
Travellers facing severe Tube disruption with few to no services running
Travellers are facing severe disruption as few to no London Underground services are expected from Monday amid walkouts by thousands of workers.
Members of the Rail, Maritime and Transport union (RMT), including drivers, signallers and maintenance workers, launched a series of strikes over pay and conditions.
No trains will be running before 8am and passengers are asked to complete journeys by 6pm.
Latest on Car Dealer
Supercar dealer GVE London officially appoints administrators as firm faces uncertain future
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Keyloop sponsors Reading Pride for fourth year as firm stands with LGBTQ+ community
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Used car prices increased for the first time since August 2023 according to latest data
Used car prices saw a modest rise last month, which was the first year-on-year increase since August 2023.
JLR refers itself to regulator sparking concern that hackers may have stolen personal data
Personal data may have been stolen by cyber attackers who targeted JLR’s global IT systems earlier this week.
New Johnsons owners waste no time in shaking up car dealer as fresh directors are confirmed
Athenaeum International Holdings has appointed a new board of directors at Johnsons Cars after completing its takeover of the dealer group.
Podcast: Former Stig Ben Collins reveals extreme measures he took to keep his identity secret
Top Gear’s former Stig has revealed the extreme lengths he went to in order to keep his identity a secret at the height of the show’s popularity.
Car dealer Howards posts improved profits for 2024 as bosses toast ‘successful year’
Car dealer Howard Garages has bucked wider industry trends to post improved profits for 2024.
Nissan names dealer network’s best-of-the-best master technician of the year
Nissan has named a Derby dealership team member as the most customer-focused employee in its UK retail operation.
Weather
A bright start today with sunshine for most and isolated showers in the west, before patchy cloud brings scattered afternoon showers; windy in the north-west, reports BBC Weather.
Tonight turns largely dry with clear skies, though some cloud and showers linger in the west, and the far south-west clouds over by dawn.
