Apple and Meta’s Executive Candies
This article is an on-site version of our #techFT newsletter and is generally only available with a Premium subscription. Are you currently a Standard subscriber? Click here to upgrade your subscription to Premium. Not yet subscribed? You can purchase a Premium Membership here
Putting a value on the roles played by senior tech executives can be difficult.
ISS, a leading shareholder advisory group, has recommended that Apple investors vote against Tim Cook’s $99 million compensation and bonus package for 2021. It includes his first stock award since 2011 – worth $82 million.
ISS says there ‘is a significant concern’ with the stock allotment, while costs of $630,630 for personal security and $712,488 for personal use of a private jet ‘significantly exceeded’ comparable companies.
Tim Bradshaw and Patrick Temple-West report that Cook’s consistent leadership was widely praised as he guided Apple to become the first company to reach a market capitalization of $3 billion in early January, dispelling early doubts about whether the company could thrive after the death of co-founder Steve Jobs in 2011.
Lex says Cook has demonstrated his worth, presiding over a transformation few thought possible. He points out that the salary package is not a tech record. Alphabet’s Sundar Pichai received $277 million in stock in 2019. Elon Musk’s 2018 moonshot salary package, which is tied to a series of milestones, means he could earn more than $55 billion.
At Meta, Facebook’s parent company, Mark Zuckerberg has placed greater value in the role of managing Facebook’s tarnished public image and defending the social media company against politicians and regulators. Nick Clegg, the former British deputy prime minister, has been promoted to chairman of global affairs and is now part of a triumvirate, along with CEO Zuckerberg and COO Sheryl Sandberg.
Clegg joined Facebook in 2018 as head of policy and communications. “We need a senior executive at the level of myself (for our products) and Sheryl (for our business) who can lead and represent us on all of our policy issues globally,” Zuckerberg wrote. about the expanded role. It will include interacting with governments in developing new regulations and making “the public case” for the company’s products. It’ll be a big job, but of all of Zuckerberg’s new “Metamates,” Clegg has the best political savvy to handle it.
The Internet of (five) things
1. Amazon renews Visa
Amazon has reached a global agreement with Visa to continue accepting payments from its credit cards, ending a tense months-long standoff over rising transaction fees. The card was declined on Amazon, sharing details of the deal.
2. DoorDash announces good news on Wall Street
The food delivery company reported higher-than-expected revenue in the final quarter of 2021. DoorDash grew 34% year-on-year to $1.3 billion, suggesting demand for food delivery remains high even as communities lift the vast majority of coronavirus restrictions. Its shares are up despite the tech-heavy Nasdaq trading in the red.
3. Retired Roblox
Roblox, the gaming platform and potential metaverse company, lost more than a quarter of its market value on Wednesday morning. It had reported a drop in daily user numbers as players moved out of their homes and pandemic shutdowns. Lex says investors now have no qualms about pulling the rug out from under popular but unprofitable growth stocks with the prospect of rising interest rates.
4. Sequoia’s Crypto Crush
Influential venture capital firm Sequoia Capital plans to delve deeper into the cryptocurrency markets. The Silicon Valley operator announced on Thursday that it has earmarked between $500 million and $600 million for a new fund that will invest primarily in crypto tokens traded on third-party exchanges. Meanwhile, US stablecoin provider Circle said its planned deal to list on Wall Street through a blank check company chaired by former Barclays chief Bob Diamond had doubled in value to $9 billion. of dollars.
5. Inside Peloton’s epic series of missed calls and bad luck
It was the darling of investors and customers. But as the networked home fitness company hit a peak valuation of nearly $50 billion at the end of 2020, we now know it was about to suffer a series of tribulations that would involve the chief executive stepping down. and lays off three out of 10 employees.
Technical tools — Hublot’s crypto watch
Hublot, the Swiss luxury watchmaker, introduced the Big Bang Unico Ledger, merging Ledger’s cryptographic technology with its traditional craftsmanship.
The Big Bang Unico watch combines old and new in its golden bezel. It is cast in solid electrum, a natural alloy of gold and silver used by Lydian societies to mint the earliest known coins. Bitcoin’s Latin motto “Vires in Numeris”, or “strength in numbers”, is stamped six times on the outer edge of the bezel.
The Ledger Nano X comes with the watch, a limited edition cryptographic key that will only be available with the watch. “The Nano X is Ledger’s signature digital asset wallet, market-leading Bluetooth-enabled hardware to securely encrypt, secure, manage and grow your crypto assets,” it says. This is a limited edition of 50 pieces available now, priced at $28,300.
Newsletters recommended for you
Municipal bulletin — Our pre-market update and feedback. register here
#fintechFT – Breaking news on the tech industry’s most pressing issues. register here