Latest news with #US1.1
AU Financial Review
6 days ago
- Business
- AU Financial Review
Alphabet CEO Sundar Pichai is now a billionaire as shares soar
Alphabet's earnings beat Wednesday was the latest milestone in what's been an explosive run since early 2023, during which the company has added more than $US1 trillion ($2 trillion) in market value and returned about 120 per cent to investors. It's also made its CEO, Sundar Pichai, a billionaire. With Alphabet's shares approaching an all-time high, Pichai, 53, is now worth $US1.1 billion, according to the Bloomberg Billionaires Index. That's a rare feat for a non-founding chief executive officer, especially in a tech industry where many top executives — including Meta's Mark Zuckerberg and Nvidia's Jensen Huang — owe their fortunes to founding equity stakes in their companies.
Sydney Morning Herald
6 days ago
- Business
- Sydney Morning Herald
Google's cricket-loving CEO has just become a billionaire
Alphabet's earnings beat was the latest milestone in what's been an explosive run since early 2023, during which Google's parent company has added more than $US1 trillion ($1.5 trillion) in market value and returned about 120 per cent to investors. It's also made its CEO, Sundar Pichai, a billionaire. With Alphabet's shares approaching an all-time high, Pichai, 53, is now worth $US1.1 billion, according to the Bloomberg Billionaires Index. That's a rare feat for a non-founding chief executive officer, especially in a tech industry where many top executives — including Meta's Mark Zuckerberg and Nvidia's Jensen Huang — owe their fortunes to founding equity stakes in their companies. Although he wasn't there for the company's creation in 1998, Pichai became its longest-serving CEO this month. August will mark his 10th anniversary since assuming the role. A spokesperson for the California-based company declined to comment on Pichai's net worth. Modest background Loading Born into a middle-class family, Pichai grew up in a two-room apartment in the southern Indian state of Tamil Nadu. The family didn't own a car and only got its first telephone when he was 12. When Pichai won a graduate scholarship to Stanford University in 1993, his family spent more than his father's annual salary — $USUS1000 — to buy a plane ticket to California. After being hired in 2004 by Google — as the company was then known — Pichai spent more than a decade working his way up the ranks, helping to develop the Chrome browser and leading the Android division before he was tapped as CEO in 2015. That was the same year Google restructured itself to become a subsidiary of parent company Alphabet and began more heavily emphasising components of its business beyond its core search function. Pichai was also named CEO of Alphabet in 2019.
The Age
6 days ago
- Business
- The Age
Google's cricket-loving CEO has just become a billionaire
Alphabet's earnings beat was the latest milestone in what's been an explosive run since early 2023, during which Google's parent company has added more than $US1 trillion ($1.5 trillion) in market value and returned about 120 per cent to investors. It's also made its CEO, Sundar Pichai, a billionaire. With Alphabet's shares approaching an all-time high, Pichai, 53, is now worth $US1.1 billion, according to the Bloomberg Billionaires Index. That's a rare feat for a non-founding chief executive officer, especially in a tech industry where many top executives — including Meta's Mark Zuckerberg and Nvidia's Jensen Huang — owe their fortunes to founding equity stakes in their companies. Although he wasn't there for the company's creation in 1998, Pichai became its longest-serving CEO this month. August will mark his 10th anniversary since assuming the role. A spokesperson for the California-based company declined to comment on Pichai's net worth. Modest background Loading Born into a middle-class family, Pichai grew up in a two-room apartment in the southern Indian state of Tamil Nadu. The family didn't own a car and only got its first telephone when he was 12. When Pichai won a graduate scholarship to Stanford University in 1993, his family spent more than his father's annual salary — $USUS1000 — to buy a plane ticket to California. After being hired in 2004 by Google — as the company was then known — Pichai spent more than a decade working his way up the ranks, helping to develop the Chrome browser and leading the Android division before he was tapped as CEO in 2015. That was the same year Google restructured itself to become a subsidiary of parent company Alphabet and began more heavily emphasising components of its business beyond its core search function. Pichai was also named CEO of Alphabet in 2019.
The Advertiser
24-07-2025
- Automotive
- The Advertiser
GM blames Trump's tariffs for billion-dollar loss, warns larger losses on the way
General Motors (GM) has announced a $A1.68 billion loss for the second quarter (April-June) of 2025, citing uncertainty brought on by United States (US) import tariffs. In its quarterly earnings call, the automaker pinned the entire $US1.1 billion loss down to the automotive import tariffs introduced from April 2, 2025, which extended to components in May before being combined with broader 'reciprocal' tariffs. In its presentation, GM told shareholders to, "Expect Q3 [July-September] impact to be higher than Q2 due to timing of indirect tariff costs." "We are positioning the business for a profitable, long-term future as we adapt to new trade and tax policies, and a rapidly evolving tech landscape," said GM CEO Mary Barra in a letter to shareholders. CarExpert can save you thousands on a new car. Click here to get a great deal. The loss is 32 per cent down on the same period in 2024, with the company's revenue falling three per cent year-on-year. With 746,588 vehicles sold between April and June, GM was the best-selling automaker in the US in the first half of 2025 with 1.4 million deliveries across its Buick, Cadillac, Chevrolet and GMC brands. Ms Barra also highlighted the $US4 million ($A6.9 billion) investment in US manufacturing, bringing an additional 300,000 vehicle production capacity. "This will help us satisfy unmet customer demand, greatly reduce our tariff exposure, and capture upside opportunities as we launch new models," Ms Barra said. "The capacity begins coming online in just 18 months, after which we project building more than two million vehicles in the U.S. each year as we scale." This included a US$888 million (A$1.377 billion) investment in the development of a sixth-generation small-block V8 engine at the Tonawanda Propulsion plant in Buffalo, New York. "Overall, GM is well positioned to succeed in an ICE [internal combustion engine] market that now has a longer runway," Ms Barra said. The news comes as rival Stellantis, which owns US brands including Jeep, Ram Trucks, Dodge, Chrysler among others, posted a €2.3 billion (A$4.1 billion) loss for the first six months of 2025 after a profit of €5.6 billion (A$10 billion) over the same period last year. In April, US President Donald Trump introduced 'automotive' tariffs of 25 per cent on imported vehicles, controversially including Mexico and Canada – crucial parts of a broader North American supply chain – despite GM, Ford and Stellantis asking for more time to adjust to the tariffs. Mr Trump relented somewhat, providing a one-month reprieve on tariffs for vehicles built in Canada – such as the Chevrolet Silverado – and Mexico, where Stellantis makes vehicles such as the Jeep Wagoneer S. In May, a tariff on components was also applied, which was also layered with country-specific 'reciprocal' tariffs, meaning tariffs on materials – such as imported steel – would attract additional tariffs. Analysts predicted the average cost of a new vehicle could increase by as much as $US12,000 ($A18,250), while President Trump said the tariffs were intended to grow US manufacturing. "Ultimately, more production at home will mean stronger competition and lower prices for consumers," President Trump told media in a press conference announcing the tariffs on April 2, 2025. GM says average transaction prices have increased to $US51,000 ($A77,570) and expects to raise prices between 0.5-1.0 per cent this year. MORE: Peugeot, Ram parent posts A$4.1 billion loss, forecasts more tariff trouble MORE: Reciprocal tariffs on US trading partners will have 'ripple effects' on Australia Content originally sourced from: General Motors (GM) has announced a $A1.68 billion loss for the second quarter (April-June) of 2025, citing uncertainty brought on by United States (US) import tariffs. In its quarterly earnings call, the automaker pinned the entire $US1.1 billion loss down to the automotive import tariffs introduced from April 2, 2025, which extended to components in May before being combined with broader 'reciprocal' tariffs. In its presentation, GM told shareholders to, "Expect Q3 [July-September] impact to be higher than Q2 due to timing of indirect tariff costs." "We are positioning the business for a profitable, long-term future as we adapt to new trade and tax policies, and a rapidly evolving tech landscape," said GM CEO Mary Barra in a letter to shareholders. CarExpert can save you thousands on a new car. Click here to get a great deal. The loss is 32 per cent down on the same period in 2024, with the company's revenue falling three per cent year-on-year. With 746,588 vehicles sold between April and June, GM was the best-selling automaker in the US in the first half of 2025 with 1.4 million deliveries across its Buick, Cadillac, Chevrolet and GMC brands. Ms Barra also highlighted the $US4 million ($A6.9 billion) investment in US manufacturing, bringing an additional 300,000 vehicle production capacity. "This will help us satisfy unmet customer demand, greatly reduce our tariff exposure, and capture upside opportunities as we launch new models," Ms Barra said. "The capacity begins coming online in just 18 months, after which we project building more than two million vehicles in the U.S. each year as we scale." This included a US$888 million (A$1.377 billion) investment in the development of a sixth-generation small-block V8 engine at the Tonawanda Propulsion plant in Buffalo, New York. "Overall, GM is well positioned to succeed in an ICE [internal combustion engine] market that now has a longer runway," Ms Barra said. The news comes as rival Stellantis, which owns US brands including Jeep, Ram Trucks, Dodge, Chrysler among others, posted a €2.3 billion (A$4.1 billion) loss for the first six months of 2025 after a profit of €5.6 billion (A$10 billion) over the same period last year. In April, US President Donald Trump introduced 'automotive' tariffs of 25 per cent on imported vehicles, controversially including Mexico and Canada – crucial parts of a broader North American supply chain – despite GM, Ford and Stellantis asking for more time to adjust to the tariffs. Mr Trump relented somewhat, providing a one-month reprieve on tariffs for vehicles built in Canada – such as the Chevrolet Silverado – and Mexico, where Stellantis makes vehicles such as the Jeep Wagoneer S. In May, a tariff on components was also applied, which was also layered with country-specific 'reciprocal' tariffs, meaning tariffs on materials – such as imported steel – would attract additional tariffs. Analysts predicted the average cost of a new vehicle could increase by as much as $US12,000 ($A18,250), while President Trump said the tariffs were intended to grow US manufacturing. "Ultimately, more production at home will mean stronger competition and lower prices for consumers," President Trump told media in a press conference announcing the tariffs on April 2, 2025. GM says average transaction prices have increased to $US51,000 ($A77,570) and expects to raise prices between 0.5-1.0 per cent this year. MORE: Peugeot, Ram parent posts A$4.1 billion loss, forecasts more tariff trouble MORE: Reciprocal tariffs on US trading partners will have 'ripple effects' on Australia Content originally sourced from: General Motors (GM) has announced a $A1.68 billion loss for the second quarter (April-June) of 2025, citing uncertainty brought on by United States (US) import tariffs. In its quarterly earnings call, the automaker pinned the entire $US1.1 billion loss down to the automotive import tariffs introduced from April 2, 2025, which extended to components in May before being combined with broader 'reciprocal' tariffs. In its presentation, GM told shareholders to, "Expect Q3 [July-September] impact to be higher than Q2 due to timing of indirect tariff costs." "We are positioning the business for a profitable, long-term future as we adapt to new trade and tax policies, and a rapidly evolving tech landscape," said GM CEO Mary Barra in a letter to shareholders. CarExpert can save you thousands on a new car. Click here to get a great deal. The loss is 32 per cent down on the same period in 2024, with the company's revenue falling three per cent year-on-year. With 746,588 vehicles sold between April and June, GM was the best-selling automaker in the US in the first half of 2025 with 1.4 million deliveries across its Buick, Cadillac, Chevrolet and GMC brands. Ms Barra also highlighted the $US4 million ($A6.9 billion) investment in US manufacturing, bringing an additional 300,000 vehicle production capacity. "This will help us satisfy unmet customer demand, greatly reduce our tariff exposure, and capture upside opportunities as we launch new models," Ms Barra said. "The capacity begins coming online in just 18 months, after which we project building more than two million vehicles in the U.S. each year as we scale." This included a US$888 million (A$1.377 billion) investment in the development of a sixth-generation small-block V8 engine at the Tonawanda Propulsion plant in Buffalo, New York. "Overall, GM is well positioned to succeed in an ICE [internal combustion engine] market that now has a longer runway," Ms Barra said. The news comes as rival Stellantis, which owns US brands including Jeep, Ram Trucks, Dodge, Chrysler among others, posted a €2.3 billion (A$4.1 billion) loss for the first six months of 2025 after a profit of €5.6 billion (A$10 billion) over the same period last year. In April, US President Donald Trump introduced 'automotive' tariffs of 25 per cent on imported vehicles, controversially including Mexico and Canada – crucial parts of a broader North American supply chain – despite GM, Ford and Stellantis asking for more time to adjust to the tariffs. Mr Trump relented somewhat, providing a one-month reprieve on tariffs for vehicles built in Canada – such as the Chevrolet Silverado – and Mexico, where Stellantis makes vehicles such as the Jeep Wagoneer S. In May, a tariff on components was also applied, which was also layered with country-specific 'reciprocal' tariffs, meaning tariffs on materials – such as imported steel – would attract additional tariffs. Analysts predicted the average cost of a new vehicle could increase by as much as $US12,000 ($A18,250), while President Trump said the tariffs were intended to grow US manufacturing. "Ultimately, more production at home will mean stronger competition and lower prices for consumers," President Trump told media in a press conference announcing the tariffs on April 2, 2025. GM says average transaction prices have increased to $US51,000 ($A77,570) and expects to raise prices between 0.5-1.0 per cent this year. MORE: Peugeot, Ram parent posts A$4.1 billion loss, forecasts more tariff trouble MORE: Reciprocal tariffs on US trading partners will have 'ripple effects' on Australia Content originally sourced from: General Motors (GM) has announced a $A1.68 billion loss for the second quarter (April-June) of 2025, citing uncertainty brought on by United States (US) import tariffs. In its quarterly earnings call, the automaker pinned the entire $US1.1 billion loss down to the automotive import tariffs introduced from April 2, 2025, which extended to components in May before being combined with broader 'reciprocal' tariffs. In its presentation, GM told shareholders to, "Expect Q3 [July-September] impact to be higher than Q2 due to timing of indirect tariff costs." "We are positioning the business for a profitable, long-term future as we adapt to new trade and tax policies, and a rapidly evolving tech landscape," said GM CEO Mary Barra in a letter to shareholders. CarExpert can save you thousands on a new car. Click here to get a great deal. The loss is 32 per cent down on the same period in 2024, with the company's revenue falling three per cent year-on-year. With 746,588 vehicles sold between April and June, GM was the best-selling automaker in the US in the first half of 2025 with 1.4 million deliveries across its Buick, Cadillac, Chevrolet and GMC brands. Ms Barra also highlighted the $US4 million ($A6.9 billion) investment in US manufacturing, bringing an additional 300,000 vehicle production capacity. "This will help us satisfy unmet customer demand, greatly reduce our tariff exposure, and capture upside opportunities as we launch new models," Ms Barra said. "The capacity begins coming online in just 18 months, after which we project building more than two million vehicles in the U.S. each year as we scale." This included a US$888 million (A$1.377 billion) investment in the development of a sixth-generation small-block V8 engine at the Tonawanda Propulsion plant in Buffalo, New York. "Overall, GM is well positioned to succeed in an ICE [internal combustion engine] market that now has a longer runway," Ms Barra said. The news comes as rival Stellantis, which owns US brands including Jeep, Ram Trucks, Dodge, Chrysler among others, posted a €2.3 billion (A$4.1 billion) loss for the first six months of 2025 after a profit of €5.6 billion (A$10 billion) over the same period last year. In April, US President Donald Trump introduced 'automotive' tariffs of 25 per cent on imported vehicles, controversially including Mexico and Canada – crucial parts of a broader North American supply chain – despite GM, Ford and Stellantis asking for more time to adjust to the tariffs. Mr Trump relented somewhat, providing a one-month reprieve on tariffs for vehicles built in Canada – such as the Chevrolet Silverado – and Mexico, where Stellantis makes vehicles such as the Jeep Wagoneer S. In May, a tariff on components was also applied, which was also layered with country-specific 'reciprocal' tariffs, meaning tariffs on materials – such as imported steel – would attract additional tariffs. Analysts predicted the average cost of a new vehicle could increase by as much as $US12,000 ($A18,250), while President Trump said the tariffs were intended to grow US manufacturing. "Ultimately, more production at home will mean stronger competition and lower prices for consumers," President Trump told media in a press conference announcing the tariffs on April 2, 2025. GM says average transaction prices have increased to $US51,000 ($A77,570) and expects to raise prices between 0.5-1.0 per cent this year. MORE: Peugeot, Ram parent posts A$4.1 billion loss, forecasts more tariff trouble MORE: Reciprocal tariffs on US trading partners will have 'ripple effects' on Australia Content originally sourced from:
The Age
10-06-2025
- Business
- The Age
This man made $10.5 billion last year from keeping a close eye on Americans
Karp was in second place in last year's report with nearly $US1.1 billion in gains, trailing Elon Musk, the Tesla CEO, who gained $US1.4 billion. Musk's name is absent from the top-paid lists this year, but he has been fighting in the courts to retain a past, gargantuan pay package that a judge in Delaware has voided twice. The Tesla shares in that contested pay package were worth more than $US98 billion at the end of May, according to Courtney Yu, director of research at Equilar. Musk funnelled $US250 million into President Donald Trump's campaign efforts and was behind the Trump administration's Department of Government Efficiency, or DOGE. Facing declining sales at Tesla, he has left the White House for renewed work at his companies, which also include SpaceX, a rocket company and military contractor; X, a social media platform; and xAI, an artificial intelligence company. Classic compensation There's another important way to look at executive compensation: the estimated value of a pay package when it was originally granted. This annual snapshot must also be disclosed by corporations, thanks to government requirements that were tightened under Dodd-Frank. This more traditional approach, which the Times has covered regularly with the help of Equilar since 2012, tends to produce smaller figures for CEO compensation than the 'compensation actually paid' approach. But the numbers are still enormous, compared with the earnings of most working people. It, too, is being reevaluated by the Trump administration. The biggest payday in corporate America last year, using this traditional measure of executive compensation, went to Peter Gassner of Veeva Systems, a cloud-computing company focused on the life sciences, with a total compensation of $US172.4 million, nearly all from stock options and awards. The median employee at the company earned $US137,866. It would take a worker at Veeva Systems 1251 years to earn what Gassner did in 2024. Motivating executives is one thing. Rewarding them like absolute monarchs is another. In a statement, Veeva said Gassner's compensation reflected a stock option grant that depended on the company's share performance and 'is intended as Mr. Gassner's only equity compensation through 2030.' The company said his $US475,000 salary is 'one of the lowest' for CEOs at publicly traded companies. Right behind Gassner on the top-pay list was Patrick W. Smith, aka Rick Smith, who was a founder of Axon Enterprise. It was previously called TASER International and was named for what is still Axon's best-known product: Tasers. The company says its product line also includes 'body cameras, in-car cameras, cloud-hosted digital evidence management solutions, productivity software and real-time operations capabilities.' Loading Smith's total compensation in 2024, using traditional accounting, was $US164.5 million. In a statement, the company said that number reflected 'a long-term, performance-based equity award,' which he would receive only 'over seven years, contingent on Axon meeting ambitious performance goals.' The median Axon employee was paid $US205,322 in 2024, handsome wages compared with salaries at most companies. Even so, because Smith's compensation package was so big, it would take an Axon employee 801 years to earn Smith's pay for just one year. And, using the compensation-actually-paid metric, he earned vastly more: $US385 million in 2024. Gassner at Veeva Systems raked in $US284 million using that measure. The big picture Corporate compensation filings are tedious reading, but they are a trove of information. That may be why they have never been uniformly popular in corner offices and why the Trump administration is beginning a process that could lead to the curtailment or demise of some of these disclosure requirements. In my view, that would be a shame. I would hate to lose access to any of the details being revealed by public corporations. Consider some of the highlights from this year's disclosures, compiled by Equilar. All told, for the 100 highest-paid CEOs of publicly traded companies in 2024, the median CEO compensation, much of it from stock options, was $US37 million, using the traditional accounting metric. That is a big number. Comparing it with what corporate employees make is revealing. The median worker at these companies was paid $US110,125, which is an astonishingly big pay gap. It would take the median employee — the one right in the middle of the income distribution — 357 years to earn what the median CEO earned in just one year. And using comparable, historical data that excludes the compensation at private equity firms, the pay ratio at publicly traded companies is almost 350-to-1, or, simply, 350, which is more than ever before. As I've pointed out before, pay disparities of this magnitude reflect levels of income inequality that were considered repugnant 50 years ago. The American social structure was flatter and CEO-to-worker pay ratios were lower then. Motivating executives is one thing. Rewarding them like absolute monarchs is another. Through the 1970s, one study found, the pay ratio for big companies was less than 20. In the 1980s, Peter F. Drucker, the economist and Wall Street Journal columnist, said it felt 'about right' when CEOs received 10 to 12 times what workers earned. Loading Yes, it's better to be the boss. Anybody in the workforce already knows this without seeing any of these details. But the details matter. Happily, for investors and for rank-and-file workers, we now have considerable information on exactly how well CEOs are paid — and how much more money they receive than everybody else. The Securities and Exchange Commission will convene later this month for a formal discussion about whether to change the rules about what companies need to reveal about CEO pay. Many companies would like less public disclosure. But after 15 years of looking at this issue, I think we need much more.
