Top stories today:

1. Tesla asks shareholders to reapprove Elon’s $47B stock bonus
2. Google fires 28 employees who occupied offices protesting Israel
3. TSMC’s revenue +13% to $18.9B, as net profit margin -3 p.p. to 38%
4. Micron expected to get $6.1B in Chips Act grants

0. Data and calendar

1. Tesla asks shareholders to reapprove Elon’s $47B stock bonus, reincorporate in Texas

Items 3 and 4 out of 12 proposals to be voted on at Tesla’s annual stockholder meeting on Jun. 13:

• “Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value. That strikes us — and the many stockholders from whom we already have heard — as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it,” wrote Robyn Denholm, Chairperson of the Board.

Elon’s 2018 pay plan was struck down by a Delaware court in January

• Plan had milestones, including bold market cap goals starting at $100B going up to $650B, when the company was worth ~$60B.

• “Many experts would contend is laughably impossible,” wrote the NYT in 2018.

3. Google fires 28 employees who occupied office protesting Israel

Protestors were demonstrating inside the office of Google Cloud CEO Thomas Kurian: