Musk could become history's first trillionaire as Tesla shareholders approve giant pay package

NEW YORK (AP) — The world’s richest man was just handed a chance to become history’s first trillionaire. Elon Musk won a shareholder vote on Thursday that would give the Tesla CEO stock worth $1 trillion if he hits certain performance targets over the next decade. The vote followed weeks of debate over his management record and whether anyone deserved such unprecedented pay, drawing heated commentary from small investors to giant pension funds and even the pope.  It was a resounding victory for Musk showing that investors still have faith in him as the car company struggles with plunging sales and profits.

US flight cancellations accelerate as airlines comply with government shutdown order

Flight cancellations are accelerating as U.S. airlines comply with a government order to cut flights because of the shutdown. Airports in New York, Los Angeles and Chicago are among 40 of the busiest across the U.S. where flights will be cut. That is according to a list distributed to the airlines and obtained by The Associated Press. The Federal Aviation Administration says it will begin reducing air traffic on Friday to maintain safety, as air traffic controllers go unpaid and show signs of strain during the shutdown. The plan is to phase-in cuts of 10% of flights across the affected airports. Airlines say they will try to minimize the impact on travelers.

Travelers brace for chaos as US government shutdown threatens holiday flights

NEW YORK (AP) — Travelers across the U.S. are facing potential chaos as a government shutdown threatens to disrupt flights nationwide. The Federal Aviation Administration has announced a reduction in air traffic at 40 airports starting Friday, causing concern for those with upcoming travel plans. This includes major hubs like Atlanta, Denver, and San Francisco. With Thanksgiving approaching, many are worried about cancellations and delays. Some travelers are opting to drive instead of risking flight issues. Others are booking backup reservations or finding alternative routes.

These are the airports that will reduce flights during the government shutdown

The Federal Aviation Administration is forcing airlines to cut 10% of their flights at 40 of the busiest airports across the nation to reduce pressure on air traffic controllers during the ongoing government shutdown and ensure that flying remains safe. The cuts will start to take effect on Friday. Travelers should check with their airlines to see if their flight has been affected. The airports impacted cover the busiest across the U.S. — including Atlanta, Denver, Dallas, Los Angeles, Miami, and San Francisco. Multiple airports will be affected in some of the biggest cities, including New York, Houston and Chicago.

The FAA is slashing flights because of the shutdown. Here's what travelers can expect

Travelers can expect to see fewer flights to many major U.S. cities starting Friday morning. That's when the Federal Aviation Administration says it will reduce traffic across 40 airports to ease the load on the nation’s air traffic controllers. The head of the FAA says the unprecedented move is necessary to keep air travel safe as traffic controllers show increasing signs of stress and fatigue while working unpaid during the longest government shutdown on record. But United Airlines, Delta Air Lines and American Airlines say they will offer refunds to passengers who opt not to fly while the FAA’s order is in place, even if they purchased tickets that aren’t normally refundable.

Trump has other tariff options if the Supreme Court strikes down his worldwide import taxes

WASHINGTON (AP) — President Donald Trump has warned that the Supreme Court will leave the United States “defenseless’’ and possibly “reduced to almost Third World status’’ if it strikes down the tariffs he imposed this year on nearly every country on earth. The truth, though, is that Trump will still have plenty of options to keep taxing imports aggressively even if the justices rule against him. He can re-use tariff powers he deployed in his first term and can reach for others, including one that dates back to the Great Depression.

Boeing won't face criminal charge over 737 Max crashes that killed hundreds of people

DALLAS (AP) — A federal judge in Texas has dismissed a criminal conspiracy charge against Boeing related to two 737 Max crashes that killed 346 people. U.S. District Judge Reed O’Connor approved the federal government’s request on Thursday. The deal requires Boeing to pay or invest an additional $1.1 billion in fines, compensation for victims’ families, and internal safety measures. The ruling follows a September hearing where victims' relatives urged the judge to appoint a special prosecutor. Prosecutors alleged Boeing deceived regulators about a flight-control system implicated in the 2018 and 2019 crashes.

Trump unveils deal to expand coverage and lower costs on obesity drugs

WASHINGTON (AP) — President Donald Trump has unveiled a deal with drugmakers Eli Lilly and Novo Nordisk to expand coverage and reduce prices for their popular obesity treatments Zepbound and Wegovy.  The drugs are part of a new generation of obesity medications known as GLP-1 receptor agonists that have soared in popularity in recent years. But access to the drugs has been a consistent problem for patients because of their cost and spotty insurance coverage. Thursday’s announcement is the latest attempt by the Trump administration to rein in soaring drug prices in its efforts to address cost-of-living concerns among voters.

Musk the trillionaire? Debate over his Tesla pay package rages

NEW YORK (AP) — Tesla shareholders will decide soon on whether Elon Musk could have a shot at becoming the world's first trillionaire. In an annual meeting at Tesla's headquarters in Austin, Texas, they will vote Thursday on whether to approve a pay package that could hand the world's richest man another $1 trillion in shares. The decision has become a flashpoint among Musk fans and detractors, with even the pope recently weighing in. Supporters say Musk is a miracle man who needs to money as a lure to focus on the company. Critics say the board that designed the package is too beholden to Musk and the pay is excessive.

Wall Street loses ground under the weight of falling technology stocks

NEW YORK (AP) — Wall Street lost ground as influential technology stocks fell and once again steered the broader market. The S&P 500 fell 1.1% Thursday. The Dow Jones Industrial Average fell 0.8%, and the Nasdaq composite lost 1.9%. DoorDash sank after warning investors that it will be spending much more on product development next year. CarMax lost almost a quarter of its value after forecasting earnings far below what analysts were expecting and announcing that its CEO is leaving. European markets fell after a divided Bank of England kept its main interest rate unchanged. Asian markets closed higher. Treasury yields fell.