Elon Musk Lands Another ‘Moonshot’ Pay Deal

Summary

WSJ What’s News — PM Edition

Episode: Elon Musk Lands Another ‘Moonshot’ Pay Deal
Date: April 23, 2026
Host: Alex Osola, The Wall Street Journal

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Overview

This episode centers on a mix of major business, tech, and policy headlines, with special focus on Elon Musk’s imminent “moonshot” pay package at SpaceX ahead of its IPO, broad layoff trends in big tech due to escalating AI costs, the U.S. reclassification of marijuana, and strategies curbing retail theft in New York City. The episode concludes with an exploration of the financial and personal effects of divorce on children and families.

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Key Discussion Points and Insights

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1. Major Tech Layoffs Amid AI Investment Surge

[00:53–02:14]

• Meta will lay off around 8,000 employees, or 10% of its workforce, next month to streamline operations and cover “massive AI investments.” Plans to hire for 6,000 open roles have also been scrapped.
• Microsoft is offering buyouts to about 7% of U.S. employees, specifically targeting longtime workers, as part of a significant AI-driven reorganization—a first for the company.
• Context: Other Silicon Valley firms are also making significant cuts, moves that are pleasing investors demanding efficiency as AI costs balloon.

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2. Elon Musk’s SpaceX Pay Deal and IPO Structure

[02:14–03:53]

• Elon Musk is set to gain even more control of SpaceX as the company moves toward an IPO (expected in June). The board has approved a “moonshot” pay package, echoing his $1 trillion deal at Tesla.
• Voting Structure:
  • Super-voting shares: Musk and key SpaceX execs will hold Class B shares with 10 votes each, compared to one vote per regular share.
  • Quote:

    “Musk and key executives are expected to hold class B shares that get 10 votes each...The dual share class, it’s much more popular for founder-led companies and specifically for tech founder-led companies.”
    — Cory Driebusch, WSJ Reporter [02:55]

• Investor Reception: While some corporate governance experts object, current and potential investors are largely supportive:

  “It’s a lot of ‘I trust in Musk.’ And if you have that belief, you’re almost investing in the person.”
  — Cory Driebusch [02:55]

• Implication: Shareholders have largely stayed in despite limited financial disclosures, betting on Musk’s leadership.

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3. Market Updates & GeoPolitical Tensions

[03:53–04:51]

• Nasdaq closed down 0.9%.
• Oil Prices: Brent crude above $105/barrel on rising tensions between the U.S. and Iran in the Strait of Hormuz; heightened military presence gives President Trump leverage for further strikes.
• Airlines & Profits:
  • American Airlines: Warns of potential loss for the year amid $4 billion increase in jet fuel expenses.

    “The midpoint of the full year earnings guidance is $0.35 per share, approximately flat to 2025, despite jet fuel prices increasing fuel expense by over $4 billion year over year.”
    — Devin May, CFO, American Airlines [04:39]

  • American Express: Sees 15% profit rise in Q1, with strong growth in luxury spending (+18% at luxury retailers, +9% at restaurants).

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4. Cannabis Legalization Milestone

[04:51–06:13]

• Trump administration reclassifies marijuana from Schedule 1 to Schedule 3, acknowledging it as less dangerous and enabling prescriptions.
• Impact:
  • Cannabis businesses can now deduct business expenses—long a tax disadvantage.

  • “So people who own cannabis companies can now finally start to deduct their business expenses, which was a major hangup for the industry for a long time...this is a big step towards normalization of their business and their industry.”
    — Dean Seal, WSJ Reporter [05:52]

  • Door opens for more banking, investment, and normalization, but full recreational use remains federally illegal.

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5. New York City’s Progress Against Shoplifting

[06:57–09:33]

• Retail theft down 20% in NYC in the first quarter vs. last year, attributed to:
  • Changes in state law and NYPD prioritizing retail theft.
  • More officers in subways, harder on escape routes.
  • Pushing retailers to report thefts more quickly for higher arrest chances.
  • Aggregation thresholds: Repeat offenders can now face felonies if cumulative theft exceeds $1,000.
  • Items stolen: Primarily small, valuable goods (candy, health/beauty).
  • Retail barriers (Plexiglas) are slowly coming down for some items, but are generally staying due to persistent security concerns.

  • “...shoplifters were not really being prosecuted or being held accountable. And it led to this surge in cases... that only started to turn around...with changes in New York’s case in the state law, as well as a real priority shift for the NYPD.”
    — Jim Finelli, WSJ Reporter [07:34]

  • “...some anecdotal evidence of [barriers] coming down for some items, but overall signs point to no...what retailers think is important to keep their items safe.”
    — Jim Finelli [09:12]

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6. The Cost and Lessons of Divorce for Families

[09:33–11:58]

• Personal finance reporter Oyen Adedoyan explores how children experience and learn from parental divorce, especially in financial literacy.
• Story of Olivia Kelly and her mom Janice:
  • Divorce pushed Janice to take charge of finances, drawing her daughter Olivia into money management and entrepreneurship (side business in cooking).

  • “She had a side cooking business...I would help deliver some of those and just prep some of those with her.”
    — Olivia Kelly [11:11]

  • Olivia learned about savings, investments, taxes, and eventually helped her mom set up a Vanguard account.
  • Their family’s open conversations about money later influenced Olivia’s own relationship and marriage.

  • “She helped me set up a Vanguard account. She really taught me how to manage my money well...it kind of set me up for my marriage.”
    — Olivia Kelly [11:20]

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Notable Quotes & Memorable Moments

• “It’s a lot of ‘I trust in Musk.’ And if you have that belief, you’re almost investing in the person.”
  — Cory Driebusch [02:55]

• “So people who own cannabis companies can now finally start to deduct their business expenses...this is a big step towards normalization of their business and their industry.”
  — Dean Seal [05:52]

• “Shoplifters were not really being prosecuted or being held accountable...only started to turn around in the last couple years with changes in New York’s case in the state law, as well as a real priority shift for the NYPD.”
  — Jim Finelli [07:34]

• “She helped me set up a Vanguard account...it kind of set me up for my marriage.”
  — Olivia Kelly [11:20]

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Timestamps for Important Segments

• Big Tech Layoffs: [00:53–02:14]
• Elon Musk’s SpaceX IPO Structure: [02:14–03:53]
• Markets, Oil & Airlines: [03:53–04:51]
• Cannabis Reclassification: [04:51–06:13]
• NYC Shoplifting Crackdown: [06:57–09:33]
• Divorce and Financial Literacy: [09:33–11:58]

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Summary Table

| Segment | Topic | Main Takeaway | Notable Quote/Detail | |-----------------------------------|-------------------------------|--------------------------------------------------------|----------------------------------------| | [00:53–02:14] | Big Tech Layoffs | AI costs driving cuts at Meta, Microsoft | — | | [02:14–03:53] | Musk’s SpaceX Pay Package | Super-voting shares, investor trust in Musk | “I trust in Musk...” — Driebusch | | [03:53–04:51] | Market Update | Oil spikes, airline losses, luxury spending boom | — | | [04:51–06:13] | Cannabis Policy Shift | Federal reclassification normalizes industry | “Big step towards normalization...” | | [06:57–09:33] | Shoplifting in NYC | NYPD makes progress, felony thresholds, barriers stay | “Shoplifters...not really being prosecuted” | | [09:33–11:58] | Cost of Divorce | Money lessons for children and parents post-divorce | “She helped me set up a Vanguard account” |

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Overall Tone & Takeaways

The episode reflects a pragmatic, analytical tone, balancing urgent business headlines with thoughtful explorations of social policy and personal finance. The trust placed in mega-CEOs like Musk, the adaptation of industries to regulatory and economic change, and shifting priorities in public safety and personal finance are connected by a broader theme—resilience and adaptation in the face of disruption.

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For more, refer to the full WSJ reporting linked in the episode’s show notes.

Transcript

[A]

So there's a lot of noise about AI, but time's too tight for more promises. So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now a global workforce of 300,000 can use AI to fill their HR questions, resolving 94% of common questions, not noise. Proof of how we can help companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business IBM.

[B]

A new wave of job cuts hits tech workers as big Tech's bill for AI spending comes due. Plus, the SpaceX IPO could give Elon Musk even more power at the company. Investors are all for it.

[C]

It's a lot of I trust in Musk. And if you have that belief, you're almost investing in the person.

[B]

And good news for the multi billion dollar cannabis industry. The Trump administration is reclassifying marijuana as a less dangerous drug. Alex It's Thursday, April 23rd. I'm Alex Osola for the Wall Street Journal. This is the PM edition of what's News, the top headlines and business stories that move the world today. It's a gloomy day for tech workers. Meta will lay off a tenth of its staff, roughly 8,000 people, next month. Per an internal memo. It's trying to streamline its operations and pay for massive AI investments. The memo also says Metta will cancel plans to hire for 6,000 open roles. A Meta spokesperson declined to comment. And the Journal has learned that Microsoft is offering buyouts to about 7% of its U.S. employees. The voluntary retirement program for longtime workers is a first for the software giant, which is reorganizing staff as it also pushes hard on AI. Microsoft employed more than 100,000 people in the US as of June 2025. Companies in Silicon Valley and beyond have made mega layoffs in recent months and are often getting praise from investors for it. Turning to SpaceX, WSJ reporter Cory Driebush says that sources have told the Journal that its CEO, Elon Musk, could land another big payday.

[C]

Elon Musk is poised to really have a lot of control over SpaceX when the company goes public. SpaceX's board has already granted him a moonshot pay package, packages that typically are very large in dollar amount and are given to CEOs of companies once they hit huge, very long shot goals.

[B]

Musk, of course, was already granted a moonshot $1 trillion pay package at his other company, Tesla. As for SpaceX, which is expected to go public in June, Corey says Musk could control it through what are called super voting shares.

[C]

Musk and key executives are expected to hold class B shares that get 10 votes each and every other share is going to have one vote each. The dual share class, it's much more popular for founder led companies and specifically for tech founder led companies. And corporate governance experts for a while have pushed back on this, but investors we've spoken to current investors and even those who are looking at the IPO say they welcome those moves. They said, you know what, Musk's interests for SpaceX, those align with our interests for SpaceX are and obviously a lot of these shareholders have held on to SpaceX stock even without seeing the financials. It's a lot of I trust in Musk and if you have that belief, you're almost investing in the person. So yeah, it makes sense to give them more power.

[B]

Stocks turned lower today with the Nasdaq leading the losses and closing down 0.9%. Oil prices were up for a fourth straight session. The front month Brent crude contract rose above $105 a barrel. Investors are uneasy about hostilities potentially escalating in the Middle East. US And Iran are jostling for control of the Strait of Hormuz. A third US Aircraft carrier has now arrived in the region, which would give President Trump more firepower if he decided to resume strikes on Iran. Mediators are still trying to get the diplomatic process back on track. In earnings, American Airlines warned today that the company could lose money this year and revised its financial outlook because of the rise in fuel prices. On this morning's earnings call, American Airlines CFO Devin May explained the midpoint of

[D]

the full year Earnings guidance is $0.35 per share, approximately flat to 2025, despite jet fuel prices increasing fuel expense by over $4 billion year over year.

[B]

In the first quarter, American posted a loss of $382 million compared with 473 million a year ago. While revenue rose 11%. Its stock closed up 2.4% and American Express today reported that profit rose 15% in the first quarter. The credit card company known for its higher income cardholders says customer spending rose 9%, the highest growth rate in three years. Where were they shopping? At luxury retailers. Spending rose 18% and at restaurants 9%. In Washington, the Trump administration is reclassifying marijuana as a less dangerous drug. Since 1970, marijuana has been a Schedule 1 drug, the most restrictive category. That also includes heroin and LSD. Now marijuana is a Schedule 3 drug, which means people can get it with a prescription. It's one of the marijuana industry's biggest victories. And journal corporate news reporter Dean Seale says the move is likely to have a big effect on the cannabis industry.

[E]

So people who own cannabis companies can now finally start to deduct their business expenses, which was a major hang up for the industry for a long time. Essentially, they just weren't getting taxed like any other business. Now they will be. So this is a big step towards normalization of their business and their industry, and that should also help open up some access to potentially banking down the line and also further investment in financing.

[B]

More than half of states have legalized marijuana for some purpose over the past decade. But even with this federal change, recreational use of marijuana remains illegal under U.S. law. Coming up, how New York City turned the corner in the fight against shoplifting. That's after the break.

[F]

Time is your most important asset, and AI is transforming the speed of business. Your innovation and how you protect it depends on the technology you choose to trust. AI is changing the world. We're securing it. Crowdstrike we stop breaches.

[B]

It's been years that we've been dealing with those Plexiglas barriers to buy things like shampoo and baby formula. And you might not realize it when you're shopping at the drugstore, but in New York City, the police department has made progress in tackling the scourge of shoplifting that made those barriers necessary in the first place. Retail theft is down a little over 20% in the city for the first quarter compared to the same time last year. Reporter Jim Finelli covers federal prosecutions and law enforcement for the Journal and is here to tell us more. Jim, it seems like there was a specific moment in time when this shoplifting really became a problem, and that was during the COVID 19 pandemic. What was going on there?

[G]

The way retailers see it is that shoplifters were not really being prosecuted or being held accountable. And it led to this surge in cases around the country, including in New York City, that only started to turn around in the last couple years with changes in New York's case in the state law, as well as a real priority shift for the nypd. And that includes deploying more officers into subway stations that shoplifters use as escape routes. They are encouraging retailers to report shoplifting complaints early and often. And they're showing them data that shows the earlier and quicker you report an incident, the higher chances they have of making an arrest.

[B]

What are the kinds of things that people tended to steal?

[G]

Candy and health and beauty items that are small and easy to Pocket. One of the chiefs for the NYPD told me he knew, like, the number one product at CVS that could be stolen, although he didn't want to share that with me.

[B]

Oh, that's too bad. But these don't seem like really big ticket items. Do we know much about the impact this is having on retailers?

[G]

Bottom line, that was part of the problem is that somebody steals $30 worth of items, are they really going to send the police and prosecutors after that person? But it turns out now the NYPD really wants to go after that because new state laws allow them to aggregate the total thefts by one shoplifter at a specific store. And if it reaches this thousand dollars threshold, then the misdemeanor charges that they could face now turn into a grand larceny felony charge, which comes with stiffer penalties.

[B]

Okay, Jim, the thing I think everybody wants to know is, will we finally see those Plexiglas barriers come down?

[G]

There is some anecdotal evidence of barriers coming down for some items, but overall signs point to no. The National Retail Federation says the security measures that most retailers put in place are going to stick around because it's not just what local law enforcement is doing, but also what retailers think is important to keep their items safe.

[B]

That was WSJ reporter Jim Finelli. And finally, one of the most significant moments in some people's financial lives is divorce. That goes for both adults and their children. This week, the Wall Street Journal is exploring the cost of divorce. According to the latest census data, almost a third of American children saw their parents go through a divorce before they turned 18. WSJ Personal Finance reporter Oyen Adedoyan spoke with several children of divorce and their parents to learn about how it affected them.

[H]

One of the ways that kids witness this change is usually the kid stays with one parent. Right. But spends time with another. So they differences in how their parents handle money. I got to speak with Olivia Kelly and her mom, and they have a really interesting story. Her mom, Janice, experienced the divorce when she was in her 40s. And at the time, Olivia was in middle school. So she's just entering that time in her life where money feels like a real thing. And her mom realized that she had really taken a backseat when it came to the finances. So her mom was learning a lot and relearning a lot about money at the same time that her daughter was just starting to interact with money for the first time.

[I]

She had a side cooking business for those who know her. She's a very great cook, of course, and she would make a bunch of prepared meals for people in the neighborhood. So I would help deliver some of those and just prep some of those with her.

[H]

That meant that Olivia got this crash course in finance right alongside her mom. She learned about savings, she learned about investing, she learned about taxes.

[I]

She helped me set up a Vanguard account. She really taught me how to manage my money well and not spend it recklessly. And it kind of set me up for my my marriage.

[H]

When she actually got into a relationship with her now wife, they all sat with Olivia's mom and talked about their spending patterns. And that's something that her wife Chantel was actually not used to. She came from a family where they didn't really talk about money. And hearing Olivia and Janice talk so openly and freely about spending patterns was a new thing for Chantel, Olivia's wife.

[B]

That's WSJ personal finance reporter Oyen Adedoyan. To read more of the WSJ's reporting on divorce, we've left a link to the Journal's Cost of Divorce series in our show notes. And that's what's news for this Thursday afternoon. Additional sound courtesy of S and P Global Market Intelligence. Today's show was produced by Danny Lewis, Pierre Vieneme and Imani Moiz, with supervising producer Tali Arbel. I'm Alex Osola for the Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.

[J]

The Future of Everything is The Wall Street Journal's flagship live event, returning to New York City May 4th through 5th. Be there as CEOs, policymakers and innovators sit down with our journalists to answer the most pressing questions of the day. From finance, tech and economic policy to sports streaming and style, we're bringing together today's most compelling newsmakers for two days of conversations on what's ahead. Listeners of this podcast can access exclusive discounted rates by visiting WSJ.com future that's WSJ.com future.