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

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.

Key Discussion Points and Insights

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.

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.

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).

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.

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]

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]

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]

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]

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” |

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.

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