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Musk Threatens to Quit Tesla

Tesla (Nasdaq: TSLA) CEO Elon Musk has threatened to resign if shareholders reject his compensation package at next month’s vote. He indicated on X that he would not continue as Tesla’s chief executive if the board’s proposed pay package fails to pass at the November 6 shareholder meeting.

The controversial package could grant Musk stock options worth up to $1 trillion, according to industry reports. This would be the largest compensation package in corporate history, coming as Tesla’s second-quarter deliveries dropped 13% compared to the prior year.

You can read more on the matter here.

What’s going on?

• Beijing Answers US Rule With Rare Earth Export Controls (theDeepDive)

• US pharma price probe raises threat of new drug tariffs (FT)

• Ontario Opens Fast-Track For New Mines: “End Of Unacceptable Delays” (theDeepDive)

• US considering curbs on exports to China made with US software, sources say (Reuters)

• US, Australia Ink Critical Minerals Pact, Unveil $8.5B Pipeline (theDeepDive)

• Fed Lost Access to Private Jobs Data Ahead of Government Shutdown (WSJ)

• British Columbia Caps Power for AI Data Centers, Bans Crypto Mining (theDeepDive)

• Walmart pauses H-1B visas for job candidates as Trump hikes fees (CNBC)

• Canada Faces Pressure to Cut Senior Benefits Ahead of Budget (theDeepDive)

• Houthis Release Foreign United Nations Staff Detained in Yemen (Bloomberg)

What’s the latest?

• Tesla: Tesla is expected to post Q3 earnings of $0.54 per share and $26.37 B in revenue, up 4.7% YoY. Vehicle deliveries hit 497,099 units (record), with total YTD at 1.2 M, down 6% YoY. U.S. light vehicle sales are forecast to reach 16.1 M in 2025 (+2%). Tesla’s brand ranking fell from 12th (2024) to 25th (2025), citing rising competition and weaker innovation.

• Markets: S&P/TSX Composite Index fell 27.01 points to 29,861.81, driven by base metals losses. In the U.S., Dow Jones Industrial Average dropped 188.04 points, S&P 500 fell 36.55, and Nasdaq Composite declined 222.70. The Canadian dollar rose to 71.49¢ US. December crude climbed $1.28 to $58.52, while gold dropped $57.30 to $4,051.80/oz.

• Politics: The U.S. government shutdown has reached 22 days, becoming the second-longest in history. The GOP holds a 53–47 Senate majority, but 60 votes are needed to pass funding. A Republican stopgap bill has failed 11 times; a military-only funding bill also failed last week. The dispute centers on Democrats’ demand to extend ACA tax credits, while Republicans refuse negotiations until after reopening.

• Crypto: Financial Transactions and Reports Analysis Centre of Canada fined Xeltox Enterprises Ltd. (operating as Cryptomus) $176.96 million — the largest in its history. The firm failed to report 1,068 suspicious darknet transactions, 7,557 Iran-linked transactions, and 1,518 large crypto transfers in July 2024. Previous record fine: $20 million. Violations involved child exploitation, fraud, ransomware, and sanctions evasion.

• Wealthsimple: Wealthsimple Inc. hit $100 B in assets under administration, doubling in a year and beating its 2028 target. The platform removed contract fees, introduced direct indexing, and updated crypto and gold trading. Upcoming features include branded gold coins, private market access, and advanced options strategies. Wealthsimple serves 3 M+ Canadians and is majority-owned by Power Corporation of Canada.

Los Azules Feasibility Study

The stock market and stuff

• Panama Sets Ownership Terms for Cobre Mine Negotiations (theDeepDive)

• French Authorities Launch Criminal Investigation Into Binance Over Money Laundering Allegations (theDeepDive)

• Anti-money-laundering watchdog hits crypto exchange with highest-ever fine (Globe)

• Wesdome Gold Posts Q3 Production Of 50,465 Ounces (theDeepDive)

• Teck Returns To Profit In Q3 2025 Sans Asset Impairment (theDeepDive)

In the juniors

• Hercules Hits 0.50% Copper Over 379 Metres In Latest Assays (theDeepDive)

• Amarc Resources and Freeport Successfully Complete 2025 Aurora Expansion Focused Drill Program at Joy Copper-Gold District (JMN)

• Northern Superior To Be Acquired By IAMGOLD For $375 Million As Part Of Larger Consolidation Move (theDeepDive)

FULL DISCLOSURE: Cardiol Therapeutics is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cardiol Therapeutics. The author has been compensated to cover Cardiol Therapeutics on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.