Virginia Governor Glenn Youngkin signed a new law ending the use of legacy admissions at the state's public colleges and universities, requiring schools to stop giving an admissions advantage to applicants with connections to alums and donors. The law, set to take effect on July 1, follows similar moves in other states and by some private colleges to address concerns about fairness and privilege in the admissions process.
Tesla has decided not to offer its employees yearly merit-based stock awards, according to Bloomberg News. The move comes after the United Auto Workers union announced plans to organize the nonunion auto sector, including Tesla. While workers received cost-of-living increases and adjustments to their base salaries, the decision to skip merit-based stock compensations is believed to be widespread among salaried employees. Some employees who completed their four-year vesting cycle were given stock "refreshers" to maintain competitive compensation.
Tesla has informed some salaried employees that it will not be offering merit-based equity awards this year, a departure from its usual practice during annual performance reviews. While the company did not provide a reason for the change, employees speculate that it is a widespread decision. However, workers still received modest cost-of-living increases and adjustments to their base salaries. It remains unclear if this is a one-time occurrence or part of a larger shift in Tesla's compensation philosophy. Tesla CEO Elon Musk has previously emphasized the importance of employee stock ownership, which has helped the company retain talent and fend off unionization efforts.
