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Recode Daily: Tesla CEO Elon Musk’s radical pay plan

Plus, Uber hires its first chief diversity officer, Stripe is giving up on bitcoin, and HomePod at last.

Elon Musk during his presenation at the  Tesla Powerpack Launch Event at Hornsdale Wind Farm on September 29, 2017, in Adelaide, Australia. Mark Brake / Getty Images

Tesla CEO Elon Musk may have the most radical pay plan in corporate history. Musk, who has agreed to stay on as chief executive for a decade, will be paid only if he reaches a series of jaw-dropping milestones based on the company’s market value and operations. Otherwise, he will be paid nothing. Meanwhile, Musk’s other company, SpaceX, is preparing for the imminent launch of its biggest rocket, the Falcon Heavy — its cross-promotional payload will include a cherry-red Roadster built by Tesla. [Andrew Ross Sorkin / The New York Times]

Twitter COO Anthony Noto is taking the job of CEO at finance startup SoFi, filling the spot vacated by Mike Cagney, who resigned after sexual harassment allegations. Noto was the most important full-time exec at Twitter; CEO Jack Dorsey, who also runs Square, hasn’t announced a replacement for Noto. Meanwhile Facebook is seeing a rare senior executive departure — CMO Gary Briggs is retiring; he wants to advise a few companies, sit on some boards and help the Democratic Party on the ramp-up to the U.S. midterm elections. [Kurt Wagner / Recode]

Uber has hired its first chief diversity and inclusion officer. Bo Young Lee will fill the role that was recommended by the Holder Report, which investigated the company’s toxic culture. It’s the third executive appointment under new CEO Dara Khosrowshahi. [Johana Bhuiyan / Recode]

Stripe was ahead of the curve on bitcoin, but it’s giving up on it as a payment method. Four years ago, the online payments platform was the first to accept the wildly popular but volatile alternative currency; after a rise in transaction fees made a bitcoin transactions about as expensive as bank wires, Stripe concluded that bitcoin is meant to be more of an asset and less of a currency for daily payments. [Theodore Schleifer / Recode]

The media ecosystem is up for grabs right now: Netflix buys content from the studios but makes its own stuff, too. Older media companies are trying to compete by consolidating, new distributors like Verizon and AT&T and giant tech companies like Google, Amazon and Apple are all getting in on the action. Here’s a diagram of what the Big Media universe currently looks like. And if you like that chart, you’ll love this one, tracking the incredible 10-year rise of Netflix, from mailboxes to David Letterman. [Rani Molla and Peter Kafka / Recode]

HomePod, Apple’s late-to-the-party entrant into the smart-speaker market, finally has a shipping date, after its scheduled December launch was delayed. The $349 device is available for preorder on Friday, and will hit Apple Store shelves on Feb. 9. [Dieter Bohn / The Verge]


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Code Media — Recode’s annual conference featuring the most interesting and influential people in media and technology — is coming up on Feb. 12 and 13 in Huntington Beach, Calif. Joining the already amazing lineup of speakers are four media entrepreneurs and executives with unique insight into the media landscape: Brit + Co CEO Brit Morin, theSkimm co-founders Carly Zakin and Danielle Weisberg, and Hollywood Reporter part owner Janice Min. You can join us, too — click here for registration info.


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This article originally appeared on Recode.net.

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