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☆ There's a pipeline of former Tesla staffers to Elon Musk's shiny new startup xAI
▼ + stars: | 2024-06-19 | by ( Kali Hays | Grace Kay | ) www.businessinsider.com time to read: +5 min

People who work for an Elon Musk company have an opportunity to do something uncommon in business. Some recently sued Musk over claims that he's funneling AI talent to xAI instead of Tesla. He said earlier this year he was "uncomfortable" expanding Tesla's AI and robotics capabilities without additional voting control. Related storiesThe carmaker's CEO also recently diverted prized chips necessary for AI work that was headed for Tesla to xAI, CNBC reported. Most of the xAI employees who formerly worked at Tesla started working at the startup immediately after Tesla enacted mass layoffs earlier this year.

Persons: Musk, Tesla, xAI, —, Kali Hays, Grace Kay Organizations: Service, Elon Musk, Business, xAI, Twitter, CNBC, BI, EV, SpaceX, The Boring Locations: Neuralink, Tesla, xAI, khays@businessinsider.com, gkay@businessinsider.com

☆ Elon Musk announces Tesla stock option grants for 'exceptional performance' — read his email to workers
▼ + stars: | 2024-06-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Read previewTesla is implementing a system to reward "exceptional performance" with stock option grants. "There will also ben an ongoing program to award spot option grants for anyone who does something outstanding for the company," Musk said. One Tesla worker told BI that they felt Musk's email was proof the tide might finally be turning. Read Musk's full email to Tesla staff below:Over the next few weeks, Tesla will be doing a comprehensive review to provide stock option grants for exceptional performance. There will also ben an ongoing program to award spot option grants for anyone who does something outstanding for the company.

Persons: —, Elon Musk, Musk, Tesla, We've, reapprove, Read, Elon Organizations: Service, Business, Reuters Locations: Delaware

☆ Inside the downfall of Henrik Fisker's second automotive startup, which just filed for bankruptcy
▼ + stars: | 2024-06-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +19 min

AdvertisementA Fisker spokesperson said it would be "unfair" to compare the two companies. A Fisker spokesperson denied comments that Henrik took on a more passive role and said he was "deeply involved." AdvertisementA Fisker spokesperson said Magna was responsible for testing and releasing the Ocean and it had been fully certified by regulators in the US and Europe. A Fisker spokesperson pushed back on the comments questioning Henrik's business prowess. For Henrik, whose earlier company, Fisker Automotive, filed for bankruptcy in 2013, his present predicament echoes the past.

Persons: —, Henrik Fisker, Wendy Gruel's, Geeta Gupta, Gupta, Henrik Fisker's, James Bond, Henrik, Fisker, Rivian, Tesla, Phil McCarten, Magna, hadn't, YouTuber, Marques Brownlee, Kurt Mechling, he'd, they'd Organizations: Service, Business, TechCrunch, Aston Martin, BMW Z8, Magna International, Fisker Inc, Apollo Global Management, Tesla, Ford, GM, Magna, Reuters, Fisker, Business Insider, Engineers, Traffic Safety Administration, NHTSA, Technicians, California Bureau of Automotive, BI, New York Stock Exchange, Fisker Automotive Locations: Fisker, Europe, California, Graz, Austria, Panera

☆ EV charging company says Fisker 'abandoned its contract' — so it's yanking promo credits from Fisker customers
▼ + stars: | 2024-06-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Fisker filed for bankruptcy on Monday and Ocean owners are already beginning to feel the pinch. EV charging company ChargePoint notified some Fisker Ocean owners that the company had rescinded their promotional charging credits on Tuesday morning. The company said in an email to owners who had received charging credits through Fisker that Henrik Fisker's company had "abandoned its contract with ChargePoint." The charging credits are just one of many problems Fisker Ocean owners might face in the coming months. Business Insider previously reported that owners were concerned their cars might become unusable if Fisker were to go under.

Persons: Fisker, Henrik Fisker's, ChargePoint, Getty, Patrick T, Fallon Fisker Organizations: Service, EV, ChargePoint, Business

☆ Elon Musk's $55 billion Tesla payday reckoning is almost here
▼ + stars: | 2024-06-12 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Read previewTesla kicks off its annual shareholder meeting tomorrow — and Elon Musk's $55 billion pay package is hanging in the balance. Tesla also indicated in a regulatory filing that they were considering putting forth an alternate pay plan if the proposal fails to go through. AdvertisementOver the past few months, Tesla has gone all out in its efforts to promote Musk's pay package and encourage investors to vote. Meanwhile, Tesla fans and Tesla employees have taken to social media over the past month to promote the proposal. Musk's compensation is not the only issue that Tesla investors have been weighing.

Persons: —, Elon Musk's, Tesla, Robyn Denholm, Musk, Anat Alon, Beck, Kimbal Musk, James Murdoch Organizations: Service, Business, Securities and Exchange Commission, Case Western Reserve University, P Global Market Intelligence, Reuters Locations: Delaware, Texas

☆ Inside Henrik Fisker's second failed automotive startup
▼ + stars: | 2024-06-12 | by ( Grace Kay | ) www.businessinsider.com time to read: +18 min

AdvertisementA Fisker spokesperson said it would be "unfair" to compare the two companies. A Fisker spokesperson denied comments that Henrik took on a more passive role and said he was "deeply involved." AdvertisementA Fisker spokesperson said Magna was responsible for testing and releasing the Ocean and it had been fully certified by regulators in the US and Europe. But in the year since the Ocean's release, the company has delivered around 7,000 vehicles, a Fisker spokesperson said. A Fisker spokesperson pushed back on the comments questioning Henrik's business prowess.

Persons: —, Henrik Fisker, Wendy Gruel's, Geeta Gupta, Gupta, Henrik Fisker's, James Bond, Henrik, Fisker, Rivian, Tesla, Phil McCarten, Magna, hadn't, YouTuber, Marques Brownlee, Kurt Mechling, he'd, they'd Organizations: Service, Business, TechCrunch, Aston Martin, BMW Z8, Magna International, Fisker Inc, Apollo Global Management, Tesla, Ford, GM, Magna, Reuters, Fisker, Business Insider, Engineers, Traffic Safety Administration, NHTSA, Technicians, California Bureau of Automotive, BI, New York Stock Exchange Locations: Fisker, Europe, California, Graz, Austria, Panera

☆ The battle over Elon Musk's pay package is a showdown between his army of supporters and institutional investors
▼ + stars: | 2024-06-02 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Read previewTesla is setting the stage for a battle between some vocal institutional investors and some of Elon Musk's biggest supporters. The executive pay plan, which was first approved in 2018, is centered on a series of goalposts around Tesla's financial growth. AdvertisementMeanwhile, Tesla has argued that the pay package is both fair and necessary to maintain Musk's focus on the car company. AdvertisementThe Tesla CEO has also promoted the proposal and criticized institutional investors who have spoken out against the pay plan. Ahead of the June 13 shareholder meeting, shareholders will be asked to vote on several other proposals in addition to Musk's pay package.

Persons: —, Elon Musk's, Musk, Tesla, Leo Koguan, Bloomberg —, Adam Jonas, Morgan Stanley's, Morgan Stanley, Anat Alon, Beck, Alon, I'd, they'd, Kimbal Musk, Murdoch Organizations: Service, Business, Securities and Exchange Commission, P Global Market Intelligence, Reuters, Bloomberg, Case Western Reserve University, Texas Locations: Elon, Delaware, Texas

☆ Elon Musk's $55 billion Tesla pay package seems to be getting mounting pushback
▼ + stars: | 2024-05-29 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Read previewTesla is facing increasing pushback from investors regarding its bid to reinstate Elon Musk's $55 billion pay package. The fund initially voted for Musk's pay package when it was taken to a shareholder vote in 2018. Separately, proxy advisory firm Glass Lewis said in a report on Saturday that the pay plan was "excessive" and presented investors with "uncertain benefits and additional risk." Tesla has also argued the compensation plan is "critical to the future success of Tesla" and has even paid for a handful of advertisements promoting the pay plan. Shareholders will be asked to vote on several proposals in addition to the proposal to reinstate Musk's pay package, which was struck down by a Delaware judge earlier this year.

Persons: —, Elon, Marcie Frost, Musk's, Tesla, Frost, Musk, CalPERS, James Murdoch, Kimbal, Glass Lewis, Kimbal Musk, Murdoch Organizations: Service, Elon Musk's, California Public Employees, CNBC, Business, Bloomberg, Securities and Exchange Commission, Texas Locations: Delaware, Texas

☆ Lucid CEO says Tesla is 'losing its way'
▼ + stars: | 2024-05-28 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Read previewLucid CEO Peter Rawlinson isn't a fan of Tesla's recent trajectory under Elon Musk. The Lucid CEO said he feels Tesla is "losing its way" and doesn't have the same sense of purpose it once did. Advertisement"There's an interest in social media, even politics, and it's kind of losing its way. Since Musk acquired Twitter in 2022, some Tesla investors have questioned his commitment to the electric carmaker. While Rawlinson told BBC that Lucid is "many years ahead" of other automakers, including Tesla, when it comes to some of its technology, the company has only a fraction of the market share compared to Tesla.

Persons: —, Peter Rawlinson isn't, Elon Musk, Rawlinson, Tesla, BBC's, Elon, Musk, Lucid, Axios Organizations: Service, Lucid, EV, Business, Twitter, BBC

☆ Tesla is going all out to push Elon Musk's $55 billion pay package through — even spending money on ads
▼ + stars: | 2024-05-15 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Read previewTesla is going all in on its efforts to push through approval of Elon Musk's $55 billion pay package. A screenshot of some of the paid ads Tesla ran in support of Musk's pay package proposal. SECThe company aims to pass two separate proposals, one moving its state of incorporation from Delaware to Texas and another reapproving Musk's pay, which was struck down by a Delaware judge earlier this year. Musk does not receive a salary from Tesla and his pay package centered on a series of goalposts around the carmaker's financial growth. AdvertisementEarlier in May, Denholm even sat down for a video promoting the pay plan.

Persons: —, Elon, Tesla, Kathleen St, J, McCormick, Musk, Robyn Denholm, Denholm Organizations: Service, Elon Musk's, Securities and Exchange Commission, Google, Business, SEC, Street Journal, Bloomberg Locations: Tesla, Delaware, Texas

☆ Tesla executive who led Cybertruck manufacturing leaves carmaker
▼ + stars: | 2024-05-13 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

Read previewThe director who helped launch Tesla's latest project is leaving the company. Renjie Zhu, the director of manufacturing engineering at Tesla's Austin Gigafactory, announced he'd left the company on Sunday. The executive wrote on LinkedIn that "after triumphing the epic launch of Cybertruck program," his "adventure with this great company has come to an end." Related storiesIt's unclear whether Zhu was part of a recent series of layoffs at Tesla or resigned on his own. The executive and a spokesperson for Tesla did not immediately respond to a request for comment.

Persons: —, Renjie Zhu, Tesla's Austin Gigafactory, he'd, Zhu, Tesla's, Tesla, Elon Musk Organizations: Service, Tesla's, LinkedIn, Business, Tesla Locations: Shanghai

☆ Inside Tesla's chaotic month of brutal layoffs
▼ + stars: | 2024-05-11 | by ( Grace Kay | ) www.businessinsider.com time to read: +6 min

Several executives at the company have departed and Tesla workers say morale is flagging. AdvertisementTesla faces headwindsAhead of the layoffs, Tesla's delivery numbers slumped, falling below Wall Street's estimates. AdvertisementMore on the EV slowdown:The cuts commenceBefore Musk notified staff of the mass layoff, workers had been wary of impending cuts. Tesla workers hadn't seen such a deep cut since 2022 when Tesla slashed 10% of its salaried staff. In the weeks that followed, Musk cut Tesla's US advertising team and reportedly chose to slash Tesla's entire Supercharging team, as well as its vehicle programs and new product introduction team.

Persons: —, Elon, Musk, Tesla, Elon Musk, Omar Marques, they'd, Tesla's, he'd, Justin Sullivan, Tom Zhu Organizations: Service, Business, Tesla, Musk, Bloomberg, Getty Locations: Tesla, Berlin, China —, Fremont, California, China

☆ Tesla executive says he's resigned as recent layoffs hurt morale and throw the company 'out of balance'
▼ + stars: | 2024-05-09 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

Rich Otto, former head of product launches at Tesla, said he resigned last week. The executive said the recent Tesla layoffs have thrown the company "out of balance." Otto's departure follows six other senior-level Tesla executives leaving in recent weeks. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The recent layoffs that are rocking the company and its morale have thrown this harmony out of balance and it's hard to see the long-game.

Persons: Rich Otto, —, Tesla, he'd, Otto, Elon Musk Organizations: Tesla, Service, LinkedIn

☆ Elon Musk is a homeowner again, despite his claims of couch surfing
▼ + stars: | 2024-05-08 | by ( Grace Kay | Jack Newsham | ) www.businessinsider.com time to read: +7 min

As recently as April 2022, the billionaire Tesla founder claimed in an interview that he was couch surfing and didn't "even own a place right now." In redacted court filings from December, Musk said he purchased the home in February 2022 and that he still lives there. In 2023, the Austin property was appraised at nearly $7 million, county tax records show. Less than a year later, in April 2022, Musk said again that he didn't own a home and rotated between friends' spare rooms. Eight weeks later, the LLC that purchased the Austin house was formed.

Persons: —, Elon, Tesla, Grimes, Musk, Stefan Cassella, I'd, he'd, they'd, I'm, Austin, Ken Howery, Walter Isaacson, Tesla's Austin Gigafactory Organizations: Service, Business, Texas, State, Department of Justice, SpaceX, Street Journal, PayPal, Austin, Montessori Locations: Austin, Texas, California, San Francisco, Colorado, Bastrop , Texas, Tesla's

☆ GM wants to scoop up interns impacted by Tesla's cuts, recruiter says
▼ + stars: | 2024-05-07 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

General Motors is seeking to recruit students impacted by Tesla's recent internship rescindments. This story is available exclusively to Business Insider subscribers. "In light of recent industry news, GM is extending an invite to software students who may have been impacted from the changes in Tesla's upcoming summer internship cohort," the recruiter wrote. Del Amo and a spokesperson for GM did not respond to a request for comment from Business Insider ahead of publication. On Monday, Tesla workers entered their fourth week of layoff notices.

Persons: Motors, Tesla, —, Laura del Amo, who'd, Del, Elon Musk, It's, Kurt Kelty, JP Clausen, Austin Gigafactory Organizations: GM, Service, LinkedIn, Business, Tesla Locations: Detroit, Del Amo

☆ Tesla sends out another wave of layoff notices as employees enter 4th week of job cuts
▼ + stars: | 2024-05-06 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

The company sent out another round of layoff notices on Sunday night, according to impacted workers who posted about the cuts on social media. The latest round of cuts mean that employees at the company are entering their fourth straight week of layoff notices. At least seven Tesla workers took to LinkedIn to say they'd received layoff notices on Sunday. "After watching my team gradually slimmed down week after week since mid-April, I received the dreaded 'Hello Employee' email this Sunday afternoon," one Tesla worker wrote on LinkedIn. Another worker shared a screenshot of her layoff email on LinkedIn that showed her last day of work would be May 5.

Persons: —, Elon Musk, they'd, Tesla, Elon, Musk, Tesla's, Drew Baglino, Rohan Patel, Patel, TechCrunch he'd Organizations: Service, LinkedIn, Business, Workers, BI, TechCrunch Locations: California, Texas

☆ Fisker employees are fixing some customers' cars with parts from the company's vehicle 'graveyard,' sources say
▼ + stars: | 2024-05-01 | by ( Grace Kay | ) www.businessinsider.com time to read: +8 min

Read previewFisker employees have been taking parts off pre-production vehicles and existing inventory to fix some customers' cars, according to several people familiar with the issue. Business Insider also viewed several photos of Fisker Oceans with missing parts that sources say were used for customer vehicles. A spokesperson for Fisker told Business Insider the information was false. Related stories"Every day was a fire drill of what car has this part that I need," a former employee told BI. Business Insider viewed an email exchange between a Fisker employee and Burrell that showed the employee offered to fix Burrell's car using a part off another Fisker car.

Persons: —, Patrick Burrell, Burrell, Michael Crossen, It's, Crossen, Daniel Blinn, Fisker Organizations: Service, Business, Fisker, Technicians, La, Consumer, Consumer Law, BI Locations: La Palma , California, Palma, La Palma, California, Connecticut

☆ Read the email Fisker sent to staff warning of layoffs if the company can't correct course
▼ + stars: | 2024-04-30 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewFisker warned employees on Monday that they could be laid off in two month and the company's facility could close if the company is unable to course correct. The company told staff it was bringing in a restructuring officer last week, according to a previous email viewed by BI. AdvertisementThree current employees told BI that everyone they had spoken to at Fisker said they had received the notice. Should this possibility materialize, the Company has an obligation to provide "conditional notice" that employees — including yourself — will be terminated on June 28, 2024.

Persons: —, Fisker, John DiDonato Organizations: Service, Business, BI, Worker, Fisker, Inc, Company Locations: Manhattan Beach , California, La Palma , California, Munich, Vienna, ____________

☆ Tesla's chaotic layoffs leave employees nervous and wondering when the cuts will end
▼ + stars: | 2024-04-23 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Tesla employees say they've been left in limbo after a week of layoffs. AdvertisementIn the wake of Tesla's mass layoffs last week, some workers who are still at the carmaker say they feel as if they've been left in limbo. Tesla workers have been put through the wringer ever since layoffs started on Sunday, April 14. "It was like all at once, people you'd seen every day were just erased from the company," the worker said. On Friday, Tesla's layoffs impacted its recruiting staff in the US.

Persons: they've, Elon Musk, —, Elon, they'd, you'd, we'd Organizations: Elon, Tesla, Service, EV, Business, Bloomberg Locations: China

☆ Tesla layoffs impacted nearly 12% of its Texas staff
▼ + stars: | 2024-04-23 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

Tesla has laid off 2,688 workers at its Austin factory, nearly 12% of the site's staff. The layoffs have also impacted workers at Tesla's other US and international locations. The Texas site employed about 22,777 people before the layoffs — meaning Tesla cut nearly 12% of its staff at the site. The broader layoffs appear to have affected workers across the country, as well as some staff at Tesla's international offices. Last week, a WARN notice revealed the cuts had impacted 280 workers at a Tesla facility in Buffalo, New York.

Persons: Tesla, Elon Musk, —, Elon, Tesla's Austin Gigafactory Organizations: Service, Lone Star State, Worker, Business Locations: Austin, Texas, Tesla, Buffalo , New York, California, Nevada

☆ Tesla sends some laid-off workers new severance offers after Elon Musk said some were 'incorrectly low' the first time
▼ + stars: | 2024-04-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Read previewSome laid-off Tesla workers received new severance offers that included more money and longer coverage of benefits on Thursday night. Tesla CEO Elon Musk appeared to acknowledge the company had initially sent out faulty severance packages. Related storyUnlike early severance offers that were sent to some workers on Tuesday night, the new packages appear to vary between employees. Within a few hours, the workers received severance offers with slightly higher pay, those workers said. Another worker said they were offered three months' worth of severance pay and three months of paid COBRA coverage.

Persons: —, Tesla, Elon Musk, Musk, who'd, they'd Organizations: Service, Business, Tesla, Worker, BI

☆ Tesla layoffs continue as recruiters get cut
▼ + stars: | 2024-04-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

Tesla informed some of its recruiters on Friday that they'd been laid off, sources told BI. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Three former Tesla workers confirmed to Business Insider that they had been informed of the layoffs via a call on Friday morning. More former Tesla recruiters have posted on LinkedIn saying they were notified their jobs had been impacted on Friday. The same day Tesla announced its initial round of cuts at least two executives resigned from the company.

Persons: Tesla, they'd, Elon Musk, —, Drew Baglino, Rohan Patel Organizations: Elon, Service, Business, LinkedIn

☆ Elon Musk apologized for 'incorrectly low' Tesla severance packages
▼ + stars: | 2024-04-18 | by ( Jyoti Mann | Grace Kay | ) www.businessinsider.com time to read: +3 min

Elon Musk apologized Wednesday to laid-off Tesla employees for incorrect severance packages. Some workers previously told Business Insider they were offered two months' pay as severance. AdvertisementElon Musk apologized in an email to some laid-off Tesla employees after their severance packages were found to be "incorrectly low," according to a screenshot of the email viewed by Business Insider. "As we reorganize Tesla it has come to my attention that some severance packages are incorrectly low," Musk said in the brief email sent Wednesday. Other workers told BI that as of Wednesday night, they'd yet to receive any information about severance packages.

Persons: Elon Musk, —, Musk, they'd, Tesla, Drew Baglino, who'd, he'd, Rohan Patel, They're, Parag Agrawal, Ned Segal, Vijaya Gadde, Sean Edgett Organizations: Service, Business, CNBC, Worker, Twitter Locations: China

☆ We now know more about where Tesla is slashing jobs
▼ + stars: | 2024-04-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

Tesla has laid off 280 workers at its Buffalo, New York facility. Elon Musk told Tesla staff he was cutting more than 10% of the company's workforce. The Buffalo site is used for training Tesla's driver-assist software, and energy storage products. On Sunday night, Tesla CEO Elon Musk told staff the company was cutting more than 10% of its workforce. AdvertisementTesla's Buffalo site is used as a site for the company's data analysis to train its Autopilot and so-called Full Self-Driving software.

Persons: Tesla, Elon Musk, —, who'd Organizations: Service, Worker, Business Locations: Buffalo , New York, Buffalo, New York, Tesla, California, Texas

☆ Tesla has begun sending out severance info to laid-off workers. Here's how much they're getting.
▼ + stars: | 2024-04-17 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Read previewTesla has started sending out severance information to laid-off employees. In the individual layoff notices to impacted workers that were sent in the hours after Musk's companywide email, Tesla told workers they'd receive their severance information "within 48 hours," according to emails viewed by BI. Related storiesThe carmaker appears to be offering workers two months of severance — meaning the workers will be paid through June 14, five former workers told Business Insider. Tesla said the severance agreement must be signed within five business days of its receipt and workers will receive their severance pay 45 days after their termination date, according to a severance agreement viewed by BI. AdvertisementWhile the severance information appears to have started going out overnight, several Tesla workers who were impacted by the layoff told BI they had yet to receive a severance information as of Wednesday morning.

Persons: —, Tesla, Elon Musk, they'd, defaming Tesla Organizations: Service, Business, BI

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