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☆ Toyota’s Hybrid-First Strategy Is Delivering Big Profits
▼ + stars: | 2024-03-09 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

In today’s high-tech, high-stakes auto industry, fortunes can change quickly, and there’s no better example of that right now than Toyota Motor. Not long ago, it looked as if Toyota had fallen dangerously behind in electric vehicles. Tesla, the electric car pioneer, has grown rapidly and become the world’s most valuable automaker. Toyota, however, was more deliberate — or lethargic, its critics would say. Amid all the enthusiasm for electric vehicles in the last few years, it seemed Toyota just didn’t get it.

Organizations: Toyota, Motors, Ford Motor Locations: United States

☆ Novo Nordisk stock: The company behind Ozempic and Wegovy is now bigger than Tesla
▼ + stars: | 2024-03-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —First, Novo Nordisk, the company behind Ozempic and Wegovy, outgrew its native Denmark. Investors rushed into Novo Nordisk’s stock after the company reported early-stage results from a trial of amycretin, an experimental weight loss drug that can be taken in pill form. Novo Nordisk, once the little-known maker of diabetes drug Ozempic, has ballooned in value as the drug’s off-label use for weight loss has spread. By contrast, shares of Novo Nordisk are up by 30% this year, and by nearly 80% over the past 12 months. The companies have cornered the global market for weight loss drugs that mimic GLP-1, a naturally-occurring hormone that suppresses appetite.

Persons: Grégoire, ”, Jens Naervig Pedersen, “, Tesla, Elon Musk’s Tesla, China’s, Eli Lilly, “ Novo, Lilly, It’s, Musk, Jeff Bezos Organizations: London CNN, Novo Nordisk, Pictet, Management, CNN, US Food and Drug Administration, Nordisk “, Danske Bank, EV, Reuters, “, Amazon, Bloomberg Locations: Novo, Denmark, Novo Nordisk’s, Danish, United States, Berlin, Germany, Europe, Pictet, EVs

☆ Rivian reveals its new, more affordable off-road EVs
▼ + stars: | 2024-03-07 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

Prices for the R2 SUV, which will go on sale in early 2026, will start at around $45,000, Rivian said. That’s something that set the larger R1S apart among electric SUVs, few of which can seat more than five. The Rivian R2. The Rivian R2 and R3 are Rivian’s smaller, more affordable off-road EVs Rivian“For $75,000 I can buy a Mercedes or a BMW, a 100-year-old Europe power house,” he said. Without naming Rivian, Scout chief executive Scott Keogh noted the advantage of Scout’s established brand name.

Persons: CNN — Rivian, Rivian, R.J, Scaringe, It’s, “, ” Scaringe, won’t, Sandeep Rao, ”, Scott Keogh, ” Keogh Organizations: CNN, US EV, BMW, Kia, Hyundai, Volkswagen, Scout, International Harvester Locations: Georgia, Europe, South Carolina

☆ Tesla’s giant Berlin factory without power after arsonists attack electricity supply
▼ + stars: | 2024-03-05 | by ( Olesya Dmitracova | Fred Pleitgen | ) edition.cnn.com time to read: +2 min

Berlin/London CNN —Power supply to Tesla’s factory near Berlin has been cut following an arson attack on a high-voltage electricity pylon nearby, a German official said Tuesday. “If the initial findings are confirmed, this is a perfidious attack on our electricity infrastructure. He said power supply to the Tesla plant as well as nearby villages had been cut off. German public broadcaster ZDF reported that the factory had been evacuated and its workers sent home. It is unclear if the arson attack is connected with ongoing protests against a planned expansion of the Tesla factory.

Persons: ” Michael Stuebgen, Tesla, ” Stuebgen, Elon Organizations: London CNN —, ZDF, CNN, Reuters Locations: Berlin, London, Brandenburg, —, Europe

☆ Tesla is in talks to build a factory in Thailand, government official says
▼ + stars: | 2024-03-05 | by ( Kocha Olarn | Manveena Suri | ) edition.cnn.com time to read: +2 min

Hong Kong/Bangkok CNN —Tesla is in talks with the Thai government to build a production facility in the country, the prime minister’s office told CNN on Tuesday. The government has offered Tesla (TSLA) a 100% green facility, according to Prommin Lertsuridej, secretary general to the prime minister, who added: “We are in talks with them.”According to Prommin, Tesla representatives last visited Thailand in November, the same month Prime Minister Srettha Thavisin visited the electrical vehicle giant’s Gigafactory in Fremont, California. “It is my hope that this collaboration will cement Thailand as the hub for EV and renewable energy in the years to come,” he wrote. That factory is Tesla’s biggest car manufacturing plant outside the United States and accounted for the bulk of its global deliveries last year. Correction: An earlier version of this article incorrectly spelled the name of the prime minister's general secretary.

Persons: Tesla, Prommin Lertsuridej, Srettha Thavisin, Srettha, ”, Elon Musk, Narendra Modi Organizations: Bangkok CNN, CNN, EV, Indian Locations: Hong Kong, Bangkok, Thailand, Fremont , California, Asia, Shanghai, United States, India, New York

☆ Musk said Tesla cars would rise in value, H but here’s what really happened
▼ + stars: | 2024-03-03 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

CNN —Back in 2019, Elon Musk made an astonishing claim for Tesla vehicles. But four years after Musk’s 2019 prediction, the average used Tesla Model 3 is selling for $29,000. Sticker prices for new Teslas dropped about 21% over the past year, according to Cox Automotive. Logically, people expect to pay less for a used car than they would for a new one. Why buy a used car if you could get a brand new vehicle for only a little more or maybe even less, after all?

Persons: Elon Musk, Musk, ”, Tesla, “, FSD, Ivan Drury, Wall, Teslas, Hertz, ” Hertz, Stephen Scherr, ” Drury, EVs, Drury Organizations: CNN, Cox Automotive, EV, Hyundai, Kia, Audi, Volkswagen, Edmunds.com, Tesla Locations: America, Ford, Edmunds.com, Colorado

☆ Behind Apple’s Doomed Car Project: False Starts and Wrong Turns
▼ + stars: | 2024-02-28 | by ( Brian X. Chen | Tripp Mickle | ) www.nytimes.com time to read: +1 min

For the last decade, many Apple employees working on the company’s secretive car project, internally code-named Titan, had a less flattering name for it: the Titanic disaster. Throughout its existence, the car effort was scrapped and rebooted several times, shedding hundreds of workers along the way. As a result of dueling views among leaders about what an Apple car should be, it began as an electric vehicle that would compete against Tesla and morphed into a self-driving car to rival Google’s Waymo. The car project’s demise was a testament to the way Apple has struggled to develop new products in the years since Steve Jobs’s death in 2011. But it festered and ultimately fizzled in large part because developing the software and algorithms for a car with autonomous driving features proved too difficult.

Persons: Google’s Waymo, Apple, Steve Jobs’s Organizations: Apple, Tesla

☆ Apple Kills Its Electric Car Project
▼ + stars: | 2024-02-27 | by ( Brian X. Chen | More About Brian X. Chen | ) www.nytimes.com time to read: +1 min

Though Apple had not unveiled its car to consumers, the product had for many years been one of Silicon Valley’s worst-kept secrets because it was being tested on public roads. The cancellation is a rare move by Apple, which typically doesn’t shelve such public and high-profile projects. Tim Cook, Apple’s chief executive, has publicly hinted that Apple was interested in entering the car space. The company had also been testing hundreds of vehicles equipped with autonomous driving technology in public for many years. The car, which Apple spent billions of dollars researching, had been intended as a rival to Tesla’s electric vehicles, which include autonomous driving features.

Persons: Tim Cook, Apple, Cook’s Organizations: Apple, Apple Watch, Vision

☆ Let Tesla Expand? Germans Vote No.
▼ + stars: | 2024-02-21 | by ( Melissa Eddy | ) www.nytimes.com time to read: +1 min

The NewsResidents in the German community where Tesla has its only assembly plant in Europe overwhelming rejected the company’s plan to expand its facilities, dealing a blow to the U.S. automaker and local supporters. Sixty-five percent of citizens in Grünheide who voted opted against Tesla’s proposal to clear 250 acres of forest near its plant to build a rail yard, warehouses and a day care center. The vote was nonbinding, but local officials said they would honor it by heading back to the drawing board to try to find an acceptable solution. “That is the big challenge for the community,” Arne Christiani, the mayor of Grünheide and a supporter of the expansion, told public broadcaster Inforadio rbb on Wednesday. But the company defended its plans in local media, while acknowledging “that the citizens of Grünheide have concerns in connection with the planned expansion of the site.”

Persons: Tesla, ” Arne Christiani, Inforadio rbb, “, ” Organizations: News Residents, U.S ., Inforadio Locations: Europe, Grünheide

☆ The Tesla chair was meant to rein in Elon Musk, but she's shunned the spotlight. A court ruling has dragged her into it.
▼ + stars: | 2024-02-21 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Not every CEO in charge of a publicly traded stock market giant gets to act like Elon Musk . But her tenure as chair came in for criticism last month after a Delaware judge voided Musk's $55.8 billion pay package approved by the Tesla board in March 2018. At trial, Denholm was not sure whether the Disclosure Committee was fulfilling its obligations under the SEC Settlement," McCormick's opinion noted. AdvertisementMcCormick also drew attention to how Musk changed his title to "Technoking of Tesla" in March 2021. Musk is also seeking to reincorporate Tesla in Texas from Delaware following the court decision in the state on his pay package.

Persons: Elon, Robyn Denholm, Denholm, She'd, Tesla, Musk, Judge Kathaleen McCormick, Judge McCormick, that's, McCormick, Musk's, “, Technoking ”, Elon Musk, Antonio Masiello, ”, …, reincorporate Tesla Organizations: Juniper Networks, Telstra, Blackbird Ventures, Business, Securities and Exchange Commission, SEC, New York Times, Board Locations: Australian, Delaware, Tesla, Texas

☆ Let Tesla Expand? Three German Teens Have a Few Thoughts.
▼ + stars: | 2024-02-19 | by ( Melissa Eddy | ) www.nytimes.com time to read: 1 min

Tesla’s hulking assembly plant outside Berlin, which opened two years ago in a community known for its forests and lakes, still rubs many residents the wrong way. They worry it threatens the quality of their water and air, and has disrupted the peacefulness that drew them to the area. Mr. Schorcht and many of his neighbors are determined to make sure that doesn’t happen. “We say, ‘enough is enough,’” Mr. Schorcht said. Their resistance campaign includes weekly hikes through the endangered forest and knocking on doors.

Persons: Tesla’s, Steffen Schorcht, Tesla, Schorcht, ’ Locations: Berlin

☆ Tesla’s Chair Under Scrutiny for Oversight of Elon Musk
▼ + stars: | 2024-02-15 | by ( Natasha Frost | Jack Ewing | ) www.nytimes.com time to read: +1 min

Elon Musk, the chief executive and public face of Tesla, is constantly making news and broadcasting his opinions on his social media site, X. To some analysts and investors, Ms. Denholm is the “adult in the room” who has helped Mr. Musk turn Tesla into the world’s most valuable automaker. But to her critics, she has failed at her most important job: serving as a check on Mr. Musk. Late last month, a Delaware judge sharply criticized Ms. Denholm’s leadership while striking down Mr. Musk’s 2018 compensation package, which is worth more than $50 billion. Ms. Denholm took a “lackadaisical approach to her oversight obligations” at Tesla, said Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery.

Persons: Elon Musk, —, Robyn M, Denholm, Musk, Musk’s, Kathaleen St, J . McCormick Locations: Australia, Delaware

☆ Tesla earned $1.8 billion last year from a side hustle
▼ + stars: | 2024-02-12 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

Tesla earns regulatory credits by making and selling electric vehicles. Bloomberg, which initially reported on the filing , calculated that the company had pulled in almost $9 billion from selling regulatory credits since 2009. The company has expected revenue from regulatory credits to dry up as other automakers ramp up EV production. "It will continue for some period of time, but eventually this stream of regulatory credits will reduce," he added. However, that scenario has largely failed to materialize, with Tesla’s earnings from selling regulatory credits slightly increasing from last year, when it earned $1.776 billion.

Persons: —, Elon, Tesla, Zachary Kirkhorn, Kirkhorn Organizations: Service, Securities, Exchange Commission, Business, Tesla, Bloomberg, Ford, General Motors, BYD Locations: Europe, China

☆ Dawn Project calls for Tesla boycott in Super Bowl ad campaign over self-driving capabilities
▼ + stars: | 2024-02-11 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +7 min

“Tesla has failed time and time again to address the failings in its defective self-driving software,” O’Dowd said Sunday in a statement. In a series of video tests by The Dawn Project, the cars run over a child-sized dummy on a school crosswalk and a fake baby in a stroller. The clips reportedly show two separate incidents involving Tesla cars with activated Autopilot features, according to The Dawn Project. The second ad alludes to an incident where “a self-driving Tesla blew past a stopped school bus,” injuring a child. According to O’Dowd, The Dawn Project set aside a bigger budget this year, anticipating they would purchase ad space in Sacramento.

Persons: Dan O’Dowd, Tesla, Elon, ”, “ Tesla, ” O’Dowd, Elon Musk, ” Tesa, “ It’s, O’Dowd, “, we’re, Washington “, Pete Buttigieg, Joe Biden’s, Biden, Ramishah Maruf, Chris Isidore Organizations: New, New York CNN — Tech, Tesla, Dawn Project, CNN, Dawn, Green Hills Software, CBS Sacramento, CBS, Traffic Safety Administration, National Transportation Safety Board, NHTSA Locations: New York, Santa Barbara , California, Washington ,, Atlanta, Austin , Texas, Tallahassee , Florida, Albany , New York, Sacramento , California, Washington , DC, Dover , Delaware, Traverse City , Michigan, Sacramento, CBS Sacramento, Washington, Traverse City, Delaware, Wilmington , Delaware

Elon Musk’s brain implant company Neuralink has moved its legal corporate home from Delaware to Nevada after a Delaware judge struck down Musk's $55.8 billion pay package as CEO of Tesla. Neuralink, which has its physical headquarters in Fremont, California, became a Nevada company on Thursday, according to state records. Delaware records also list the company's legal home as Nevada. “Never incorporate your company in the state of Delaware,” he wrote in one post after the court ruling. Musk, a co-founder of the privately held Neuralink, is listed as company president in Nevada documents.

Persons: Elon, Neuralink, Musk, Tesla, ”, “, Erik Gordon, Kathaleen St, Jude McCormick, McCormick, ‘, ’ ” McCormick, Musk’s, shouldn’t Organizations: Tesla, Austin, University of Michigan, Delaware, Musk, Forbes Locations: Delaware, Nevada, Fremont , California, Texas, “ Delaware, —

☆ Tesla workers still make less than those at Ford and GM, despite recent raises
▼ + stars: | 2024-02-09 | by ( Nora Naughton | Grace Kay | ) www.businessinsider.com time to read: +5 min

Even with a raise, Tesla workers don't make as much as union-represented workers. AdvertisementTesla recently gave some of its factory workers raises, but union-represented workers at Detroit’s Big Three will still make a lot more per hour. According to internal documents reviewed by Business Insider, new pay guidelines for Tesla workers were implemented on January 8. Why some Tesla workers aren’t focused on UAW payDespite the pay discrepancy, some Tesla workers previously told BI they’d be hesitant to join a union. But the German union IG Metall said last year that some Tesla workers at the company's Brandenburg plant had joined its union.

Persons: —, Tesla, Stellantis, aren’t, Elon, “ It’s, Musk, Metall Organizations: unionizing, UAW, NEW, Service, Business, United Auto Workers, Ford, GM, EV, National Labor Relations Board, NLRB Locations: Buffalo , New York, rehire, company's Brandenburg

☆ Tesla stock drops as investors scrutinize board’s close personal ties to Elon Musk
▼ + stars: | 2024-02-05 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Ehrenpreis is also a close friend to Kimbal Musk, Elon’s brother, who is also a Tesla board member. In another instance, the judge emphasized the role of Tesla’s general counsel Todd Maron — who was previously Musk’s divorce lawyer — in advising Tesla’s board and compensation committee. Maron was “totally beholden to Musk,” McCormick wrote in her ruling last week, adding that Maron’s admiration for Musk “moved him to tears” during both his deposition and in trial testimony. Maron’s team prepared “an aggressive timeline for approving a compensation plan,” McCormick wrote in her more than 200-page ruling. The break-neck speed of the process “reflected a reckless approach to a fiduciary process.”Robyn Denholm, the Tesla board chair, doesn’t appear to have had any personal relationship with Musk outside of her service on the board, McCormick wrote.

Persons: New York CNN — Tesla, Elon Musk’s, Judge Kathaleen McCormick, Musk, Ira Ehrenpreis, Kimbal, Ehrenpreis, Antonio Gracias, McCormick, Tesla’s, Todd Maron —, —, Maron, “, ” McCormick, Musk “, Maron’s, Robyn Denholm, Denholm, can’t, ” Tesla, Tesla, Monday’s selloff, Piper Sandler, Gordon Johnson, ” Johnson, Elon, ” Organizations: New, New York CNN, Elon, The, Gracias, Nasdaq, GLJ, CNN Locations: New York, Delaware, Spain, Kimbal’s

☆ Tesla Recalls About 2.2 Million Electric Vehicles Over Warning Light Font Size
▼ + stars: | 2024-02-02 | by ( Jenny Gross | More About Jenny Gross | ) www.nytimes.com time to read: +1 min

Tesla is recalling about 2.2 million vehicles because the font on the warning lights panel was too small to comply with safety standards, the National Highway Traffic Safety Administration said in a notice published on Friday. “Warning lights with a smaller font size can make critical safety information on the instrument panel difficult to read, increasing the risk of a crash,” the agency said in the notice. Tesla, the world’s dominant maker of electric vehicles, is releasing a software update that will fix the issue, free of charge, the National Highway Traffic Safety Administration said. The models affected include the 2012 to 2023 Model S, the 2016 to 2024 Model X, the 2017 to 2023 Model 3, 2019 to 2024 Model Y, and 2024 Cybertruck vehicles. That recall covered nearly all cars the company had manufactured in the United States since 2012.

Persons: Tesla Organizations: Traffic Safety Administration, U.S Locations: United States

Elon Musk wants Tesla investors to decide on moving the company's corporate listing to Texas after a Delaware court decided he shouldn't get a multibillion-dollar pay package. The electric car company's CEO said early Thursday that Tesla would get shareholders to vote on whether to switch its corporate registration to Texas, where its physical headquarters is located. “Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas,” Musk wrote on his social media platform X, formerly known as Twitter. Musk had polled X users earlier on the same question, with 87.1% of 1.1 million respondents voting yes. “The public vote is unequivocally in favor of Texas!” he wrote.

Persons: Elon, Tesla, ” Musk, Musk, ”, “ Organizations: Twitter Locations: Texas, Delaware, Nevada

☆ Tesla erases references to DEI from its new 10-K following Elon Musk’s criticisms
▼ + stars: | 2024-02-01 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +5 min

New York CNN —Tesla CEO Elon Musk has a new social media target: Diversity, Equity and Inclusion. Following Musk’s recent critical posts about DEI policies and racial discrimination lawsuits against Tesla, the electric car company has omitted all language regarding minority workers and outreach to minority communities in its 10-K filing with the SEC made January 29. In Musk’s eyes, DEI is “just as morally wrong as any other racism and sexism,” he tweeted in December. And as recently as 2020, Tesla had been publishing its own corporate DEI reports, reaffirming its commitment to the mission. CNN has reached out to Tesla for comment, though the company does not usually respond to press requests.

Persons: Elon Musk, Tesla, ”, It’s, George Floyd’s, Harvard’s, Claudine Gay, Gonzalo Fuentes, Bill Ackman, Musk, ” Musk, Owen Diaz, Mark Cuban, “, Catherine Thorbecke, Nicquel Terry Ellis Organizations: New, New York CNN, Equity, SEC, Bloomberg, Tesla, Black Colleges, Universities, ”, Asian Pacific Islanders, Minneapolis, CNN, SpaceX, Twitter, Viva Technology, Reuters Billionaire, Harvard, DEI, California Department of Fair, Housing, Fremont, Dallas Mavericks Locations: New York, America, Paris, France, Fremont , California, Fremont, United States, ” Cuban

Even when compared with other CEOs, who routinely get paid roughly 200 times more than their typical employees, Elon Musk’s pay package was eye-opening. Critics have argued for years that CEO pay packages are exorbitant. Under Musk’s pay plan, he received a chunk of stock options each time Tesla’s market value rose by $50 billion. General Motors, for example, considers executive salaries at 3M, Boeing, Ford, IBM and other huge companies, and uses complex formulas to determine CEO compensation. Corporate law experts say any new compensation package for Musk will likely be challenged in court unless Tesla's board either resigns en masse or follows a meticulous process to protect shareholders by passing a substantially smaller package.

Persons: Tesla, Kathaleen St, Jude McCormick, Musk, Bernard Arnault, Critics, Blackstone’s Steven Schwarzman, “, ‘, ’ ” McCormick, Musk’s, shouldn’t, Mary Barra, Jim, Mark Zuckerberg, Tim Cook, they’re, ”, Charles Elson, ” Elson, Elson Organizations: Elon, Musk, Forbes, General Motors, 3M, Boeing, Ford, IBM, Big Tech, University of Delaware, Lawyers Locations: Delaware, —, Barra, U.S

☆ Elon Musk’s $50 Billion Tesla Pay Was Struck Down. What Happens Next?
▼ + stars: | 2024-01-31 | by ( Jack Ewing | Peter Eavis | ) www.nytimes.com time to read: +1 min

Tesla and Mr. Musk could appeal the court decision. Mr. Musk has also indicated that he might seek to incorporate the company in another state that he believes could be more hospitable to businesses, like Texas. What happens to Mr. Musk’s stock options? As part of a compensation package Tesla finalized in 2018, Mr. Musk received options to buy 304 million shares that are now worth more than $50 billion. While he has met the goals needed to receive those options, Mr. Musk does not appear to have converted them into shares of Tesla.

Persons: Elon, Kathaleen St, J . McCormick, Tesla, Musk Organizations: Tesla, Mr Locations: Delaware, Texas

Part motel, part new-age clinic, the facility offers nightly rentals in rooms that come equipped with “BioHealers” –- canisters that the company claims exude “life force energy,” or biophotons. “There are some forces driving that: obviously the internet and social media, and distrust of traditional medicine, traditional science. Given the primary importance of health, it’s hardly surprising that unproven medical claims and products that seem too-good-to-be-true have a long history in America. “ Distrust of government and distrust of major institutions makes people vulnerable,” said Stephen Barrett, a psychiatrist and expert in unproven medical claims who launched the organization Quackwatch in the 1970s to highlight medical scams. As a result, low-level hucksters or those peddling unproven treatments often don’t get as much attention.

Persons: BUTLER, exude, Tesla, Dr, James Liu, ”, Liu, Timothy Caulfield, Medbeds, Donald Trump, “ I’m, medbeds, ” Liu, it’s, John Brinkley, they’ve, Alex Jones, Trump, Stephen Barrett, Elon Musk, Nikola Tesla, Seth Robinson, Robinson doesn’t, We’re, Tesla’s, I’ve, Caulfield, ” Caulfield, “ It’s, ” Tesla’s, Bahman Anvari, It’s Organizations: Tesla, MedBed, Penn State University, “, University of Alberta, Walmart, Associated Press, Drug Administration, Elon, FDA, AP, University of California Locations: Pa, Pittsburgh, China, New Jersey, Butler, Tennessee, America, Florida, Delaware, Riverside

☆ Judge strikes down Elon Musk’s massive, multi-billion-dollar pay package
▼ + stars: | 2024-01-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —A Delaware state court judge has thrown out the 2018 pay package that helped to make Tesla CEO Elon Musk one of the richest people in the world. He said Tesla investors will benefit from the decision by having the “dilution from this gargantuan pay package erased.”Attorneys for Musk and the Tesla board argued the pay package was approved by a shareholder vote. Excluding the votes owned by Musk and his brother, 73% of the shares voting in that election supported the pay package. The company’s market cap was valued at $54 billion at the time the pay package was approved. Robyn Denholm, the chair of Tesla’s board, testified that the pay package was all about keeping Musk focused on Tesla.

Persons: Elon Musk, Chancellor Kathaleen McCormick, Musk, Tesla, “, ”, Greg Varallo, McCormick, ” Musk, Robyn Denholm, ” Denholm, – CNN’s Matt McFarland Organizations: New, New York CNN, Musk, Delaware Supreme, SpaceX, Twitter, Boring, Tesla Locations: New York, Delaware, . Delaware, Tesla

☆ Elon Musk’s Tesla Pay Package Is Voided by Judge
▼ + stars: | 2024-01-30 | by ( Jack Ewing | Peter Eavis | ) www.nytimes.com time to read: +1 min

Elon Musk, the chief executive of Tesla, suffered a stunning rebuke Tuesday when a Delaware judge voided the pay package that helped make him a billionaire many times over and the world’s wealthiest human being. In a decision that cast a harsh light on the behavior of Mr. Musk and Tesla’s board of directors, Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery said the chief executive had effectively overseen his own compensation plan with the help of compliant board members. “The process leading to the approval of Musk’s compensation plan was deeply flawed,” the judge said. She ordered that the contract that gave Mr. Musk “the largest potential compensation plan in the history of public markets” be voided, and told parties in the case to work out how Mr. Musk would return excess pay. Some compensation experts said the decision would send a warning to other companies that awarded their top executives very large pay packages.

Persons: Elon Musk, Tesla, Chancellor Kathaleen St, J . McCormick, Musk Organizations: Chancery Locations: Delaware

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