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☆ Internal Tesla salary database shows Elon Musk's strategy: Lower salaries, bigger stock grants
▼ + stars: | 2024-11-11 | by ( Grace Kay | Madison Hoff | ) www.businessinsider.com time to read: +12 min

Business Insider secured access to an internal Tesla pay database, covering nearly 100,000 employees as of December 2021. Tesla offers lower base salaries than its tech and automotive peers but offers substantial stock grants. Nine current and former people in engineering and sales said that Tesla's stock grants make it easier to accept lower base salaries. To get a sense of which employees were more likely to take home large grants, BI broke up stock grants based on job category. So far, stock grants have "proven to be better than cash in your pocket."

Persons: Elon Musk's, It's, Tesla, Donald Trump's, —, Zaheer Mohiuddin, ISOs, Greg Selker, Stanton Chase, Selker, Musk, we've, Harley Shaiken, Ford, Shaiken, Drew Baglino, Zachary Kirkhorn, Omead Afshar, Aaron Greenspan, it's Organizations: Business, CNBC, Securities and Exchange Commission, Nvidia, Ford, Meta, Amazon, Apple, Microsoft, BI, Companies, Google, US, Netflix, Big Tech, GM, Musk, Bloomberg Locations: Silicon Valley

☆ In the past week, 4 of Elon's direct reports have announced they are leaving Tesla
▼ + stars: | 2024-10-08 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Multiple Tesla executives announced they are leaving or have left over the past week. AdvertisementTesla has been shedding executives ahead of its Robotaxi event, with four of Elon Musk's direct reports saying they'd left the company over the past week. Tesla's director of public policy and business development Jos Dings announced on LinkedIn that he was leaving the company on October 1. On October 6, global vehicle automation and safety policy lead Marc Van Impe also announced on LinkedIn he had left Tesla. In total, Musk has lost eight of his direct reports at Tesla over the past year.

Persons: —, Tesla, Elon Musk's, they'd, Nagesh Saldi, Bloomberg, Jos Dings, Marc Van Impe, Van Impe, Rohan Patel, Dings, David Zhang, hadn't, Daniel Ho, Musk, Drew Baglino, Rebecca Tinucci, Supercharging, Elon Organizations: Tesla, Service, Business, LinkedIn, SpaceX, Tesla's, Warner Bros Locations: Burbank , California

☆ Tesla Chairwoman Robyn Denholm has sold over $50 million worth of stock in 2024
▼ + stars: | 2024-05-07 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Tesla Chairwoman Robyn Denholm has just sold $17.3 million worth of her shares in the electric vehicle maker, according to a filing Monday, bringing her total stock sales this year to more than $50 million. Former Tesla Senior Vice President Drew Baglino, who announced his resignation in mid-April, sold shares worth around $181.5 million soon after his departure, according to a filing. In Denholm's early years on the Tesla board, she served on the audit committee. Before joining the Tesla board, Denholm served in executive roles at Sun Microsystems, and in finance roles at Toyota in Australia and at accounting firm Arthur Andersen. In her opinion, Chancellor Kathaleen McCormick wrote that by serving on Tesla's board, Denholm received "life-changing" compensation, which "far exceeded the compensation she received from other sources."

Persons: Robyn Denholm, Tesla, Denholm, Drew Baglino, Kathleen Wilson, Thompson, Elon Musk, hasn't, Musk, Arthur Andersen, —, Chancellor Kathaleen McCormick Organizations: Tesla Inc, American, of Commerce, Tesla, SEC, Sun Microsystems, Toyota Locations: Australia, Sydney, what's, Delaware

☆ Elon Musk is tightening his grip on Tesla
▼ + stars: | 2024-05-06 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

Top Tesla exec Tom Zhu has been redeployed to China, Electrek reports. Several other top execs have left Elon Musk's company. Musk is consolidating power at Tesla as a vote over his $47 billion pay package looms. AdvertisementOne of Tesla's top executives has been reassigned to China in another sign that Elon Musk is tightening his grip on the electric carmaker. Prior to the move, Zhu had assumed more responsibilities at Tesla as Musk was increasingly occupied by X, according to Electrek.

Persons: Tom Zhu, —, Elon, Elon Musk —, Zhu, Musk, Zhu —, Tesla, Drew Baglino, Rohan Patel, That's Organizations: Elon Musk's, Service, China, X, Reuters, North, Business, Street Locations: China, Shanghai, Delaware

☆ 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

☆ Musk lays off Tesla senior executives in fresh job cuts, The Information reports
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: +2 min

Tesla and SpaceX's CEO Elon Musk reacts during an in-conversation event with British Prime Minister Rishi Sunak in London on Nov. 2, 2023. Elon Musk has dismissed two Tesla senior executives and plans to lay off hundreds more employees, frustrated by falling sales and the pace of job cuts so far, The Information reported on Tuesday, citing the CEO's email to senior managers. Rebecca Tinucci, senior director of the electric vehicle maker's Supercharger business, and Daniel Ho, head of the new vehicles program, will leave on Tuesday morning, the report said. Musk also plans to dismiss everyone working for Tinucci and Ho, including the roughly 500 employees who work in the Supercharger group, The Information said. Tesla, which had 140,473 employees globally as of end-2023, did not immediately respond to a Reuters' request for comment.

Persons: Tesla, Elon Musk, Rishi Sunak, Rebecca Tinucci, Daniel Ho, Musk, Ho, Rohan Patel, Tinucci, — Patel, Drew Baglino — Organizations: British Locations: London, China, Beijing, India

☆ Former Tesla SVP Drew Baglino is selling $181.5 million worth of stock, SEC filing says
▼ + stars: | 2024-04-25 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Former Tesla executive Drew Baglino, who announced his resignation earlier this month, sold shares in the electric vehicle company worth around $181.5 million, according to a filing on Thursday with the SEC. Baglino, who joined Tesla in 2006, is selling about 1.14 million of his shares, the filing said, listing an "approximate date of sale" of April 25, and describing it as an exercise of stock options. Tesla announced on April 15 that it's laying off 10% of its global workforce, following a drop in first-quarter deliveries and a steep slide in the stock price. Baglino announced his departure in a statement posted to X. Prior to the latest sale, Baglino had unloaded about $4 million worth of shares in two transactions this year — one in late February and the other in early April, filings show.

Persons: Drew Baglino, Baglino, Tesla, Rohan Patel, Baglino's, Musk, doubters Organizations: Fremont Factory, SEC, Tesla Locations: Fremont , California

☆ Tech's earnings bonanza this week shines spotlight on growing troubles at Tesla, Google
▼ + stars: | 2024-04-22 | by ( Hayden Field | ) www.cnbc.com time to read: +10 min

Justin Sullivan | Getty ImagesAs tech's behemoths get set to report earnings this week, they do so facing a mountain of drama. Tesla kicks off tech earnings season after the close of trading on Tuesday, with shares of the electric vehicle maker trading at their lowest since January 2023. When it comes to AI, Meta debuted its assistant — Meta AI — on WhatsApp, Instagram, Facebook and Messenger last week. Loren Elliott | Bloomberg | Getty ImagesOn a busy Thursday for tech earnings, Alphabet is likely to capture the most attention. On Thursday, Alphabet CEO Sundar Pichai announced a consolidation of the company's AI teams, including responsible AI and related research teams, under the Google DeepMind umbrella.

Persons: Sundar Pichai, Justin Sullivan, tech's behemoths, Tesla, Microsoft's, Lip, CNBC's, we've, Brandon Bell, Drew Baglino, Rohan Patel, Musk, John Murphy, Meta, Mark Zuckerberg, Wall, OpenAI's ChatGPT, Joe Biden, Republican Donald Trump, Loren Elliott, Ruth Porat, Thomas Kurian's, livestreamed, Pichai, that's, Satya Nadella, Sam Altman, Altman, OpenAI, chatbot, MSFT Organizations: Inc, Government, Society, Google, Big Tech, Nvidia, BakerAvenue Wealth Management, Tech, Meta, Microsoft, Getty, Elon Musk's EV, Bank of America, Reality Labs, Facebook, Republican, Bloomberg, CNBC, Google Cloud, Union, Apple, Guggenheim Locations: Stanford , California, Austin , Texas, New York, Sunnyvale , California, Sunnyvale, Seattle, San Francisco , California, OpenAI, Mistral, U.S

☆ 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

☆ Elon Musk says Tesla needs a 'complete organizational overhaul' to get to 'the next level' amid mass layoffs at the company
▼ + stars: | 2024-04-17 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +2 min

Elon Musk says Tesla has to do a "complete organizational overhaul" every once in a while. Musk's remarks come after a round of mass layoffs at Tesla, where it cut more than 10% of staff. "That said, our executive tenure is unusually high at well over 10 years at Tesla," Musk wrote in a post on X, formerly Twitter. The Tesla layoffs come at a rough time for the company, which has been grappling with declining sales and increased competition from Chinese automakers like BYD. Advertisement"The Chinese car companies are the most competitive car companies in the world," Musk told investors during Tesla's earnings call in January.

Persons: Elon Musk, Tesla, Musk, —, Musk's, Drew Baglino, Rohan Patel, Patel Organizations: Tesla, Service, BI, Electrical

☆ Tesla is stuck in the mud
▼ + stars: | 2024-04-17 | by ( Graham Rapier | ) www.businessinsider.com time to read: +5 min

In all, Tesla said it would cut more than 10% of its workforce, amounting to more than 14,000 people. Tesla is also losing some key top executives: Drew Baglino and Rogan Patel announced this week they would leave the company. AdvertisementIt's unclear what, exactly, Tesla plans to show off in August as a self-driving, revenue-generating new product. He also reportedly said Tesla robotaxis would be able to do 100 hours of work a week for their owners. According to Reuters, Tesla has ended plans for another one of Musk's longtime pet projects: a truly affordable EV.

Persons: —, Elon Musk, Tesla, Drew Baglino, Rogan Patel, Baglino, Patel, Musk, Ryan Brinkman, Kelley, Adam Jonas Organizations: Service, Business, CNBC, Reuters, JPMorgan, US Locations: China, Europe, Asia, Mexico

☆ Big names are leaving Tesla. An analyst says Elon Musk has to quickly lay out what the layoffs mean.
▼ + stars: | 2024-04-16 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Elon Musk has been urged to lay out a vision for Tesla as senior staff leave amid layoffs. AdvertisementElon Musk must set out a vision for Tesla after investors were spooked by high-profile departures amid layoffs, an analyst has said. Tesla stock fell 5.6% on Monday after Elon Musk announced over the weekend that more than 10% of its workforce would be laid off. Those departing Tesla worked on critical projectsBoth Baglino and Thurston worked on critical projects at the Texas factory. In an X post earlier this month, Musk said Knight was "going to join OpenAI, so it was either xAI or them."

Persons: Elon Musk, Tesla, Musk, —, Elon, Dan Ives, Ives, Drew Baglino, he'd, Rohan Patel, Anthony Thurston, Electrek, Thurston, Fred Lambert, Amir Mirshahi, Zachary Kirkhorn, Tesla's, Ethan Knight, Musk's, Knight Organizations: Service, Elon, Energy, Tesla, Business, OpenAI Locations: Texas

☆ Tesla execs Drew Baglino and Rohan Patel depart as company announces steep layoffs
▼ + stars: | 2024-04-15 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Tesla executives Drew Baglino and Rohan Patel announced Monday they are leaving the electric vehicle maker and clean energy company. CEO Elon Musk thanked both departing execs on X, the social network he owns and runs as chief technology officer. Baglino had worked with Tesla since its early years, starting as a firmware and electrical engineer in 2006. Patel and Baglino had been deeply involved in battery and vehicle manufacturing, related policy, and turning Tesla into a multinational EV manufacturer. Baglino wrote in a post on X:"I made the difficult decision to move on from Tesla after 18 years yesterday.

Persons: Drew Baglino, Rohan Patel, Elon Musk, execs, Tesla, Baglino, Patel, Barack Obama, gratified, Musk Organizations: Tesla, Reuters Locations: London, England

☆ A major Tesla executive left after 18 years at the company amid mass layoffs
▼ + stars: | 2024-04-15 | by ( Grace Kay | ) www.businessinsider.com time to read: +1 min

Drew Baglino, Tesla's SVP of powertrain and electrical engineering, resigned from Tesla on Sunday. The executive had worked at Tesla for over 18 years. AdvertisementDrew Baglino, Tesla's senior vice president of powertrain and electrical engineering, announced he'd left the company, becoming the latest major executive to depart Elon Musk's EV giant after the CFO stepped down in August last year. "I made the difficult decision to move on from Tesla after 18 years yesterday," Baglino wrote on X on Monday. "I am so thankful to have worked with and learned from the countless incredibly talented people at Tesla over the years.

Persons: Drew Baglino, Baglino's, Tesla, —, Tesla's, he'd, Baglino, gratified Organizations: Tesla, Service, Elon, Business Locations: Tesla's

☆ Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
▼ + stars: | 2024-04-15 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Typically, security guards inspect workers' badges at the site, but don't usually scan them directly, the two workers said. Related storiesThree other former Tesla employees said workers at the Fremont factory were told by security that if their badges didn't work they were no longer employed. The email sent directly to laid-off staff said the cuts would be effective immediately and workers would receive information regarding their severance within 48 hours. Tesla workers aren't the first to unceremoniously discover they've been terminated while trying to access their former place of work. Last year, some former Google employees told BI they learned they'd been laid off when they couldn't badge into the office.

Persons: —, Tesla, didn't, Elon Musk, Drew Baglino, Rohan Patel, they've, they'd Organizations: Service, Business, Fremont, BI, Google Locations: Tesla's, Sparks , Nevada, Nevada

☆ Elon Musk says Tesla's Optimus lab looks like something out of 'Westworld'
▼ + stars: | 2024-01-29 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Elon Musk told Tesla investors the Optimus robot lab looks like something out HBO's "Westworld." Musk recently posted a video of its Optimus lab showing a robot folding a shirt. AdvertisementElon Musk said Tesla's humanoid robot lab looks like something out of the HBO drama "Westworld." The caption says the Optimus lab team is made up of "roboticists" including engineers, technicians, actuator designers and robot design modelers. While little detail is known about the Optimus lab, Tesla was hiring for more than 50 robotics roles last year and many of the jobs were based in Palo Alto, California, its careers page showed.

Persons: Elon Musk, there's, Musk, —, he's, Tesla, Drew Baglino, 3F5o3jVLq1 — Elon, Optimus Organizations: Optimus, Service, YouTube, Investors, Business Locations: Palo Alto , California

SAN FRANCISCO/TOKYO, May 10 (Reuters) - Panasonic (6752.T) said on Wednesday that it will delay the commercial production of its 4680 battery cells championed by Tesla CEO Elon Musk and begin operations during the April to September period in 2024, later than previously scheduled, as the company aims to improve their performance. Tesla's Japanese supplier, Panasonic, previously planned to start volume production for Tesla between April 2023 to March 2024. Panasonic is running a pilot 4680 production line at its Wakayama factory in Japan, while Tesla (TSLA.O) is already producing the 4680 battery cells, which Musk has touted as being key to making cheaper and compelling electric cars. But the carmaker struggled to meet its targets for production and performance of the cells. Tesla executive Drew Baglino said at a recent conference call that the company plans to steadily ramp production of 4680 battery cells ahead of Cybertruck production next year.

☆ Factbox: Tesla sets stage for annual shareholder meeting
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

April 10 (Reuters) - Tesla Inc (TSLA.O) has put up five proposals for vote at its annual shareholder meeting on May 16, including the nomination of co-founder JB Straubel to the electric-vehicle maker's board. Tesla shareholders usually vote largely in line with board recommendations. FREQUENCY OF NON-BINDING VOTE ON EXECUTIVE COMPENSATIONTesla said shareholders will vote on how frequently they would prefer a non-binding, advisory vote on compensation for executive officers. Investors will choose between one, two and three-year intervals for the non-binding vote on executive compensation, the board said, adding that it recommends a three-year interval. The EV maker has urged shareholders to vote against the proposal, saying it "would cause unnecessary competitive harm".

☆ Tesla plans to offer a $30 monthly subscription for unlimited overnight home charging. It will launch in Texas because the windy nights help generate power.
▼ + stars: | 2023-03-02 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Elon Musk's Tesla plans to offer unlimited overnight home charging for $30 per month to Texans. Texas has a lot of wind at night, which serves as energy, Drew Baglino said at Tesla's Investor Day. The $30 monthly subscription comes as part of Tesla Electric. And in Texas, the wind blows at night," Baglino said. Baglino presented data from the company's virtual Tesla Electric powerplant in South Australia, which served 5,000 customers in 2022.

☆ Factbox: Tesla investor day gives a rare look at executive bench
▼ + stars: | 2023-03-02 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +4 min

LARS MORAVY, VICE PRESIDENT, VEHICLE ENGINEERINGThe former Honda (7267.T) engineer joined Tesla in 2010. PETE BANNON, VICE PRESIDENT, HARDWARE ENGINEERINGThe former Apple engineer leads a team that creates the Full Self-Driving hardware. He has served as senior vice president for powertrain and energy engineering since October 2019. FRANZ VON HOLZHAUSEN, SENIOR DESIGN EXECUTIVEThe former director of design for Mazda North America joined Tesla in 2008. LAURIE SHELBY, VICE PRESIDENT, EHS&S (Environmental, Health, Safety, and Security)Shelby joined Tesla in 2017.

☆ Elon Musk presents Tesla 'Master Plan 3' with emphasis on sustainable energy
▼ + stars: | 2023-03-01 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Electric vehicle maker Tesla laid out its long-term vision at a 2023 Investor Day presentation in Austin, Texas, on Wednesday. CEO Elon Musk took the stage to share his "Master Plan 3," and to discuss how Tesla plans to scale up in the face of increasing competition. Musk said, "Earth can and will move to a sustainable energy economy, and will do so in your lifetime." To start, Musk was joined on stage by Senior Vice President of Powertrain and Energy Engineering at Tesla, Drew Baglino. Tesla shares have rebounded from declines during 2022, and are up more than 60% for the year so far.

Oct 20 (Reuters) - Tesla Inc (TSLA.O) said on Wednesday it expected to miss its vehicle delivery target this year, but downplayed concerns about softening demand after its revenue missed Wall Street estimates. But Tesla said some logistics challenges would persist, with fourth-quarter deliveries growing by less than 50% while production rose 50%. Register now for FREE unlimited access to Reuters.com Register"I wouldn't say we're recession proof, but it's certainly recession resilient," Musk said. Previously, Tesla had repeatedly said it was aiming for 50% growth this year from the 936,172 cars it delivered in 2021. Tesla is expanding fast despite global economic jitters, and investors are closely watching for signs that consumer demand is cooling as inflation surges and interest rates climb.

Oct 19 (Reuters) - Tesla Inc (TSLA.O) said on Wednesday it expected to miss its vehicle delivery target this year, but downplayed concerns about softening demand after its revenue missed Wall Street estimates. But Tesla said some logistics challenges would persist, with fourth-quarter deliveries growing by less than 50% while production rose 50%. Register now for FREE unlimited access to Reuters.com Register"I wouldn't say we're recession proof, but it's certainly recession resilient," Musk said. Previously, Tesla had repeatedly said it was aiming for 50% growth this year from the 936,172 cars it delivered in 2021. Revenue for the third quarter was $21.45 billion, a record but short of analysts' estimates of $21.96 billion, according to IBES data from Refinitiv.

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