Tech

Tesla Shareholders Support Elon Musk’s 2018 Pay Plan

On Thursday, Tesla shareholders voted to support CEO Elon Musk’s big 2018 pay plan, even though a judge said the company had to cancel it five months ago. The judge said the pay plan was not given properly by the board.

At Tesla’s annual meeting in Austin, Texas, the shareholders’ vote showed support for Musk, but it doesn’t change the judge’s decision. It does help Musk look better to the public and might help him get his pay in the future.

After the vote, Musk said, “I just want to start off by saying hot d—! I love you guys.” According to a report, 77% of the voters wanted to give Musk the pay package. Earlier this year, a Delaware court called the pay plan “unfathomable.” The judge said the board members did not act independently from Musk and did not give shareholders all the information before asking them to vote.

Tesla’s stock went up 2.9% on Thursday to $182.47 after Musk posted online that the vote was set to be approved. Even with this increase, Tesla’s stock is still down 27% this year because of lower sales and more competition in China.

The annual meeting also included votes on other proposals, including one to move Tesla’s incorporation from Delaware to Texas, where its biggest factory is. Shareholders agreed to the move.

Last year, at the shareholder meeting in May, Musk predicted the economy would get better in 12 months, promised the Cybertruck by late 2023, and said Tesla would start trying out advertising. Recently, the economy has shown some improvement, and Tesla has started advertising, including on X (formerly Twitter).

Even though Musk said he would spend less time on X, he is still busy with other projects. He is also the CEO of SpaceX and Neuralink and started a new company called xAI, which is working on big AI projects and a chatbot named Grok.

At the meeting, Musk, calling himself “pathologically optimistic,” said Tesla is making great progress on self-driving cars, which he believes will make the company much more valuable. Although he has been talking about self-driving cars since 2016, other companies like Pony.ai, Didi, and Waymo already have robotaxis.

Musk talked about plans for a Tesla ride-hailing network with self-driving cars, where people can add or remove their cars from the network like Airbnb. He also said that Cybertruck deliveries are increasing, with 1,300 shipments in one week.

Musk said Tesla will start limited production of its humanoid robot, Optimus, in 2025, and will test the robots in its factories next year. He predicted that next year, Tesla will have over 1,000 Optimus robots working.

Somu

Somu is a passionate explorer of knowledge, delving into a wide range of subjects across various disciplines. From the wonders of science and technology to the depths of history and literature, his engaging blog posts invite you to join him on a captivating intellectual adventure.

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