Bill McKibben on Social Trust, Science, & Cryptocurrency — CleanTechnica Interview
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4 years agoon
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adminThis is the third article in a three-part series based around my recent interview with Bill McKibben, a legend in the world of climate activism and climate communication. In the first part, McKibben talked about climate grief, the climate crisis, climate activism, and US climate policy. In the beginning of the second episode, we talked about Tesla, unions, and Elon Musk. This article is about the same episode, but the second part of it, where we focused more on social trust, cryptocurrency, and Libertarianism. Personally, this was my favorite portion of the interview and I think the most important portion. (This portion of the interview starts at 13:07 into the SoundCloud and Spotify embeds below.)
In this part, I started off by asking McKibben to talk about how broken US society’s understanding of the scientific method is. I noted that we long saw this as a climate-specific problem, but that the pandemic highlighted how much it’s a broader problem, especially in times of crisis. Interestingly, McKibben quickly reframed that in an interesting and useful way:
“If you think about it, it’s not really a deep understanding of science that’s required, because I’m not sure people were way more scientifically literate in the ’50s when everyone lined up quite happily to get a polio vaccine. They were just more willing to trust in the sort of social structures of their world. And, you know, I get a front row to see what that old world kind of looks like ’cause I live in Vermont, which has the highest levels of social trust in the country, by all the ways that social scientists measure this. We’re very — you know, it’s a state full of villages. [It’s] the most rural state in the union, so people are used to governing themselves through things like town meeting every spring and things.
“Well, one result of this high level of social trust is that, despite the fact that it’s a rural state, with older people, with a Republican governor — all the things that should’ve led to big problems with COVID, it’s done a better job with it than just about any place in the world. Everybody went and got their vaccines. Everybody wore masks when they were supposed to. Those questions of social trust are really important, and they go back to some of these questions we were talking about when we were talking about, like, multi-zillionaires and things. You have to build societies that work reasonably well for everybody if you want to be able to make progress at all. Otherwise, you’ll end up in these worlds where people are full of rage and resentment and it turns to craziness — you know, someone tells them that it’s because Hillary Clinton eats babies or something, and then before long you’re off to the races. That’s the point I was trying to make before about how things are linked together.”
We talked a bit about how this attack on social trust goes back decades. I brought up former President Ronald Reagan and his attack on institutional trust with the line “I’m from the government, and I’m here to help.” McKibben recalled the whole line: “The nine scariest words in the English language are: ‘I’m from the government, and I’m here to help.’” (I’m finding via Google that he said “most terrifying” rather than “scariest,” which is even more dramatic, but I assume he used both — and they are nearly the same, of course. Also, I guess just be repeating them here we are, to some extent, reinforcing the fear mongering.) With his literary talents, McKibben then stated, “It turns out that the scariest words are ‘we ran out of ventilators or the hillside behind your house just caught on fire.’ And those are things you can’t address by yourself. That’s why you need working governments and working societies.
“Forget Elon Musk, the really dangerous billionaires in our society are people like the Koch brothers, who just have spent their entire lives working to make sure that we don’t have working societies, working governments — and have undermined that so deeply that it’s very difficult now to make the progress we need when we’re faced with an existential crisis.”
I couldn’t have said it better.
I then took that into the topic of “the cryptocurrency craze,” since I think those efforts are a big factor at play here. “It’s basically saying, ‘Let’s drop social trust and trust in governments, and go to a much more energy-intensive system because we don’t trust each other.’” I should give credit where credit is due here and recommend strongly that anyone curious about this matter read: “Why Bitcoin Truly Is Bad For The Climate & Environment, And Counter To Tesla’s Mission” and “How Does Bitcoin Work? What Is Bitcoin Mining? What Is Bitcoin Backed By?” (the former of which was written by the same author who predicted far in advance that Tesla would shift to much greater use of LFP batteries, based on his thorough first-principles analytical nature).
I said, “I mean, yeah, governments are not perfect, unions are not perfect, but they’re better than a free-for-all, don’t-trust-anyone society where we don’t put trust in each other. These all link together.”
McKibben added, “Cryptocurrency’s actually a beautiful demonstration of that, because it’s precisely — the log behind it, the stated logic behind it, is precisely what you said. We don’t want to have to trust anyone, so we trust this strange algorithm or blockchain that almost no one can actually explain to anyone.”
Before changing topics, I just felt a need to put extra emphasis on the inconvenient truth of Bitcoin and similar such systems that many fans of the concept would like to ignore: “It’s not a comparable system to like ATMs, banks, and whatnot. This is specifically a highly, extremely energy-intensive system, and even if it’s using renewables, you’re taking renewable energy potential away from other uses, and every single plan that tells us how we deal with the climate crisis says — you need a huge growth in renewables, electric vehicles, and a huge cut in energy use. …
“And you saw Tesla adopted it, saw humongous spikes in energy use and coal use — I don’t know where they found that data, but they did — and said, ‘okay, we’re not doing this any more because we saw the results.’”
McKibben rightfully and insightfully circled back to the political predecessors to this. “Your remark about Reagan before and that whole ‘the government is the problem’ thing — that’s the most important thing that happened in our political lives, in my political lifetime — the rise of this Libertarian notion that we should all just look out for ourselves — turns out to be the most dangerous of ideas, and it’s incarnated in things like Bitcoin that are quite clearly about not wanting to trust anybody else. And the fact that you have to burn a huge amount of energy in order to make it happen is just sort of the cherry on the top, you know.
“But it is unbelievably aggravating to think of people trying to desperately win this race to get more low-carbon energy out there and having, by now, non-trivial amounts — one, two percent or something of the planet’s energy — you know, the equivalent of a Scandinavian country worth of energy — being used for no good reason.”
Indeed.
McKibben also talked a bit further about the deeper history of Libertarians like the Koch brothers buying their control of the Republican Party, and the party’s now total blockade of good climate and energy policies. He also made an interesting comparison by pointing out that although those old oil, gas, and coal guys have very little in common with the Silicon Valley community, “the one place that they overlap is in this devotion to the idea everything would be better if government would just get out of their way. And everything isn’t better when government gets out of the way.” It’s an insightful link, and it does of course bring to mind Tesla’s recent decision to move its HQ to Texas, something that had not happened at the time of this interview. Texas, the land of — “We will take away voting rights. We will take away companies’ rights to mandate that their employees be vaccinated. We will take away basic rights of women. We will make it easier and incentivized for women who have been raped to also be criminalized. We will block human rights. But we will let corporations pollute as they wish and do whatever they want just as long as it isn’t too progressive.” But let me get back to what McKibben was saying:
“Yes, government is annoying, other people are annoying some of the time. Here’s a way to think about it that I try to think about it sometimes — when you think about this basic question of whether you want other people around, or whether you want to go off in a space capsule. Most people will tell you that college was maybe the best years of their lives. That’s what all the old alumns who come back to the college where I teach are always going on about. It’s not because, you know, they loved Sociology 101 so much. It was because it was the only 4 years in an American life where you actually lived the way that most people have lived for most of human history — in close physical and emotional proximity to a lot of other people. And that’s annoying. Sometimes the guy down the hall has the stereo on too loud at two in the morning. But it’s also deeply gratifying. There’s always people around to bounce ideas off of, do things with. You have a community, you know.”
I’ll leave it there. To hear more, listen to the full podcast.
You can subscribe and listen to CleanTech Talk on: Anchor, Apple Podcasts/iTunes, Breaker, Google Podcasts, Overcast, Pocket, Podbean, Radio Public, SoundCloud, Spotify, or Stitcher. |
See part one of the Bill McKibben interview here: “Bill McKibben On Climate Crisis, Climate Grief, Climate Action, & US Climate Policy — CleanTechnica Interview.” See part two here: “Bill McKibben On Unions, Tesla, & Elon Musk — CleanTechnica Interview.”
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Environment
The Cadillac Escalade IQ will be GM’s first vehicle with eyes-off driving
Published
3 hours agoon
October 22, 2025By
admin
GM vehicles will soon offer eyes-off driving, starting with the Cadillac Escalade IQ. The company introduced two new AI advancements that GM says won’t just move you, but adapt and improve over time.
GM introduces eyes-off driving and conversational AI
Starting in 2028, GM will introduce eyes-off driving on highways. The feature will debut on the Cadillac Escalade IQ before rolling out to other GM vehicles.
GM announced two new AI advancements that will serve as the foundation for its next-gen intelligent vehicles: eyes-off driving and conversational AI.
Both will run on a new centralized computing platform that controls the vehicle’s propulsion, steering, braking, infotainment, and safety features through a “high-speed Ethernet backbone.” According to GM, the platform delivers 35 times more AI performance and 1,000 times more bandwidth than its previous systems.
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Since its launch in 2017, GM said that Super Cruise has proven that advanced driver-assist systems (ADAS) can scale safely.
Super Cruise, which is now offered on 23 GM vehicles, has already enabled over 700 million hands-free miles without a single crash.

The eyes-off system will combine Super Cruise with GM’s Cruise Technology Stack. Unlike vision-only systems, GM will use LiDAR, radars, and cameras that will be integrated directly into the vehicle’s design.
GM’s setup is based on sensor fusion, which combines information from the various sensors to create a detailed view of the vehicle’s surroundings and what’s on the road ahead.
The result, according to GM, is “a vehicle designed to handle the drive when you want it to, with the safety and precision you expect from its vehicles.”

That’s not all. Starting next year, GM vehicles will feature conversational AI, powered by Google Gemini. The service delivers a more human-like experience. Drivers will be able to create and send messages, plan trips, and more.
Looking ahead, GM plans to introduce its own custom-built AI, which the company said will be more personalized with new capabilities.
GM is among several automakers planning to launch eyes-off over the next few years, including Rivian, Ford, Mercedes-Benz, BMW, Stellantis, and others.
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Environment
Jackery Halloween Sale takes up to 56% off power stations from $79, Autel EV charger rare discount, Anker solar security cam low, more
Published
3 hours agoon
October 22, 2025By
admin
Leading today’s Green Deals is Jackery’s newly launched Halloween Sale that is taking up to 56% off power stations and accessories, complete with bonus 5% and 7% savings. Among the lineup, we spotted a returning Prime Day low on the HomePower 3000 Portable Power Station bundled with two 200W solar panels at $1,499. From there, we also have a rare discount hitting Autel’s MaxiCharger Home AC Elite 40A smart AI level 2 EV charging station at $392, as well as Anker’s eufy SoloCam S220 Solar Security Camera back at its $60 Prime Day low. There’s also an EGO leaf blower, some low prices on BougeRV equipment, and much more waiting for you below. And don’t forget about the hangover deals that are collected together at the bottom of the page, like yesterday’s launch discounts on the new Jackery Explorer 600 v2 power station, the returning Prime Day low on Anker’s SOLIX F3000 station, and more.
Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.
Save up to 56% on power stations during Jackery’s Halloween Sale with bonus 5% and 7% savings starting from $79
Hot on the heels of Jackery’s new Explorer 600 v2 station launch, the brand has now got its Halloween Sale going with up to 56% discounts on power stations, along with extra 5% and 7% savings on orders over $1,300 and $2,500 using the given codes. Among the lineup, we spotted Jackery’s new HomePower 3000 Portable Power Station bundled with two 200W solar panels for $1,499 shipped, which is sadly the one series that is excluded from the extra savings codes, though it is beating out Amazon’s pricing by $100. Normally $2,999 at full price, we’ve been seeing it regularly taken down to $1,599 since hitting the market in May, with the recent Prime Day Sale event seeing the first appearance of this same rate. Now it’s coming back for a second chance opportunity, giving you a $1,500 markdown back to the all-time lowest price. Head below for more on this and all the other units seeing discounts.
You’ll be getting far more extensive backup support with this HomePower 3000 bundle, which starts things off at a 3,072Wh LiFePO4 capacity that is supported by an upgraded battery management system alongside the ChargeShield 2.0 tech we’ve seen in all the brand’s second-generation variants. This station puts out a steady power stream of up to 3,600W, with the capability to surge as high as 7,200W, making it quite capable of home backup support, as well as short-term off-grid support during trips. There are 12 output port options here, with RV rovers able to benefit from the TT-30R port too.
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There are five main ways to recharge the battery here, with the bundle providing you 400W of its max 1,000W solar input for charging in the sun, while you could also top it off with a standard AC outlet, a gas generator, your car’s auxiliary cigarette lighter port, or by using both AC and DC together for the shortest charge time of 1.7 hours.
***Note: The prices below have not had the bonus savings factored in, so be sure to use the code OFFER5 on orders over $1,300 and OFFER7 on orders over $2,500 for the best deals – but keep in mind these codes do not work on the HomePower 3000 units.
Jackery’s Halloween Sale deals for individual appliance power:
- Explorer 2000 v2 (2,042Wh) power station: $799 (Reg. $1,499) | matched at Amazon
- HomePower 3000 (3,072Wh) station: $1,099 (Reg. $2,499) | matched at Amazon
- Explorer 2000 v2 (2,042Wh) with 2x 200W panels: $1,199 (Reg. $2,499)
- Explorer 2000 Plus (2,042.8Wh) with 2x 200W panels: $1,699 (Reg. $3,099) | $200 less at Amazon
- HomePower 3600 Plus (3,584Wh) station: $1,799 (Reg. $2,799) | $100 less at Amazon
Jackery’s Halloween Sale deals for home backup power:
- Explorer 5000 Plus (5,040Wh) power station: $2,799 (Reg. $4,299)
- Can be expanded to 60kWh with additional equipment
- Explorer 5000 Plus (5,040Wh) with transfer switch: $3,399 (Reg. $5,699)
- Explorer 5000 Plus (5,040Wh) with 2x 500W panels: $3,999 (Reg. $5,699)
- Explorer 5000 Plus (5,040Wh) with 2x 500W panels and smart TS: $4,899 (Reg. $5,999)
- Explorer 5000 Plus (10,080Wh) with extra battery: $5,045 (Reg. $5,999)
- Two Explorer 5000 Plus (20kWh) with 2x extra batteries and smart TS: $9,699 (Reg. $10,999)
Jackery’s Halloween Sale deals for short-term off-grid adventures:
Jackery’s Halloween Sale solar panel/battery deals:
Jackery’s transfer switch and other deals:
As I previously mentioned, Jackery also just launched its newest Explorer 600 v2 power station with a solar bundle option at up to $120 off, starting from $380.

Autel’s MaxiCharger Home AC Elite 40A smart AI level 2 EV charging station gets rare discount to $392
By way of the official Autel Amazon storefront, you can pick up the rarely discounted MaxiCharger Home AC Elite 40A Smart AI Level 2 EV Charger at $392.30 shipped, with two plug options to choose from: either a NEMA 14-50 plug or a NEMA 6-50 plug. Both models are coming down from their full $559 tags here, with the brand’s website offering them still at full price. This model only saw one previous discount over the year, which dropped the price $1 lower way back in January, and otherwise keeping at its full price. Now, we’re getting the second price cut of the year, with the 30% markdown cutting $167 off the going rate for the third-lowest overall price that we have tracked.
If you want to learn more about this EV charging station, be sure to check out our original coverage of this deal here.

Prime Day pricing returns to Anker’s solar-charging eufy SoloCam S220 for a $60 low
Coming to us through the official eufy Amazon storefront, Anker is bringing back Prime Day pricing on the SoloCam S220 Solar Security Camera for $59.99 shipped, after clipping the on-page coupon. While this single-camera unit carries a $100 MSRP, we’ve been seeing it keep down at $70 here at Amazon, with the cost taken down to this low rate for the first time during the recent Prime Day event two weeks ago. Now, it’s coming back around to give folks another chance at upgrading their home security with $40 off the MSRP at the best price we have tracked. While this price beats out the two and three-pack values, you can pick up four of these cameras at $229.99 shipped right now, saving you $10 over buying four separate cameras.
If you want to learn more about this solar security device, be sure to check out our original coverage of this deal here.

Get up to 615 CFM of clearing power with this EGO 56V cordless electric leaf blower at $150
Amazon is offering the EGO Power+ 56V 615 CFM Cordless Leaf Blower with 2.5Ah battery at $149.91 shipped. While you can find it listed at various retailers as high as $220, we’ve seen it keeping down at $199 since the end of August, with the only discount from 2025 that beats this rate being a fall to the $140 low back from March. Aside from that, you’re otherwise looking at the next-best price of the year, with $49 cut from the tag here.
If you want to learn more about this leaf blower, be sure to check out our original coverage of this deal here.




Best Fall EV deals!
- Velotric Nomad 2X e-bike (camo) with DELTA 3 Plus station: $3,048 (Reg. $3,298)
- Velotric Nomad 2X e-bike (sage or fig) with DELTA 3 Plus station: $2,948 (Reg. $3,298)
- Heybike Hero 750W Mid-Drive Carbon-Fiber All-Terrain e-bike (return low): $2,299 (Reg. $3,099)
- Rad Power Radster Road Commuter e-bike: $1,999 (Reg. $2,199)
- Rad Power Radster Trail Off-Road e-bike: $1,999 (Reg. $2,199)
- Lectric XPedition 2.0 35Ah Cargo e-bike w/ up to $762 bundle: $1,999 (Reg. $2,761)
- Heybike Hero 1,000W Carbon-Fiber All-Terrain e-bike (new low): $1,899 (Reg. $2,599)
- Velotric Fold 1 Plus e-bike (gray or white) with DELTA 2 station: $1,898 (Reg. $2,198)
- Velotric Fold 1 Plus e-bike (mango or blue) with DELTA 2 station: $1,828 (Reg. $2,198)
- Rad Power RadRunner Plus Cargo Utility e-bike with extra battery: $1,799 (No price cut)
- Lectric XP Trike2 750 Long-Range eTrike with $558 bundle: $1,799 (Reg. $2,357)
- Rad Power RadExpand 5 Plus Folding e-bike (lowest price): $1,699 (Reg. $1,899)
- Lectric XPedition 2.0 26Ah Cargo e-bike w/ $613 bundle: $1,799 (Reg. $2,412)
- Lectric XPeak 2.0 Long-Range Off-Road e-bike with $404 bundle: $1,699 (Reg. $2,103)
- Rad Power RadWagon 4 Cargo e-bike with extra battery: $1,599 (Reg. $1,799)
- Aventon Abound Cargo e-bike: $1,599 (Reg. $1,999)
- Ride1Up VORSA Modular Multi-Use e-bike: $1,595 (Reg. $1,695)
- Rad Power RadRunner Cargo Utility e-bike with extra battery: $1,499 (No pirce cut)
- Lectric XPeak 2.0 Standard Off-Road e-bike with $247 bundle: $1,499 (Reg. $1,746)
- Lectric XP Trike2 with $257 bundle: $1,499 (Reg. $1,756)
- Rad Power RadWagon 4 Cargo e-bike: $1,499 (Reg. $1,799)
- Aventon Aventure 2 All-Terrain e-bike: $1,499 (Reg. $1,999)
- Lectric XPedition 2.0 13Ah Cargo e-bike with $346 bundle: $1,399 (Reg. $1,745)
- Aventon Level 2 Commuter e-bike: $1,499 (Reg. $1,899)
- Rad Power RadRover 6 Plus Step-Thru Fat Tire e-bike: $1,399 (Reg. $1,599)
- Heybike ALPHA All-Terrain e-bike: $1,499 (Reg. $1,699)
- Hiboy TITAN Pro Electric Scooter (new model, code HSTP10): $1,350 (Reg. $2,000)
- Lectric XPress 750 Commuter e-bikes with $439 bundle: $1,299 (Reg. $1,703)
- Lectric XP4 750 LR Folding Utility e-bikes with up to $514 bundle: $1,299 (Reg. $1,813)
- Heybike Hauler Dual-Battery Cargo e-bike (new low): $1,299 (Reg. $1,899)
- Heybike Mars 2.0 Folding Fat-Tire e-bike with extra battery: $1,199 (Reg. $1,848)
- Lectric XP Lite 2.0 JW Black LR e-bike with $414 bundle: $1,099 (Reg. $1,513)
- Hiboy TITAN Electric Scooter (new model, code HST9): $1,001 (Reg. $1,700)
- Lectric XP4 Standard Folding Utility e-bikes with $79 bundle: $999 (Reg. $1,078)
- Lectric XP Lite 2.0 Long-Range e-bikes with $414 bundles: $999 (Reg. $1,438)
- Heybike Hauler Single-Battery Cargo e-bike (new low): $899 (Reg. $1,413)
- Segway E3 Pro Electric Scooter: $600 (Reg. $700)

Best new Green Deals landing this week
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
- Jackery launches Explorer 600 v2 640Wh LFP power station and a solar bundle starting from $380 (Reg. $500+)
- Anker’s Halloween Sale returns the new SOLIX F3000 power station to its $1,399 Prime Day low (Reg. $2,599), more
- Anker SOLIX Halloween Sale takes up to 63% off camping-ready units, like the new C1000 Gen 2 station at $398 (Reg. up to $799)
- Govee’s Matter Outdoor Lamp Post can join your yard detail for a $300 low (Reg. $430)
- Lectric Spooky Sale offers largest $661 bundle of FREE gear with the new long-range XP Trike2 750 at $1,799
- Enjoy commutes and/or joyrides down streets or off-road on Rad’s RadRover 6 Plus e-bike for $1,399 (Reg. $1,599)
- This 80V Greenworks combo kit gives you a 16-inch string trimmer and 700 CFM blower at a $280 low (Reg. $400)
- Save up to $60 on four Worx tools, like the latest 3-in-1 12A Trivac and LeafPro system bundle at $109
- Keep weeds tamed and lines clean with Worx’s GT3.0 20V 12-inch cordless string trimmer/edger at $75 (Reg. up to $130)
- Electrified Weekly – Lectric Spooky e-bike Sale with up to $762 savings, new launches from Bluetti, EcoFlow, Anker, more
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Environment
Take Back Tesla urges pension funds to vote ‘no’ on Musk’s $1 trillion pay day
Published
3 hours agoon
October 22, 2025By
admin
A new campaign is adding to the growing chorus of pushback against Tesla CEO Elon Musk’s absurdly large proposed $1 trillion pay package, this time led by unions and public interest groups. The campaign encourages individuals to get in contact with their pension or retirement funds and ask them to vote against Musk’s payday.
In September, Tesla’s board proposed a stock award worth up to $1 trillion for CEO Elon Musk. It includes several milestones regarding Tesla stock and product performance, each of which unlocks tens of billions of dollars for Musk.
It’s the largest award proposed for any CEO of any company by multiple orders of magnitude – with previous proposed Musk awards holding the second and third place positions as well.
In addition to that much-reported proposal, another proposal is up for a vote which would create a special share reserve of 208 million shares (current value $92 billion) which the Tesla board can give to Elon Musk with no strings attached.
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Both proposals will be voted on by TSLA shareholders at Tesla’s shareholder meeting on November 6.
Many groups have chimed in to raise the alarm about these proposals and how they’re bad for Tesla shareholders. Most recently, the two largest advisory groups, ISS and Glass Lewis, recommended that shareholders vote against. Earlier, a group of public pension funds including the comptrollers of several US states, the American Federation of Teachers, and a Swedish insurance group.
We at Electrek also did a deep dive into the proposals, with background and details on the proposals and how they’re bad for employees and shareholders, which you can read here: Elon Musk’s $1 trillion stock award gets more ridiculous the more you look into it
Now a new group has joined the chorus, calling itself “Take Back Tesla.” It’s led by unions, encouraging individuals with pension or retirement funds to get in touch with the controllers of those funds and ask them to vote no on Musk’s pay package.
Take Back Tesla consists of the American Federation of Teachers (who signed the previous pension fund letter) and the Communication Workers of America, who represent around 2.5 million workers combined.
Several public interest groups have joined on, including Public Citizen, Stop the Money Pipeline, Americans for Financial Reform, Ekō, and People’s Action Institute. These groups are generally focused on reducing the power of corporations in politics, reducing wealth concentration, and opposing the corrupting and polluting power of the fossil fuel industry.
The groups bring up some of the same points that have been brought up before, but are more focused on public advocacy and Musk’s recent political actions, in addition to protecting value for the common shareholder.
Rather than talking about dilution (which the proposals will increase, removing rights and value from shareholders), Take Back Tesla focuses more on the inequity involved in the plan. It points out that the proposed pay package for Musk tops out at a Tesla market cap of $8.5 trillion, about 2x the current market cap of the most valuable company on Earth, NVIDIA. However, Musk would be paid 2,000x as much as NVIDIA’s CEO Jensen Huang, who made $50 million last year.
It also asserts that a Tesla employee making the median Tesla salary would need to work 1.7 million years to match a single year of Musk’s yearly compensation under the plan (we checked the salary numbers, and it seems Take Back Tesla might be using a low estimate or not counting stock-based compensation – but that doesn’t change the point too much, especially since Tesla just drained its employee stock reserve to give it all to Elon Musk).
The groups are also particularly interested in the effects that Musk himself has had on employees around the country. AFT president Randi Weingarten said:
The Tesla board, instead of upholding basic governance standards, wants to green light an outrageous $1 trillion pay package for a CEO who has spent most of the year engaged in childish political brawls, rather than working to create shareholder value. To reward this destructive behavior with an obscene salary is a slap in the face—not only to the federal workers he’s fired, but to the retirees whose pensions are invested in Tesla stock. We urge shareholders to join with us and demand their state pension officials reject Musk’s money grab and confiscate the Tesla board’s rubber stamp.
The reason Take Back Tesla is interested in pension funds is because, beyond individual Tesla shareholders, many people in the US are invested in TSLA via their 401(k) or IRA. Since TSLA is one of the largest companies on the market, almost every fund will hold some exposure to it. Which means that this issue isn’t just of interest to those who directly hold TSLA shares, but to almost everyone with any exposure to the stock market – all of whom would be better off with more stable leadership at the top of one of the largest companies in America.
It could seem strange that groups looking to stop the fossil fuel industry would target Elon Musk, CEO of the largest American electric car company. But Musk has recently proven himself to be one of the fossil fuel industry’s greatest political allies.
Musk gave $288M, more money than any individual, to a political effort which strives to harm EVs, and the group he donated that money to has put significant effort into increasing oil use, subsidizing gas cars and destroying the climate, not just in the US but abroad. This has caused great harm to the US EV industry, but Musk has continued to offer rhetorical and monetary support regardless.
In addition, during his time cosplaying as an unofficial government advisor, Musk recommended the firing of hundreds of thousands of government employees, working to balloon the government deficit by making it less able to do its job. This is particularly of interest to the unions involved in this effort, who protect the interests of the very same public employees Musk targeted.
Take Back Tesla urges institutional shareholders to “oppose excessive CEO compensation and demand that any proposed pay package for Musk be reasonable and rationally benchmarked to the compensation of CEOs at other similarly sized companies.” The groups also oppose “the election of any Tesla Board of Directors members who do not demonstrate appropriate independence from the CEO and adherence to corporate governance best practices.”
For more information and to sign a petition which will be delivered to fund managers, visit takebacktesla.com.
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