Tesla’s chairwoman, Robyn Denholm, has signed a new contract with the company to prepare to sell up to $50 million worth of TSLA stock.
Denholm an Australian businesswoman who has long been the head of Tesla’s board of directors.
She came to the role after CEO Elon Musk was forced to step down from the chair as a punishment for his “take private” tweet that was deemed misleading by the SEC.
Many see her only as a figure head for the board, which is broadly believed to still be in Musk’s control for the most part. Musk’s brother Kimbal, as well as longtime friends Ira Ehrenpreis, James Murdoch, and JB Straubel, are all also on the board.
The board rarely gets involved publicly in Tesla affairs and has been known to have a “laissez faire” attitude toward Musk – even in his most controversial moments.
Despite this “laissez faire” attitude, she has been well compensated for her role at Tesla.
In 2022, she was awarded over 600,000 shares (pre reverse-split) worth over $85 million at the time. Tesla shareholders sued the company last year over what they believed to be over compensation of the board, which ended up settling and agreeing to return about $735 million in shares and cash.
Now the chairwoman appears to want to sell some of those shares that she managed to keep.
In a new SEC filing today, Tesla disclosed that Denholm has signed a new agreement late last year to sell up to 281,116 of her Tesla shares:
On October 23, 2023, Robyn Denholm, one of our directors, adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 281,116 shares of our common stock, subject to certain conditions. The trading arrangement covers stock options that expire in August 2024. The arrangement’s expiration date is August 16, 2024.
As of today, that’s worth over $50 million.
Tesla also disclosed that Drew Baglino, its SVP of engineering, also has a new agreement under which he can sell up to 115,500 shares.
The new disclosure comes amid talks of CEO Elon Musk’s own next compensation plan, which the CEO wants to be enough for him to get 25% control over Tesla’s shares.
Electrek’s Take
I’m not a fan of Tesla’s board. Whether you are a fan of Elon or not, you have to admit that if a CEO started to act like that at any other major companies, the board would have gotten involved.
It’s only because it’s Tesla and Elon that the board is staying silent.
I am willing to hear other opinions and see some proof of the contrary if it’s out there, but to me, it looks like Denholm is happy not making any wave and cashing her tens of millions worth of Tesla shares every year.
Elon himself has previously described the role of chairman of the board as “honorific” and “not needed” to run Tesla.
But now, he doesn’t seem to mind for them to receive tens of millions of dollars worth of Tesla shares as long as they don’t actually do their work, which is governance and oversight of the management: him.
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Along with Tennessee Tech, Tennessee-based ultralight aircraft company Whisper Aero has secured a $500,000 grant to help advance the company’s innovative electric jet motor concept off the drawing board and onto the testing phase.
Earlier this month, the Tennessee Department of Economic and Community Development (TNECD) announced plans to award $500,000 to Tennessee Tech and Whisper Aero through the Transportation Network Growth Opportunity (TNGO) initiative.
“We look forward to using these award dollars to place students in internships working directly with Whisper Aero leaders,” said Tennessee Tech President Phil Oldham. “By learning from an electric propulsion innovator like Whisper Aero, our students will gain invaluable perspective and can take what they have learned in the classroom and apply it right here in Tennessee.”
The grant will see a Whisper Aero glider fitted with a pair of the company’s eQ250 electric-powered jet “propulsors” for UltraQuiet flight. Tennessee Tech faculty and students will carry out copper-bird ground testing to ensure the safe integration of engines, batteries, and controllers, and kickstart Tennessee Tech’s new Crossville Mobility Incubator.
Whisper Aero’s main claim to fame is its innovative UltraQuiet WhisperDrive (above). It’s effectively an electrically spun ducted fan jet engine that uses a large number of stiff composite fan blades inside a lightweight, acoustically treated duct. With so many blades, the Whisper Aero propulsor can push more air than a conventional prop while spinning much more slowly. As such, the “blade passage frequency” moves up to more than 16,000 Hz – outside the range of most human hearing but not, supposedly, high enough to freak out the beagles.
The Whisper Aero ultralight is effectively an Aériane Swift3 glider fitted with a pair of Whisper’s eQ250 propulsors, each capable of up to 80 lbs. of thrust. The Ultralight has a wingspan of over 40 ft with a maximum L/D of 35:1 and can be stressed to a design loading of +6/-4g, making it capable of some pretty impressive acrobatic feats.
The Swift3 glider is designed for a low speed, low power cruising speed of 45–55 knots with “just” 6.5 hp. Power-off glides from a few hundred feet showed a low sink rate, and a climb rate of 1,250 ft/min with full self-launching power (in other words: the Whisper glider doesn’t have to be towed by a launch vehicle, like a conventional ultralight glider).
Quiet cool
Dual WhisperDrive fans deliver ~160 lbf of thrust; via Whisper Aero.
Range under full power is about 109 miles with current battery tech, but it’s expected that range under the latest EPiC 2.0 energy batteries would rise to nearly 170 miles.
Nathan Millecam, CEO of Electric Power System, said, “EPiC 2.0’s leap in energy density and thermal performance has enabled a significant increase in range, a clear validation of our next-gen cell technology. We are impressed by what the Whisper team continues to achieve in advancing electric aviation.”
The press release concludes explaining that flight tests are expected to show that the Whisper Aero glider can be flown, “a few hundred feet away from neighborhoods without any disturbances, while carrying a 220 lbs. payload with full range,” which is all kind of ominous in today’s political climate, but still pretty neat from a purely tech perspective.
With support from TNECD’s Transportation Network Growth Opportunity (TNGO) initiative, Tennessee Tech University and Whisper Aero are partnering to advance next-generation propulsion technology in the aerospace industry. This collaboration will enhance aerospace research and workforce development, ensuring Tennessee remains a leader in cutting-edge mobility solutions.
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A Tesla Cybertruck owner believed Elon Musk’s claims that the Cybertruck would be able to “act as a boat” and “cross rivers”, and he got his $100,000 stuck because of it.
Elon Musk has often made claims about how Tesla vehicles could float and briefly serve as a boat in the past.
We have never been taken too seriously because Tesla’s warranty states something different about taking the vehicle into water.
However, the CEO doubled down on the claim specifically for the Cybertruck.
Cybertruck will be waterproof enough to serve briefly as a boat, so it can cross rivers, lakes and even seas that aren’t too choppy.
The CEO added that the goal is for a Cybertruck to be able to cross the water between SpaceX’s Starbase and South Padre Island in Texas, which is about 360 meters (1,100 feet).
We have been taking the Cybertruck more seriously with water because we learned that Tesla built a ‘wade mode’ for the truck to be able to go into the water. Tesla says the mode increases the ride height to the max and temporarily “pressurizes the battery pack.”
The problem is that it is activated through the off-roading mode, which is not covered under Tesla’s warranty – so we are taking everything with a grain of salt.
Whenever Tesla’s warranty contradicts what Musk says, it is better to follow to the warranty.
A Tesla Cybertruck owner in Truckee, California, appears not to have received this sage advice since they activated the wade mode and attempted to get into the water.
The Cybertruck owner quickly got stuck. The local California Highway Patrol (CHP) shared some pictures of the aftermath (via Facebook):
CHP Truckee helped with the recovery and commented on the incident:
Cybertruck activated “Wade Mode”… and waded a bit too far… We’re all for testing boundaries… but maybe not the waterline. Remember folks, “Wade Mode” isn’t “Submarine Mode.” If your plans include exploring the great outdoors, make sure to know your limits and the terrain.
There’s no detail on the damage to the Cybertruck, if any.
At the risk of stating the obvious, this is clearly more of a user error than a Cybertruck problem.
I think the verdict is clear: Cybertruck is far from the best electric pickup truck for off-roading.
However, in general, you shouldn’t expect a truck to get out of water on a muddy bank.
I think a lot of Cybertruck owners are new to trucking and off-roading, and they are making the truck look worse than it is at off-roading.
If you want to take your Cybertruck off-road, I recommend to first go with an off-roading guide that can help avoid some simple mistakes like this.
Also, in general, don’t take Elon Musk’s claims at face value when he says that Tesla vehicles can do something that sounds like an exaggeration. It probably is an exaggeration.
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The latest Chinese EREV to arrive in the west, the Omoda 9 SHS crossover hopes to shake things up in the hyper-competitive class with a top-shelf tech package, more horsepower than a Porsche 911 GT3, and a €39,900 price tag.
Established in 2022 as an upscale electric sub-brand by the Chinese car giant, Chery, Omoda has global ambitions – a fact that’s underscored by launch of the new Omoda 9 SHS (for “Super Hybrid System”) SUV shown here. And, with up to 535 hp in the top EU-market trim, Spanish auto enthusiast site Motorpasión reports that nothing cheaper is more powerful.
To put those 535 hp into context, Porsche’s motorsports-focused 911 GT3 supercar generates “just” 502 from its 4.0L flat-six engine. The Omoda’s 535, meanwhile, are generated by a single electric motor powering the SHS’ front wheels and a pair of electric motors at the rear – good enough to rocket the SUV from 0-62 mph (100 kmh) in just 4.9 seconds.
Under the hood
Omoda 9 SHS under the hood; via Omoda.
The SHS version of the Omoda packs a 34.46 kWh battery pack that lets Omoda 9 SHS go 145 km (a little over 90 miles) on pure electric power. Once the battery is depleted, the 1.5 liter turbocharged ICE unit (shown, above) kicks on, providing an additional 935 km of driving for a combined 1,100 km of “range” from a full tank and battery.
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That said, this is a PHEV/EREV with more than enough all-electric range to handle all but the most extreme of edge-case daily driving needs – and, as such, Omoda expects the 9 SHS it to be used more like an EV. To that end, it’s capable of DC fast charging at up to 65 kW, charging from 20% to 80% in under 30 minutes.
Omoda execs, for their part, seem pretty proud of themselves. “The OMODA 9 represents a significant advancement for our brand, embodying modern living with its beautiful design, intelligent engineering, and usable technology,” says Victor Zhang, UK Country Director for OMODA. “Our SHS technology demonstrates the progress in hybrid vehicles, offering performance, range, and seamless integration into daily life. We believe the OMODA 9 delivers the comfort, power, and quality that today’s drivers expect.”
To meet those expectations, the Omoda 9 SHS offers drivers a dual 12.3″ curved screen display, a 540° rear-view camera, and a Sony sound system with HD speakers integrated into the front seats’ Nappa leather headrests. Those leather seats also feature fully electric adjustment, as well as heat, fan, and massage functions.
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