Elon Musk asks Tesla shareholders to vote for incorporation move to Texas
Elon Musk is in a full propaganda campaign to gain Tesla shareholder support against the court’s decision to rescind his CEO compensation plan and now announced that he is going to move for a shareholder vote on moving Tesla’s state of incorporation to Texas.
Earlier this week, a judge in Delaware, where Tesla is incorporated, sided with a Tesla shareholder who filed a lawsuit that claimed Tesla’s board misled investors when presenting its 2018 CEO compensation plan.
The judge found irregularities in the way that the plan came about, with board members on the compensation committee having close personal relationships and financial dealings outside of Tesla with Musk and also due to the involvement of Musk and his attorney, who also happened to be Tesla’s General Counsel, in the process.
Therefore, the judge ruled that Tesla misled shareholders when presenting the package for a vote. In short, the judge highlighted some clear governance issues at Tesla in her decision.
Tesla would have to recraft the compensation package while following the rules of a public company and present it in a more transparent way to shareholders for a vote.
Instead of addressing any of the governance issues highlighted in the decision, Musk went into propaganda mode and decided to go on a tweetstorm about how Delaware and the judge are politically motivated, without any serious evidence other than the judge once working for a law firm that gave some money to Joe Biden’s campaign, and that she “took away the shareholder’s right to decide for themselves”.
Musk decided to hold a Twitter poll to ask if Tesla should move its state of incorporation to Texas:
The poll came after Musk made several tweets trashing Delaware and boosting Texas as a pro-corporate state. It’s unsurprising that the poll, which can be voted on by anyone, not just Tesla shareholders, was overwhelmingly in favor of moving the incorporation.
Musk announced that Tesla will quickly hold a shareholder vote on it:
“The public vote is unequivocally in favor of Texas! Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas.”
Why was Tesla in Delaware in the first place? Tesla has nothing to do with Delaware. It was founded in California and now has its headquarters in Texas, but like many other companies, it has incorporated in Delaware.
Many companies decide to do that because of its tax law and unique court system, which is ironically favorable to companies in corporate legal cases.
Electrek’s Take
I think we can let go of our little hope that this court decision would have forced Tesla and Elon to address the governance issues at Tesla.
Elon decided not to address those concerns whatsoever, and instead, he frames this entire conflict as being politically motivated and about removing shareholders’ right to decide for themselves.
First of all, this is completely wrong. The judge’s decision only forces shareholders to vote again on a comp package but one that is crafted following the rules of a public company and not presented to shareholders in a misleading way.
That’s all it does. Who would be against that? Shareholders guiding a public company through voting their shares only works if the company is transparent and doesn’t mislead them. It’s as simple as that. I haven’t seen Elon address any of the clear concerns highlighted in the decision. Instead, he is in full propaganda mode, rallying his troops.
Now, I know it’s frustrating for Musk. He had an incredible performance-based package and delivered on the performance. I’ll be the first to admit that. It has to be frustrating. However, his reaction to the judge’s decision is proving her point.
He completely ignores the governance issue and misleads Tesla shareholders about the nature of the decision ahead of a shareholder vote that stems from her decision. Most of his fans are simply listening to everything he says without even reading the judge’s decision. It’s sad.
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Germany’s largest offshore wind farm under construction, EnBW’s He Dreiht, just hit a big milestone: The first enormous turbine is now up in the North Sea.
He Dreiht – which means “it spins” in Low German – is using Vestas’s massive 15 megawatt (MW) turbines, the first project in the world to install them. Just one spin of one of the rotors can generate enough electricity to power four households for an entire day.
When it’s finished, He Dreiht will have 64 mega turbines cranking out 960 megawatts (MW) of clean power – enough to supply around 1.1 million homes. And it’s being built without any government subsidies.
EnBW, one of Germany’s major energy companies, has been working in offshore wind for more than 15 years, but He Dreiht is their biggest project yet. “It will play a key role in helping us to significantly grow our renewable energy output from 6.6 GW to over 10 GW by 2030,” said Michael Class, who heads up EnBW’s generation portfolio development.
The project is a win for Vestas, too. “With the installation of the first V236-15.0 MW, we have reached an important milestone for both the He Dreiht project and our offshore ramp-up, which helps Germany build a more secure, affordable, and sustainable energy system,” said Nils de Baar, president of Vestas Northern & Central Europe.
He Dreiht is located about 85 kilometers (53 miles) northwest of Borkum and 110 kilometers (68 miles) west of Helgoland. At peak times, more than 500 workers will be out at sea building the farm, using a fleet of more than 60 ships. EnBW’s offshore team in Hamburg is running the show.
The installation process is a major operation. The 64 foundations were already set in the seabed last year. Parts for the turbines are loaded onto the installation vessel Wind Orca in Esbjerg, Denmark, and shipped out in a 12-hour journey to the construction site. From there, the turbines are lifted into place. Meanwhile, crews are also working on internal wind farm cabling.
A partner consortium made up of Allianz Capital Partners, AIP, and Norges Bank Investment Management owns 49.9% of the shares in He Dreiht.
Read more: Trump admin halts $5 billion NY offshore wind project mid-build
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Tesla has released a quick update about its Tesla Semi factory in Nevada. It says that it is on track for volume production of the electric semi truck in 2026.
The Tesla Semi was first scheduled to go into production in 2019, but it has faced numerous delays.
Now, it appears that there is finally some momentum to bring it to volume production.
For the last two years, Tesla has been working to build a new factory next to Gigafactory Nevada, where it builds the battery packs and drive units for most of its electric vehicles built in North America.
Today, Tesla released a “progress update on the factory, confirming that it finished building and it’s now working on deploying the production lines:
Tesla had previously mentioned aiming for volume production by 2025, but it is now only talking about starting production toward the end of the year and ramping up next year.
The automaker reiterated its planned production capacity of 50,000 units.
We recently reported that an early Tesla Semi customer, Ryder, stated that the electric truck program is experiencing more delays and a price increase described as “dramatic.”
They now expect to take deliveries of their first trucks later in 2026 and said that the price has increased “dramatically,” leading them to scale back their pilot program from 42 to 18 Tesla Semi trucks.
When originally unveiling the Tesla Semi in 2017, the automaker mentioned prices of $150,000 for a 300-mile range truck and $180,000 for the 500-mile version. Tesla also took orders for a “Founder’s Series Semi” at $200,000.
However, Tesla didn’t update the prices when launching the “production version” of the truck in late 2022. Price increases have been speculated, but the company has never confirmed them.
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Vietnamese solar panel maker Boviet Solar just opened the doors to its first US factory — a huge new PV module plant in Greenville, North Carolina.
The company dropped $294 million into the state-of-the-art facility, which will pump out Boviet’s Gamma Series monofacial and Vega Series bifacial solar panels. They’re using advanced PERC and N-Type solar cell tech, which basically means these panels are built to deliver higher efficiency and better performance across residential, commercial, industrial, and utility-scale projects.
The Greenville factory’s first phase is now online with an annual PV module output capacity of 2 gigawatts (GW). For Phase 2, which is scheduled to come online in the second half of 2026, Boviet will invest another $100 million to add 600,000 square feet and ramp up to another 2 GW. It will make high-efficiency solar cells.
Once both phases are complete, Boviet’s campus will cover more than 1 million square feet of manufacturing and R&D space. It’s one of the biggest clean energy manufacturing projects North Carolina has ever seen.
The jobs impact is significant, too. The first phase will create 460 skilled local jobs. Phase 2 is expected to add another 908, bringing the total to over 1,300 direct jobs, plus nearly 2,000 more indirect jobs across the region. That’s good news for Pitt County’s economy, real estate market, and workforce training programs.
“This facility is not just creating jobs, but creating opportunity, innovation, and a stronger foundation for eastern North Carolina,” said Senator Kandie Smith. Governor Josh Stein added that Boviet Solar’s move shows how North Carolina is leading the way in clean energy growth.
Read more: Thomas Built Buses debuts its next-gen electric school bus
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