Tesla launches website to convince shareholders to vote for Elon’s $55 billion payday
Tesla has launched a new website aimed at convincing shareholders to vote for reinstating Elon Musk’s $55 billion compensation plan.
Back in 2018, Tesla shareholders approved one of the biggest compensation plans of all-time: a $55 billion fully stock-based CEO compensation plan for Elon Musk.
In January, a judge sided with lawyers representing a Tesla shareholder alleging that Tesla’s board misrepresented the compensation package when presenting it to shareholders.
It’s a complicated issue, but in short, the judge found that Tesla’s board and Musk didn’t play by the rules of a public company when it presented the plan to shareholders.
The judge found that Tesla had governance issues when coming up with the compensation plan and those issues were not communicated to shareholders before voting on the plan.
Instead, Tesla claimed that the plan was negotiated by “independent board members” when it was found that some board directors had personal financial dealings with Musk outside of Tesla, amongst other things.
The Delaware court found that this invalidated the vote, and therefore, Tesla had to rescind the compensation plan.
Yesterday, Tesla told shareholders that it will ask them to vote on moving Tesla’s state of incorporation to Texas and then revote for Musk’s compensation plan without changing anything.
Now, Tesla has launched a new website called ‘SupportTeslaValue.com‘ to convince shareholders to vote for the package again.
The website opens up by claiming that giving the shares to Musk will “protect your investment and Tesla’s future”:
Most of the website is dedicated to the fact that the compensation plan was aligned with shareholders’ interests, super ambitious, and actually achieved the goals in the plan despite being super ambitious.
Virtually everyone can agree with all of that, but it’s not really what led the package to be rescinded.
The interests were aligned, but the judge did question the need for such a high compensation when Musk already owned more than 20% of Tesla at the time.
From the judge’s decision:
At a high level, the “6% for $600 billion” argument has a lot of appeal. But that appeal quickly fades when one remembers that Musk owned 21.9% of Tesla when the board approved his compensation plan. This ownership stake gave him every incentive to push Tesla to levels of transformative growth—Musk stood to gain over $10 billion for every $50 billion in market capitalization increase. Musk had no intention of leaving Tesla, and he made that clear at the outset of the process and throughout this litigation. Moreover, the compensation plan was not conditioned on Musk devoting any set amount of time to Tesla because the board never proposed such a term. Swept up by the rhetoric of “all upside,” or perhaps starry eyed by Musk’s superstar appeal, the board never asked the $55.8 billion question: Was the plan even necessary for Tesla to retain Musk and achieve its goals?
But the real issue is how the plan came about. The judge found that Musk was in control of Tesla and the board – leading to irregularities and how the plan was put together and negotiated.
That’s at the core of the judge decision and Tesla doesn’t really address it in its new SEC proxy statement and this new website.
This is the only section that sort of addresses it:
However, the testimonies from the Tesla board members, Musk, and everyone involved, led the judge to believe the work from the board wasn’t really “robust”.
For example, Todd Maron, a lawyer who represented Musk and formerly was his divorce lawyer, became Tesla’s general counsel when this plan was being negotiated:
The process leading to the approval of Musk’s compensation plan was deeply flawed. Musk had extensive ties with the persons tasked with negotiating on Tesla’s behalf. He had a 15-year relationship with the compensation committee chair, Ira Ehrenpreis. The other compensation committee member placed on the working group, Antonio Gracias, had business relationships with Musk dating back over 20 years, as well as the sort of personal relationship that had him vacationing with Musk’s family on a regular basis. The working group included management members who were beholden to Musk, such as General Counsel Todd Maron who was Musk’s former divorce attorney and whose admiration for Musk moved him to tears during his deposition. In fact, Maron was a primary gobetween Musk and the committee, and it is unclear on whose side Maron viewed himself. Yet many of the documents cited by the defendants as proof of a fair process were drafted by Maron.
That alone is a weird thing: having your divorce lawyer become your auto company’s general counsel.
The judge also argued that the board didn’t really negotiate the deal proposed by Musk. They made a few changes to align it with Tesla’s internal goals, but the judge believed the change couldn’t be described as “concessions” by Musk:
In this litigation, the defendants touted as concessions certain features of the compensation plan—a five-year holding period, an M&A adjustment, and a 12- tranche structure that required Tesla to increase market capitalization by $100 billion more than Musk had initially proposed to maximize compensation under the plan. But the holding period was adopted in part to increase the discount on the publicly disclosed grant price, the M&A adjustment was industry standard, and the 12-tranche structure was reached in an effort to translate Musk’s fully-diluted-share proposal to the board’s preferred total-outstanding-shares metric. It is not accurate to refer to these terms as concessions.
Tesla shareholders are going to vote on the plan again in June, along with the move to Texas and the re-election of two board members, including Musk’s brother, Kimbal Musk.
Electrek’s Take
Before voting, Tesla shareholders should look at more than the proxy and Tesla’s new website.
You should really read the judge’s decision, which includes excerpts from testimonies from basically everyone involved. It does undoubtedly paint the most accurate picture of how the plan came about – certainly more than the board saying they met 15 times to discuss this plan.
That’s all I’m asking. Read the judge’s decision.
Here’s the judge’s decision in full:
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Amazon is adding over 200 Mercedes-Benz eActros 600 electric semi trucks to its fleet later this year – its largest-ever order of electric heavy goods vehicles (eHGVs).
Amazon’s new electric semi trucks
These electric trucks will handle high-mileage routes across the UK and Germany, moving trailers between Amazon’s fulfillment centers, sorting centers, and delivery stations.
The new eHGVs are expected to transport more than 350 million packages annually once fully operational.
Amazon is installing 360kW charging stations at key sites capable of powering the 40-tonne trucks from 20-80% in just over an hour. The company is also working with stakeholders to establish external charging locations to support longer routes.
The eActros 600 is Mercedes-Benz Trucks’ flagship electric long-hauler, with a battery capacity of more than 600 kWh and a range of 310 miles (500 km). Production of the eActros 600s recently began at Mercedes-Benz’s factory in Wörth, Germany.
Sustainable delivery across Europe
In the UK, Amazon has begun using the electric rail network for package transport at scale. It’s also rolling out on-foot delivery options in London, with associates using carts that can be restocked from nearby vans. In Germany, Amazon doubled its fleet of Rivian electric delivery vans to over 600, and electric cargo bikes delivered more than 1.5 million packages in Berlin alone last year.
By the end of 2024, Amazon plans to expand its micromobility hubs – locations supporting deliveries by foot and cargo bike – to Germany’s five largest cities and beyond. Across Europe, the company is investing more than €1 billion to further electrify and decarbonize its transportation network.
Amazon’s European network already includes 38 eHGVs, with 50 electric semis recently deployed in California. The company’s fleet of electric delivery vans in Europe has grown to over 3,000 and is expected to surpass 10,000 by the end of 2025. Micromobility hubs have also expanded from 20 cities in 2022 to more than 45 by the end of 2024, including new additions in Belfast, Madrid, Rome, and Vienna.
Electrek’s Take
Amazon says its latest electric semi truck order aligns with The Climate Pledge it announced in 2019, in which the company committed to achieving net zero across its operations by 2040. While The Climate Pledge initiative has garnered praise, it has also faced criticism and skepticism regarding its effectiveness and transparency.
In 2020, Amazon faced allegations of retaliating against employees who spoke out about the company’s environmental policies. The National Labor Relations Board found that Amazon had illegally fired workers who advocated for climate action and better safety measures.
Amazon is also donating $1 million to President-elect Donald Trump’s inaugural fund. Trump is a climate change denier who actively opposes renewables, and not just in the US. Earlier this month Trump demanded that the British government open up the North Sea to fossil fuel drilling and get rid of “windmills.”
Read more: It begins: Mercedes eActros 600 electric semi truck enters production
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![Check out the new Genesis GV60 interior, it looks even more luxurious in blue [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/01/Genesis-new-GV60-interior.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
If you thought the current GV60 looked pretty inside, wait until you see the updated model. Genesis unveiled the new GV60 earlier this month, its first major redesign since launching in 2021. Here’s our first look at the interior of the new Genesis GV60.
Genesis GV60 interior gets an upgrade in the new model
Genesis launched the GV60 in October 2021 as its first dedicated EV. Less than four years later, the luxury electric SUV is already getting a new look.
The luxury brand unveiled the new GV60 last week for the first time. One of the biggest updates is to the front end.
Although the GV60 is already a sporty-looking EV, the redesigned front bumper with a new 3-D shape takes it up another level. Then, add the signature Genesis Two Line headlamps with Micro Lens Array (MLA) tech, and the refreshed GV60 is a head turner.
The revamped model now features 21″ wheels with a new five-spoke design, complementing its wide, low stance.
Inside, the upgraded GV60 features its new 27″ connected car Integrated Cockpit (ccIC) infotainment system. The design “eliminates the bezel” between the driver display and infotainment screens.
The new Genesis GV60 interior also gains a redesigned three-spoke steering wheel for an even more sporty feel while you’re in the cockpit. Other popular features from the outgoing model, like the Crystal Sphere shift-by-wire system, are still included.
After revealing the updated model for the first time last week, we are already getting a look at the redesigned interior.
A new video from Korea’s HealerTV gives us our first look at the Genesis GV60 interior in a new blue color. Although the reporter initially thought it was a performance model, he noted it was just a new color option. Other added design elements, like the large quilting pattern on the side panels, give it that Bentley or Rolls-Royce feel.
Last week, HealerTV posted a video revealing the first look at the updated Genesis GV60 exterior design. You can see the redesigned front and rear bumpers add to the GV60’s already impressive look.
In the US, the 2025 Genesis GV60 starts at $52,350. A new AWD trim was introduced this year, starting at $55,850.
The current mode gets up to 294 miles driving range, but a bigger battery is expected to push that number closer to 300 miles in the 2025MY. It’s expected to feature the same 84 kWh battery as the updated 2025 IONIQ 5, which provides up to 318 miles range. That’s up from 303 miles in the previous model with a 77.4 kWh battery.
| 2025 Genesis GV60 trim | Range (EPA-est) |
Starting Price* |
| Standard RWD | 294 miles | $52,350 |
| Standard AWD | 264 miles | $55,850 |
| Advanced AWD | 248 miles | $60,900 |
| Performance AWD | 235 miles | $69,900 |
Genesis will launch the updated GV60 in Korea in the first quarter of the year, with overseas markets following shortly after. Check back for more info, including prices and specs, closer to launch.
What do you think about the new GV60 design? Do you like the changes? What would you change? Let us know in the comments below.
Ready to check out the electric luxury SUV for yourself? With the 2025 models here, Genesis is offering clearance prices on the 2024 lineup while they are still in stock. You can use our link to find offers on 2024 and 2025 Genesis GV60 models at a dealer near you today.
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