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Virtually everyone can agree with all of that, but it’s not really what led the package to be rescinded.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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EV and battery supply chain research specialists Benchmark Mineral Intelligence reports that 2.0 million electric vehicles were sold globally in November 2025, bringing global EV sales to 18.5 million units year-to-date. That’s a 21% increase compared to the same period in 2024.
Europe was the clear growth leader in November, while North America continued to lag following the expiration of US EV tax credits. China, meanwhile, remains the world’s largest EV market by a wide margin.
Europe leads global growth
Europe’s EV market jumped 36% year-over-year in November 2025, with BEV sales up 35% and plug-in hybrid (PHEV) sales rising 39%. That brings Europe’s total EV sales to 3.8 million units for the year so far, up 33% compared to January–November 2024.
France finally returned to year-to-date growth in November, edging up 1% after spending most of 2025 in the red following earlier subsidy cuts. The rebound was led by OEMs such as the Volkswagen Group and Renault, a wider selection of EV models, and France’s “leasing social” program, aimed at helping lower-income households switch to EVs.
Italy also posted a standout month, logging record EV sales of just under 25,000 units in November. The surge followed the launch of a new incentive program designed to replace older ICE vehicles. The program earmarks €597.3 million (about $700 million) in funding for the replacement of around 39,000 gas cars.
The UK expanded access to its full £3,750 ($4,400) EV subsidy by adding five more eligible models: the Nissan Leaf (built in Sunderland, with deliveries starting in early 2026), the MINI Countryman, Renault 4, Renault 5, and Alpine A290.
US market slows after federal tax credit’s premature death
In North America, EV sales in the US did tick up month-over-month in November, following a sharp October drop after federal tax credits expired on September 30, 2025. Brands including Kia (up 30%), Hyundai (up 20%), Honda (up 11%), and Subaru (232 Solterra sales versus just 13 the month before) all saw gains, but overall volumes remain below levels when the federal tax credit was still available.
Policy changes aren’t helping. In early December, Trump formally “reset” US Corporate Average Fuel Economy (CAFE) standards, lowering the required fleetwide average to about 34.5 mpg by 2031. That’s a steep drop from the roughly 50.4 mpg target under the previous rule. Automakers can now meet the standard largely through gas vehicles, reducing pressure to scale BEVs and PHEVs.
Those loosened rules are already reflected in investment decisions, such as Stellantis’ $13 billion plan to expand US production by 50%, with a heavy focus on ICE vehicles. Earlier this year, Trump’s big bill set fines for missing CAFE targets to $0, further weakening the incentive for OEMs to electrify.
That’s some foolish policymaking, considering the world reached peak gas car sales in 2017. The US under Trump will be left behind, just as it will be with its attempts to revive the coal industry.
China still dominates, exports surge
China remains the backbone of global EV sales, even as growth slows. The Chinese market grew 3% year-over-year and 4% month-over-month in November. Year-to-date, EV sales in China are up 19%, with 11.6 million units sold.
One of the biggest headlines out of China is exports. BYD reported a record 131,935 EV exports in November, blowing past its previous high of around 90,000 units set in June. BYD sales in Europe have jumped more than fourfold this year to around 200,000 vehicles, doubled in Southeast Asia, and climbed by more than 50% in South America.
Global snapshot
Global EV sales from January to November 2025 vs January to November 2024, YTD %:
- Global: 18.5 million, +21%
- China: 11.6 million, +19%
- Europe: 3.8 million, +33%
- North America: 1.7 million, -1%
- Rest of World: 1.5 million, +48%
The takeaway: EV demand continues to grow worldwide, but policy support – or the lack thereof – is increasingly shaping where this growth shows up.
“Overall, EV demand remains resilient, supported by expanding model ranges and sustained policy incentives worldwide,” said Rho Motion data manager Charles Lester.
Read more: EV sales *still* have not fallen, cooled, slowed or slumped. Media is lying to you.
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The Elexio is Hyundai’s first electric SUV custom-tailored for the Chinese market, but now it’s headed overseas.
Hyundai is bringing the Elexio electric SUV overseas
Hyundai’s midsize electric SUV was spotted on a carrier truck in Melbourne, Australia, alongside a few of its other vehicles.
Although the Elexio is built by Hyundai’s joint venture with BAIC Motor, Beijing-Hyundai, “tailor-made for Chinese consumers,” we had a feeling it would be sold overseas.
A few months ago, Don Romano, CEO of Hyundai Australia, hinted that the midsize electric SUV could arrive in The Land Down Under. Romano told journalists during an IONIQ 9 launch event that the Elexio’s launch in Australia was “under evaluation,” calling it “a promising vehicle.”
Hyundai confirmed the rumors shortly after, saying the new midsize electric SUV would launch in Australia in early 2026.
According to CarsGuide, the Elexio was caught on a car carrier in Melbourne on Wednesday morning ahead of its official launch.
Powered by an 88.1 kWh battery, the Elexio delivers up to nearly 450 miles (722 km) CLTC range. It’s based on the E-GMP platform, which underpins all IONIQ models and Kia’s EV lineup, with single and dual-motor (AWD) powertrain options. The electric SUV can also recharge from 30% to 80% in about 27 minutes.
The interior is packed with advanced Chinese tech, including Huawei’s advanced driver-assistance systems (ADAS) and a Qualcomm Snapdragon 8295 chip that powers the massive 27″ 4K widescreen display.
The Elexio is 4,615 mm long, 1,875 mm wide, and 1,698 mm tall, with a wheelbase of 2,750 mm, which is a bit shorter than the Tesla Model Y. It’s closer in size to the BYD Yuan Plus, sold overseas as the Atto 3.
Hyundai’s midsize electric SUV is expected to compete with some of Australia’s top-selling EVs, including the Tesla Model Y and Geely EX5.
Prices have yet to be announced, but given the IONIQ 5 starts at $76,200 (AUD), before on-road costs, the Elexio should be slightly cheaper.
In China, the Elexio is available in three trims: Fun, Smart, or Tech, with pre-sale prices starting at RMB 119,800 ($16,900).
Although the electric SUV is launching in Australia and possibly other overseas markets like New Zealand, it’s not expected to be a true global vehicle. Hyundai designed it specifically for Chinese buyers, leveraging local tech and design elements.
For those in the US, if you’re looking for a midsize electric SUV, the IONIQ 5 is worth a look with 300+ miles of range, fast charging, and a spacious, tech-filled interior. With leases starting at just $189 a month, the IONIQ 5 is cheaper than most gas-powered cars in its class. You can use our link to find the Hyundai IONIQ 5 models closest to you.
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Iron-sodium battery makers Inlyte Energy just crossed an important line from lab to grid reality. The company has completed a factory acceptance test of its first field-ready iron-sodium battery energy storage system with reps from a major US utility in attendance.
Iron-sodium battery storage
The test took place at Inlyte’s facility near Derby in the UK, and was witnessed by representatives from Southern Company, one of the largest electric utilities in the US. The goal was to prove the performance and integration readiness of the whole system, which combines sodium metal chloride battery cells with inverters and control electronics. By Inlyte’s account, the system performed as expected and is ready for field deployment.
The energy storage market is growing fast, and utilities are looking beyond lithium‑ion. Iron-sodium battery storage systems are emerging as a compelling alternative to lithium-ion batteries for grid-scale use, as they rely on abundant, low-cost materials and offer strong safety and long-duration performance.
While lithium-ion batteries excel at fast response and short-to-medium-duration storage, iron-sodium systems are better suited for multi-hour to multi-day grid applications where cost, thermal stability, and long service life matter more than energy density.
The global energy storage market is projected to grow from approximately $70 billion in 2025 to over $150 billion by 2030. The US Department of Energy estimates the grid will need more than 225 gigawatts of long‑duration energy storage by 2050.
Inlyte is betting that iron‑sodium batteries can help fill that gap. The system tested in the UK utilizes what the company claims are the world’s largest sodium metal chloride battery cells and modules ever built, each capable of storing more than 300 kilowatt-hours of energy. The chemistry is designed to be lower-cost, safer, and longer-lasting than lithium-ion – key traits for grid-scale storage.
During the factory test, Inlyte’s battery system hit 83% round‑trip efficiency, including auxiliary loads. That puts it in the same range as high-performance lithium-ion systems and well above the roughly 40% to 70% efficiency typical of many other long-duration energy storage technologies. Southern Company’s R&D team observed the test in person, a step that helps clear the way for real‑world deployment.
The commercial plan
Next up: the field. Inlyte says its first energy storage systems will be installed at Southern Company’s Energy Storage Test Site in Wilsonville, Alabama, in early 2026. Those deployments will allow the utility to study how the iron‑sodium batteries perform under real grid conditions.
With technical readiness now demonstrated, Inlyte is turning its focus to US manufacturing. The company plans to finalize a site for its first domestic factory in 2026. To help speed that process, Inlyte has partnered with HORIEN Salt Battery Solutions, the world’s largest producer of sodium metal chloride batteries. HORIEN brings over 25 years of commercial experience across applications like critical power, remote industrial sites, and battery energy storage.
The plan is to combine HORIEN’s manufacturing know‑how with Inlyte’s system integration work to bring sodium‑based grid batteries to the US market. If all goes according to plan, Inlyte expects commercial deliveries of domestically produced systems to begin in 2027.
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