Tesla (TSLA) has moved to give Elon Musk about $26 billion worth of shares as part of a new CEO compensation plan without shareholders’ approval.
The company’s last CEO award dates back to 2018, but it was rescinded by a judge last year after a long litigation determined that CEO Elon Musk virtually negotiated the award against himself due to his control of the board.
In a letter to shareholders, Tesla’s board described the new award, which is explained as an “interim award to make it right by Musk”:
96 million restricted shares of stock, subject to Elon paying a purchase price upon meeting a two-year vesting term, to be delivered after receipt of antitrust regulatory approval;
The purchase price will be equal to the split adjusted exercise price of the stock options awarded to Elon under the 2018 CEO Performance Award ($23.34 per share);
A requirement that Elon serve continuously in a senior leadership role at Tesla during the two-year vesting term;
A pledging allowance to cover tax payments or the purchase price;
A mandatory holding period of five years from the grant date, except to cover tax payments or the purchase price (with any sales for such purposes to be conducted through an orderly disposition in coordination with Tesla); and
If the Delaware courts fully reinstate the 2018 CEO Performance Award, this interim award will be forfeited or returned or a portion of the 2018 CEO Performance Award will be forfeited. To put it simply, there cannot be any “double dip.” Elon will not be able to keep this new award in addition to the options he will be awarded under the 2018 CEO Performance Award should the courts rule in our favor.
Tesla made it sound like this award has been automatically awarded after board approval, and unlike previous awards, Tesla shareholders won’t vote on it.
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Here’s how the new compensation package differs from the previous one:
Aspect
2018 CEO Performance Award
2025 CEO Interim Award
Structure
Stock options (303.96 million shares, post-stock-split adjusted) with an exercise price of $23.34 per share.
Restricted stock (96 million shares) with a purchase price of $23.34 per share (matching the 2018 exercise price).
Vesting Conditions
Performance-based: Vested in 12 tranches, each requiring Tesla’s market cap to increase by $50 billion (up to $650 billion total) plus revenue or adjusted EBITDA milestones. Fully vested by early 2023 after all targets were met.
Time-based: Vests after 2 years of continuous service in a senior leadership role at Tesla. No performance milestones required.
Value
Grant-date fair value: ~$2.3 billion. Potential realized value: Up to ~$56 billion (fluctuated with stock price; valued at ~$46.8 billion in mid-2024). Net value depended on stock appreciation above strike price.
Gross value: ~$29 billion (based on Tesla’s stock price of ~$300 per share). Net value after purchase price: ~$26.7 billion.
Duration/Term
10-year plan, with milestones spanning the full period.
2-year vesting period, plus a 5-year mandatory holding period after grant (except for covering taxes or purchase price).
Risk and Alignment
High risk/high reward: Tied to unprecedented growth targets (e.g., market cap from ~$50B to $650B+), resulting in ~$735 billion in shareholder value created. Musk received no base salary or other pay during this time.
Lower risk: Primarily retention-focused, with vesting guaranteed upon service. Includes provisions for pledging shares to cover taxes/purchase price. Interim nature ties it to ongoing 2018 legal resolution.
Additional Terms
Required shareholder approval (passed in 2018, reaffirmed in 2024). No explicit long-term hold requirement beyond standard executive rules.
Requires antitrust regulatory approval. If 2018 award is reinstated, this is offset/forfeited. Approved by board’s special committee (Musk recused). A longer-term compensation strategy is planned for shareholder vote in November 2025.
Purpose/Context
Long-term incentive to drive explosive growth in EVs and energy. Musk’s first major comp since 2012.
Interim retention amid AI/robotics pivot and talent competition. Recognizes past value from 2018 milestones while legal battles continue (no meaningful pay for Musk since 2017).
Separately, the board also announced that a new “longer-term” CEO award is being put together by the board and will be presented at the upcoming shareholders’ meeting in November.
Electrek’s Take
One of the biggest paydays in history, and it’s to the CEO of a company in evident decline with net income in freefall for the last two years.
However, it is moot to discuss current performance since Tesla clearly frames this as a way to replace the 2018 compensation package.
But it’s still incredible that to unbiased outsiders watching Tesla, the company is clearly in decline. Yet, Tesla’s board has just given Musk $26 billion, despite him being undoubtedly responsible for this decline, and says that it will offer him a bigger, longer-term contract soon on top of it.
It’s going to be hard to beat the allegations that the board is entirely in his pocket after that.
Also, that’s despite Musk already being the person most incentivize to make Tesla succesful as the biggest Tesla shareholder and him breaching his fiduciary duty to shareholders last year when he threatened not to build AI products at Tesla, somethign he said was crucial to the company’s success, if he didn’t get 25% control over the company’s shares.
This new grant will only bump him to about a 15% stake.
I expect this new compensation package in November to push him to 25%.
At the most recent earnings meeting, Musk stated that his goal for greater control over Tesla is to ensure that activist investors can’t oust him, but “not so much control that he can’t be thrown out if he goes crazy.”
He already went crazy and the board rewarded him with a $26 billion payday and an upcoming new compensation plan.
He clearly already has plenty of control over the company.
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A new review of US Energy Information Administration (EIA) data by the SUN DAY Campaign reveals that solar delivered almost 9% of US electricity in the first half of 2025. Wind and solar combined produced just over one-fifth of the country’s electricity, while renewables as a whole hit nearly 28%.
Solar’s record-breaking growth
EIA’s latest monthly Electric Power Monthly report (with data through June 30, 2025) confirms that solar kept its streak as the fastest-growing major source of US electricity. In June 2025 alone, solar soared. Utility-scale solar power plants cranked out 30.1% more electricity than in June 2024, while rooftop and other small-scale solar systems grew by 10.5%. Combined, solar generation jumped 25% year-over-year and made up 10.2% of US electricity that month.
Looking at the first six months of 2025, utility-scale solar expanded by 37.6%, and small-scale systems rose 10.7%. Together, they grew nearly one-third (29.7%) compared to the same period in 2024. That meant solar provided 8.7% of all US electricity in January-June, up from 6.9% the year before.
That’s a milestone: Solar is now producing almost 45% more electricity than hydropower (6.0%), and it’s generating more than hydropower, biomass, and geothermal combined.
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Wind is still a front-runner
Wind turbines supplied 11.6% of US electricity in the first half of 2025 — a 2.4% boost compared to the same time in 2024. Wind’s output was almost double hydropower’s contribution.
Wind + solar are beating coal and nuclear
Together, wind and solar accounted for 20.3% of total US electricity in the first half of 2025, up from 18.6% last year. That’s a bigger share than coal or nuclear. In fact, wind and solar generated 25% more electricity than coal and 15.6% more than nuclear over the same period.
Renewables overall are surging
All renewable sources combined – wind, solar, hydropower, biomass, and geothermal – generated 27.7% of US electricity from January through June 2025, up from 26.1% a year ago. Their output grew three times faster than total US electricity generation overall (9.2% vs. 3.0%). Renewables are now second only to natural gas, whose generation actually dropped 3.7% in the first half of the year.
Ken Bossong, executive director of the SUN DAY Campaign, added that this growth happened before the passage of the Trump/Republican “megabill,” which could slow future renewable expansion. “Nonetheless, EIA notes that US developers expect half of new electric generating capacity to come from solar in 2025 and another 13% from wind.”
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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The new and improved Hyundai IONIQ 5, or the hot-selling Chevy Equinox EV? Which electric SUV makes the smarter lease? Here’s the rundown.
Over 607,000 electric vehicles were sold in the US in the first half of 2025, thanks to some big discounts. Many automakers are currently offering generous savings, as Trump’s “One Big Beautiful Bill” is set to end federal EV incentives at the end of September.
According to Cox Automotive’s latest EV Market Monitor report, EV incentives reached a record of nearly $8,500 in June, or about 15% off the average transaction price (ATP).
That’s more than double the incentives offered on gas-powered vehicles. Seven electric vehicles had an ATP below $40,000, including the Chevy Equinox EV. The Equinox EV was the top-selling EV in the price range.
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Starting at just $34,995, GM calls it “America’s most affordable 315+ range EV.” The electric Equinox has already propelled Chevy to become the number two EV brand in the US behind Tesla.
2025 Chevy Equinox EV LT (Source: GM)
Through the first half of the year, the Chevy Equinox EV accounted for nearly a third of GM’s electric vehicle sales. And it could have sold even more. A dealer in California reached out to Electrek, claiming they had to wait over a month to receive Equinox EV models. It’s now on track to be among the top three selling EVs in the US.
Chevy Equinox EV interior (Source: GM)
Which EV to lease: Chevy Equinox EV or Hyundai IONIQ 5
With leases starting at just $289 per month, it’s no wonder the electric SUV is flying off the lot. The offer is for 24 months with $3,909 due at signing.
Alternatively, you can opt for 0% APR financing for 60 months, which Chevy is offering on all 2025 electric vehicle models.
2025 Chevy Equinox EV trim
Starting Price
EPA-estimated Range
Monthly lease Price (August 2025)
LT FWD
$34,995
319 miles
$289
LT AWD
$40,295
307 miles
$351
RS FWD
$45,790
319 miles
$416
RS AWD
$49,090
307 miles
$453
2025 Chevy Equinox EV prices, range, and lease price (Including $1,395 destination fee)
The base 2025 Chevy Equinox EV LT starts at $34,995 with up to 319 miles of range. The interior boasts up to 57.2 cu ft of space and a 17.7″ infotainment screen.
How does it compare to the IONIQ 5? Hyundai has upgraded its best-selling electric SUV with major improvements, including increased range (now up to 318 miles), a revamped interior and exterior, and a built-in NACS port to access Tesla Superchargers.
2025 Hyundai IONIQ 5 at a Tesla Supercharger (Source: Hyundai)
After cutting lease prices again last month, the new and improved 2025 Hyundai IONIQ 5 is now listed at just $179 per month.
In some places, such as California and other ZEV states, Hyundai is offering leases starting at as low as $159 per month.
However, that’s for the base SE mode, which has an EPA-estimated driving range of 245 miles. The longer-range IONIQ 5 SE RWD, with 318 miles range, can still be leased for just $199 per month right now. Both offers are for 24 months with $3,999 due at signing.
2025 Hyundai IONIQ 5 Trim
EV Powertrain
Driving Range (miles)
Starting Price*
Monthly lease price August 2025
IONIQ 5 SE RWD Standard Range
168-horsepower rear motor
245
$42,500
$179
IONIQ 5 SE RWD
225-horsepower rear motor
318
$46,550
$199
IONIQ 5 SEL RWD
225-horsepower rear motor
318
$49,500
$209
IONIQ 5 Limited RWD
225-horsepower rear motor
318
$54,200
$309
IONIQ 5 SE Dual Motor AWD
320-horsepower dual motor
290
$50,050
$249
IONIQ 5 SEL Dual Motor AWD
320-horsepower dual motor
290
$53,000
$259
IONIQ 5 XRT Dual Motor AWD
320 horsepower dual motor
259
$55,400
$359
IONIQ 5 Limited Dual Motor AWD
320-horsepower dual motor
269
$58,100
$299
2025 Hyundai IONIQ 5 price, range, and lease price
Hyundai is also throwing in a complimentary ChargePoint Level 2 home charger with the purchase or lease of a new 2025 IONIQ 5. All IONIQ 5 trims are listed with 1.99% APR financing for up to 60 months.
The 2025 Hyundai IONIQ 5 offers up to 59.3 cu ft of cargo space with a dual 12.3″ driver display and infotainment system setup.
Nissan has officially confirmed the icon will be making a comeback. Although Nissan is no longer building GT-R models, CEO Ivan Espinosa said Godzilla will “evolve and reemerge” in the future. Here’s what we know so far.
Nissan confirms the GT-R will evolve and reemerge
It seems like we’ve been talking about the next-gen Nissan GT-R for years now. After the last model rolled off the production line at the automaker’s Tochigi plant in Japan on Tuesday, Nissan’s CEO made it clear that the GT-R will be making a comeback.
After bidding farewell to the R35, Espinosa gave the many GT-R fans worldwide hope, saying, “I want to tell you this isn’t a goodbye to the GT-R forever.”
He added that it’s Nissan’s “goal for the GT-R nameplate to one day make a return.” Although this is the end of the line for the R35, the company remains committed to the GT-R nameplate and wants to “reimagine it for a new generation.”
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According to Espinosa, Nissan doesn’t have any finalized plans yet, but he promised that “the GT-R will evolve and reemerge in the future.”
Nissan’s new N7 electric sedan alongside the GT-R (Source: Dongfeng Nissan)
Nissan says the next Godzilla will ensure the GT-R’s legacy lives on, but will pack even more performance. The big question is, what type of powertrain will it arrive with? Will it be electric? A hybrid? Or, will it still be gas-powered?
At the New York Auto Show in April, Ponz Pandikuthira, Senior Vice President and Chief Planning Officer for Nissan North America, told The Drive that the next GT-R will be a hybrid, rather than an all-electric.
Nissan’s new N7 electric sedan alongside the GT-R (Source: Dongfeng Nissan)
However, Nissan previewed an electric GT-R a few years ago with the Hyper Force EV concept. The electric sports car concept was promoted as a “game-changing hyper EV” with over 1,300 horsepower (1,000 kW).
All that power is expected to come from solid-state batteries. Just last week, Nissan secured a partnership with LiCAP Technologies to produce all-solid-state EV batteries on a mass scale, one of the biggest hurdles to getting the new technology to market.
Nissan Hyper Force EV concept (Source: Nissan)
Since Nissan aims to launch its first EV powered by solid-state batteries in 2028, we could see the GT-R reemerge as a plug-in hybrid until the technology is ready.
Either way, it will likely be a few years before we see an electrified Godzilla. If it evolves into an EV or hybrid, it remains up in the air for now.
While Nissan says an all-electric GT-R won’t deliver the performance needed to live up to the nameplate, others are proving otherwise. BYD’s first electric supercar, the Yangwang U9, set a new EV speed record this week after hitting nearly 300 mph.
How do you feel about it? Should the GT-R go all-electric? Or will Nissan settle for a hybrid? Drop us a comment below and let us know which one you’d buy.
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