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Elon Musk

With Tesla’s shareholder meeting still hours away, Tesla CEO Elon Musk shared charts suggesting that shareholders have approved two controversial ballot measures.

With Tesla’s shareholder meeting coming tomorrow, Tesla has been spending the last several weeks campaigning hard to get shareholders to vote. There are multiple shareholder proposals on the ballot, along with votes to reapprove two of Tesla’s board members who have been much criticized for their close ties to Elon Musk – Kimbal Musk, Elon’s brother; and James Murdoch, a friend of Elon and son of Rupert Murdoch, one of the world’s most prominent climate deniers.

The other shareholder proposals are interesting, but everyone’s attention has been on two in particular: whether to reapprove Musk’s previously-voided $55 billion pay package and whether to redomicile the company to Texas from Delaware.

Why this all started

These proposals date back quite some ways, with Tesla shareholders approving a massive compensation package for the CEO in 2018.

However, that package was later voided in the Delaware Court of Chancery, as it was found to be improperly given. The court found that Tesla’s board was not independent enough (the two board members mentioned above were given as examples of non-independent board members), and that Tesla did not properly inform shareholders of the details of the deal.

In the wake of the Delaware Court of Chancery’s decision about his illegal pay package, Musk immediately threatened to move the headquarters to Texas.

Soon after that, the Tesla board (with many of the same members as 2018, though also with some new ones) decided to bring this question of Musk’s pay back to current shareholders (with some of the same shareholders as 2018, but many new ones), along with the question over whether to move the company’s state of incorporation to Texas, rather than Delaware.

Why Delaware, anyway?

Delaware is an extremely popular state for companies to incorporate in – with a majority of US businesses, both large and small, choosing it to incorporate – as it is quite business-friendly with numerous benefits for businesses that incorporate there.

We spoke with Samantha Crispin, a Mergers & Acquisitions lawyer with Baker Botts, this week in advance of the vote, who told us that one of the main draws of Delaware is its many years of established caselaw which means businesses have more predictable outcomes in the case of lawsuits.

However, Crispin said, lately, some other states, primarily Texas and Nevada, have been trying to position themselves as options for businesses to incorporate in, though neither has nearly the history and established processes as Delaware does. Texas wants to establish a set of business-friendly courts, but those courts have not yet been established, which means there is no history of caselaw to draw on.

The campaigning process

For the last several weeks, Tesla has been pushing the vote – even spending ad money to influence shareholders to vote in favor of the pay and redomiciling proposals.

Part of the reason for this is because while the pay package only requires 50% of votes cast to pass, the redomiciling proposal requires 50% of total shares outstanding. So if turnout is low, then there’s no way the latter can pass, even if the former still can.

And the discussion was quite heated – Tesla shared statements from many prominent investors in support of the proposals, though we also saw major pension funds and proxy advisory firms recommending that shareholders vote against.

The deadline to vote remotely was just before midnight, June 12, Central time. It is still possible to vote shares in person tomorrow, physically at the shareholder meeting in Texas, but most of the counting will have been done by then.

Musk leaks results of upcoming vote

So tonight, a couple hours before the deadline, Musk shared what he claimed are the tentative results of the vote on twitter:

Musk states that “both” resolutions are passing, but leaves out multiple other resolutions that are on the ballot – ones about director term length, simple majority voting, anti-harassment and discrimination reporting, collective bargaining, electromagnetic radiation, sustainability metrics, and mineral sourcing.

And while the charts aren’t all that precise, a few interesting trends are notable here.

First, there are significantly fewer votes in favor of the compensation package than the move to Texas. Currently about 2 billion shares voted for the Texas move, which is enough to pass the ~1.6 billion threshold for the vote to succeed (out of ~3.2 billion shares outstanding), but only about 1.35 billion voted for Musk’s pay package.

So Musk himself may be less popular than the knee-jerk Texas move he proposed. Part of that difference is accounted for by Musk’s 411 million shares, which aren’t allowed to vote on his own pay package, but that still leaves a gulf of several hundred million shares. We don’t know the total number of shares that weren’t allowed to vote on this measure, so we can’t really draw a conclusion there.

Second, there is a sharp turn upward on June 12, which suggests that many shares waited until the very last day to vote – and that those last-day voters were much more likely to be in favor of each proposal, as there is no similar last-day upturn of “no” votes.

Third, the total number of shares voted is somewhere on the order of ~2.2 billion, which is still only a ~70% turnout, which is high but not hugely higher than turnout has been in the past (63% is the previous high-water mark). This suggests that all the campaigning for turnout had some, but still relatively little effect at turning out more votes.

But if we assume that campaigning resulted in about a ~10% turnout boost, that’s some 300 million votes, and could have made the difference on either vote (which both seem like they passed by about that margin).

It’s also quite rare for any company to see shareholders vote against a board recommendation. Despite that these measures both passed, they each saw significant resistance, much higher than generally expected from corporate proceedings.

Some of this might change tomorrow with votes cast at the shareholder meeting itself – if many voters waited until the last moment remotely, there might be more who wait until the last moment tomorrow. And it is still possible for shareholders to change their votes up until the shareholder meeting happens, so things could (but are unlikely to) change.

But if these charts are to be believed, each of these proposals has already gathered enough votes to be a “guaranteed win” (the line for the pay package is lower due to the exclusion of Musk’s shares – and seemingly the exclusion of other shares, given the line is ~600 million shares lower than the line for the Texas move).

What’s Next?

You’d think that was the end of the article, but it’s not. Despite this vote finally being (almost) behind us, there are bound to be many legal challenges ahead.

The vote on the pay package can be thought more in an advisory capacity than anything. Tesla says it will appeal the original decision in Delaware, regardless of whether the Texas move passes. It will surely use today’s vote as evidence in that case, stating that shareholders, even when fully informed, are still in favor of the package.

But these proposals may be challenged in the same way as the original proposal was. There are still several members of the Tesla board who are close to Musk, and therefore aren’t particularly “independent” directors, which is thought of as important in corporate ethics. And Tesla did campaign heavily in favor of specific options to the point of spending ad money for it, which seems… sketchy.

And the very tweet we’re talking about in this article might come up in legal cases as well. Musk’s leaking of the vote – which he did both today just before the remote deadline, and a few days ago – is kind of a no-no. Disney did the same for a shareholder vote recently, and the ethics of that were questioned.

The problem is, leaks can influence a vote – and given the number of votes required to make both proposals successful only came in after Musk leaked results, that only gives more credence to the idea that these votes might have been influenced.

And then there’s the matter of the lawyers who won the compensation-voiding case in the first place. After saving the company’s shareholders $55 billion, those lawyers have asked for a $6 billion fee – a relatively low percentage as far as lawyers’ fees go, but many balk at the idea of paying a small group of lawyers so much money (after all, no single person’s effort is worth hundreds of millions of dollars, much less $55 billion… right?).

To say nothing of other possible lawsuits or SEC investigations that might be filed over the actions or statements made in the run-up to this vote.

The fact is, this situation is something we really haven’t seen before. Legal observers aren’t sure where this will go from here, and many in the world of corporate law are interested to see how it turns out.

The one thing everyone knows, though, is that this will drag on for quite some time. So grab your popcorn and buckle up, folks.

Electrek’s Take

Personally, these are both proposals that do not strike me as particularly good governance.

Spending $55 billion on a CEO who has been distracted for years and whose main actions since returning his focus to Tesla have been to fire everyone including important leadership and successful teams, push back an all-important affordable car project and holding Tesla’s AI projects hostage while shifting both resources and staff from Tesla to his private AI company, even as he claims that AI is the future of Tesla.

It doesn’t seem like money well spent, given that that same amount of money could be spent paying six-figure salaries to every last one of the ~14,000 fired employees… for 40 whole years.

I’d certainly prefer the collective effort of all those smart folks to 1/7th of the attention of a guy who has seemed more interested in advocating for the policies of a climate denying political party (that recently got expelled from the anti-immigrant EU party for being too racist even for them) than he has in running his largest company.

As for the other proposal, moving to Texas is a question worth considering, but it’s just too premature given the long history of caselaw in Delaware. This is not the case with Texas, which is only just establishing the business courts that it’s trying to lure corporations to redomicile with. Texas says it will be very business-friendly, but we just don’t have any evidence other than statements to that effect.

So these are conversations worth having, but they weren’t had – this decision was made as a knee-jerk reaction by a spurned egomaniac, not after cold calculation of the benefits for the corporation.

But, here’s the rub. Those who have lost confidence in Musk’s ability to lead the company are disproportionately likely to have sold their shares already, especially while watching them slide in value more than 50% from TSLA’s highs (as Musk himself has repeatedly sold huge chunks of shares), and by almost 30% in this year alone.

This means that those who still hold shares would be disproportionately likely to vote in favor of the package, as they’re the ones who still have confidence in Musk despite his recent poor decisionmaking.

Despite to this self-selecting effect, and relatively low “yes” vote share compared to most board-certified proposals, Musk may take this vote as a vote of confidence in his leadership – when the true vote of confidence in his leadership is reflected in the stock slide in recent times, with more people selling than holding.

I think it’s quite clear that Musk’s recent actions, just a few of which were mentioned earlier in this Take, are not beneficial for Tesla’s health in either the long or short term. He’s too distracted with his other companies, with stroking his ego through his misguided twitter acquisition, and with acting as a warrior in any number of culture wars that are at best irrelevant, if not actively harmful, to his largest company’s success. And when the Eye of Sauro… I mean, Musk aims back in the direction of Tesla, he makes wild decisions that do not seem well-considered.

This is not what I would call the behavior of a quality CEO, and while some of us aren’t financially invested in the decisions made by Tesla, all of us in the world are invested in what happens in the EV industry, of which Tesla is an outsized player. It is necessary for the world that we electrify transport rapidly to avoid the worst effects of climate change, and Tesla has been the primary driver of moving the world towards sustainable transport for several years now.

But for some time now, that mission does not seem to be Musk’s primary focus, and that’s bad for EVs broadly, and bad for Tesla specifically.

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Tenways AGO T mid-drive e-bike at $2,399 low, DJI Power 2000 station hits new $999 low, EcoFlow 48-hour flash sale, tools, more

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July 15, 2025

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Tenways AGO T mid-drive e-bike at ,399 low, DJI Power 2000 station hits new 9 low, EcoFlow 48-hour flash sale, tools, more

Today’s Green Deals are headlined by the low price on Tenways’ AGO T Premium Mid-Drive Urban e-bike that comes with a free front carrier ($50 value) for $2,399, among other models seeing discounts during this sale. We also spotted DJI’s recently released Power 2000 Portable Power Station hitting a new $999 low, as well as EcoFlow’s latest four 48-hour flash sale offers that include two power stations, a WAVE 3 bundle, and a DELTA Pro 3 expansion battery at up to 53% off starting from $1,199. From there, we have Greenworks’ 40V 20-inch Cordless Pole Hedge Trimmer kit at its $114 low alongside the Worx Aerocart 8-in-1 Yard Cart down at $169.50. Plus, there’s all the hangover Prime Day savings in our Prime Day Green Deals hub at the bottom of the page, as well as yesterday’s EcoFlow phase 3 Prime Day Sale, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Tenways AGO T mid-drive e-bike with a 62-mile range and $50 in free gear at $2,399 low in latest sale

Tenways has launched a new Summer Sale that is taking up to $600 off its e-bike lineup while also offering an additional $300 savings when buying two models together. Among the offers this time, we’re seeing the lowest price to date continuing on the AGO T Premium Mid-Drive Urban e-bike for $2,399 shipped while also getting a free front carrier valued at $50. Normally, this higher-end model would cost you $2,699 at full price, which we saw brought down to the $2,399 low for the first time during the brand’s July 4th Sale. Now you’re getting another chance at that $300 markdown here while the savings last, dropping the costs back to the best price we have tracked. As always, there is an extra $150 savings available for medical providers, first responders, military personnel, and teachers with verification through ID.me on any of the e-bikes’ landing pages.

Aside from Tenways’ new CARGO ONE e-bike that recently released, the AGO T Urban e-bike is the highest-end of the brand’s models, cruising into view with a Bafang M420 mid-drive motor coupled with a 504Wh battery to provide up to 62 miles of pedal-assisted travel at up to 20 MPH top speeds. It shouldn’t be surprising that this premium model also comes with a superior torque sensor to support its PAS capabilities, with the settings controlled via the TFT LCD color display screen.

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There’s plenty of high-quality features you’ll be getting here too, like a hydraulic front lockout fork, the hydraulic disc brakes, puncture-resistant tires with fenders over each, a Gates CDX carbon belt drive, an Enviolo stepless shifting hub, an integrated rear cargo rack, integrated front and rear lighting, a suspension seat post, and more. There are even connectivity options through its companion app, the standout of which is the ability to cast directions from your phone onto the bike’s display for more seamless navigation.

If you want to check out the full lineup of e-bike deals that we’re seeing in this current sale, be sure to check out our original coverage here.

DJI Power 2000 Portable power station

Score DJI’s latest Power 2000 2,048Wh LiFePO4 station with $900 savings at a new $999 low

By way of its official Amazon storefront, DJI is giving folks a lower-than-ever price on its new Power 2000 Portable Power Station at $999 shipped, after using the promo code DJIPOWER2000 at checkout. This model was just released at the top of the month, with it waiting no time before dropping from its original $1,899 price tag to $1,299, which held out all of last week until falling to $1,099, with the promo code taking things even further. You’re looking at a combined 47% markdown that gives you $900 off its tag, landing it at a new all-time low price. You can also alternatively pick up its Power 1000 predecessor at $549 shipped right now, after redeeming the on-page coupon.

If you want to learn more about this all-new backup power solution, be sure to check out our original coverage here.

EcoFlow DELTA Pro power station

EcoFlow flash sale takes up to 53% off two power station offers, a WAVE 3 bundle, and an extra battery starting from $1,199

As part of its ongoing Phase 3 Prime Day Sale, EcoFlow has launched the next 48-hour flash sale through July 16, with four units getting up to 53% discounts to some of the best prices we have tracked. Among the two power station deals, you’ll find the brand’s DELTA Pro Portable Power Station with a free protective bag at $1,749 shipped, with the extra savings unfortunately not applicable here. Priced at $3,699 in full, we regularly see it down between $1,799 and $1,999, especially at Amazon, where it’s currently sitting $50 higher in price. While we have seen it go as low as $1,694 in the past, you’re still looking at a larger-than-normal 53% markdown off the going rate, giving you $1,950 in savings and landing it $55 above the all-time low. Head below for more on this unit and the others we’re seeing included in this flash sale.

If you want to learn more about this power station or the other units included in this flash sale, be sure to check out our original coverage here.

Greenworks 40V 20-inch Cordless Pole Hedge Trimmer

Cover hedge jobs with this Greenworks 40V 20-inch pole trimmer at $114 low

Amazon is offering the Greenworks 40V 20-inch Cordless Pole Hedge Trimmer for $113.99 shipped. Coming down from its usual $170 pricing, where the brand’s direct website currently has it listed, we only saw discounts in 2025 dropping costs to $140 until this past week, when Prime Day brought it lower than ever to the rate that is continuing into this week. You’re looking at a $56 markdown to the best price we have tracked and giving you the chance to save big while Prime Day benefits linger.

To learn more about this lawn care solution’s capabilities, be sure to check out our original coverage here.

Worx Aerocart 8-in-1 yard cart

Tackle yard work with 8-in-1 versatility using Worx’s transforming Aerocart at $169.50

Amazon is offering the Worx Aerocart 8-in-1 Yard Cart at $169.50 shipped, which comes in $0.50 under the current Best Buy Deals of the Day pricing. Usually going for $200 to $230 at full price, we’ve mainly seen it in 2025 keeping near $173, with it more recently keeping down between $169 and $170 at the lowest. While it’s fallen lower in the past, those rates haven’t reappeared this year at all, with today’s deal being a solid $60.50 markdown at the second-best price of the year – just $0.50 above the annual low.

If you want to learn more about this handy yard cart, be sure to check out our original coverage here.

Best Summer EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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Range Rover’s first EV looks the part, but with a few surprises

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2 hours ago

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July 15, 2025

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Range Rover's first EV looks the part, but with a few surprises

Range-Rover-first-EV

Range Rover’s first electric SUV will finally arrive later this year. Ahead of its official launch, early reviews show the upcoming EV stays true to the Range Rover heritage, but there are a few things you should know.

Range Rover will launch its first EV later this year

Since launching its first vehicle 55 years ago, the Range Rover brand has become an iconic symbol of off-road capabilities, elegant design, and luxurious interiors.

With its first all-electric SUV due out later this year, Range Rover promises it will “refine and craft the epitome” of the luxury brand.

Although Range Rover is currently putting the electric SUV through “the most intensive testing” any of its vehicles has endured, Autocar got their hands on a prototype for an early review.

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The Range Rover Electric may look like the iconic SUV we’ve grown to love, but with an electric powertrain, it offers even more.

“A Range Rover more calm and assured, almost regardless of circumstance, than any in its 55-year lineage. Electrification yields a lot, but sacrifices little,” Matt Sanders, Autocar’s chief car tester, said after driving the prototype.

Range-Rover-first-EV
Range Rover Electric testing in Sweden (Source: JLR)

Based on the MLA platform, the electric SUV features JLR’s new in-house powertrain. The dual-motor setup packs a combined 542 hp and 627 lb-ft of torque.

The EV draws power from a massive 118 kWh battery, which is expected to deliver around 300 miles of real-world range. Sanders said he had about 160 miles of range remaining at half charge during the review.

Range-Rover-first-EV
Range Rover Electric SUV prototype testing (Source: JLR)

However, even JLR’s engineers admit that due to the SUV’s (not so) aerodynamic profile, 300 miles may be optimistic during longer-range highway driving. The engineers highlighted that the vehicle’s 800V architecture offers some of the fastest DC charging speeds on the market.

The electric SUV can also tow over 7,700 lbs (2.5 tons). Although this is less than the current Range Rover’s 3.5-ton towing capacity, it’s still on par with other luxury SUVs, such as the Mercedes G-Class.

Range-Rover-first-EV
Range Rover Electric prototype (Source: JLR)

To add more power, more motors, and bigger batteries would be required, according to Simon Fairbrother, Range Rover’s Chief Program Engineer.

Inside, the cabin is nearly identical to that of the current Range Rover SUV, featuring a plethora of digital screens and physical buttons in front of the driver. If anything, the only thing that could be changed is that the “Range Rover Electric deserves bigger heating and ventilation controls than other derivatives,” Sanders wrote.

Range-Rover-first-EV
Range Rover Electric prototype testing (Source: JLR)

JLR’s new in-house thermal management system (ThermAssist) is about 40% more efficient than the system of the Jaguar I-Pace, its first all-electric vehicle.

Range Rover’s first E will be offered in standard and long wheelbase variants. The extended wheelbase model will be about the same size as the outgoing Range Rover SUV, but it’s expected to still include enough second-row space to take it into “Bentley or Rolls-Royce territory for sheer lounging space.”

Range-Rover-first-logo-EV
JLR reveals new Range Rover logo (Source: JLR)

Since Autocar only drove the vehicle at speeds under 20 mph, we’ll have to wait to hear more about on- and off-road performance.

Sanders did mention that “the Range Rover Electric can simply ease itself up, down, over and around everything before it inspires incredible confidence in its capabilities” while driving through forest racks.

We will learn the prices closer to launch, but JLR is reportedly aiming for a price around the same as the V8 Autobiography, at just under £150,000 ($200,000).

Range Rover’s first EV has already secured over 61,000 clients on the waitlist ahead of its upcoming debut. JLR also revealed the luxury brand’s first logo, which we could see debut on the new electric SUV.

Source: Autocar

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Circle stock drops after House blocks key procedural vote on stablecoin legislation

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2 hours ago

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July 15, 2025

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Circle stock drops after House blocks key procedural vote on stablecoin legislation

Circle Internet Group Initial Public Offering at the New York Stock Exchange in New York City, U.S., June 5, 2025.

NYSE

Circle shares slid on Tuesday after the U.S. House of Representatives failed to clear a key procedural hurdle that would have teed up votes on long-awaited crypto-related bills.

The move dealt a major setback to the digital asset industry, which had framed this week as a turning point for regulatory clarity in Washington, D.C.

Circle, the stablecoin issuer that’s soared in value since its public market debut last month, fell about 5% after the vote. Crypto exchange Coinbase and bitcoin miner MARA Holdings both slipped about 2%.

Even after Tuesday’s drop, Circle shares are still up more than sixfold from their IPO price. The company is the issuer of USDC, the second-largest dollar-pegged stablecoin, with about 24% of the global market. Circle didn’t immediately respond to a request for comment.

The legislation, including the GENIUS Act, would mark the first time the U.S. sets federal rules for stablecoins, a $260 billion corner of the crypto market that underpins most digital asset trading. The bill establishes full-reserve requirements, mandates monthly audits, and creates a path for private companies to issue regulated digital dollars under the blessing of the U.S. government.

The GENIUS Act passed the Senate last month, a milestone for both the crypto industry and for President Donald Trump, who has pushed to align his administration with digital asset innovation. It also marked a win for the industry, which spent more than $245 million in the 2024 cycle to help elect what’s now seen as the most pro-crypto Congress in U.S. history.

Treasury Secretary Scott Bessent has said the market for U.S. stablecoins could grow eightfold to more than $2 trillion in the coming years if this bill is enacted. White House AI and crypto czar David Sacks had predicted it could unlock “trillions” of dollars in demand for U.S. Treasury notes virtually overnight.

The vote came just hours after Fairshake, the crypto industry’s most powerful PAC, disclosed $141 million in cash on hand as it fights for regulatory victories and backs pro-crypto candidates heading into the 2026 midterms. The committee didn’t provide a comment for this story.

House leadership is tentatively planning a second vote as early as Tuesday evening, though it’s unclear whether the rule or bill text will be modified to satisfy holdouts.

WATCH: Stablecoin showdown moves to the House after Senate clears crypto’s landmark bill

Stablecoin showdown moves to the House after Senate clears crypto’s landmark bill

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