{"id":104849,"date":"2024-06-13T17:16:10","date_gmt":"2024-06-13T17:16:10","guid":{"rendered":"https:\/\/entertainment.runfyers.com\/index.php\/2024\/06\/13\/tesla-and-its-fans-waged-an-unprecedented-battle-over-elon-musks-56b-pay-package-techcrunch\/"},"modified":"2024-06-13T17:16:10","modified_gmt":"2024-06-13T17:16:10","slug":"tesla-and-its-fans-waged-an-unprecedented-battle-over-elon-musks-56b-pay-package-techcrunch","status":"publish","type":"post","link":"https:\/\/entertainment.runfyers.com\/index.php\/2024\/06\/13\/tesla-and-its-fans-waged-an-unprecedented-battle-over-elon-musks-56b-pay-package-techcrunch\/","title":{"rendered":"Tesla and its fans waged an unprecedented battle over Elon Musk&#8217;s $56B pay package | TechCrunch"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p id=\"speakable-summary\" class=\"wp-block-paragraph\">The <a href=\"https:\/\/techcrunch.com\/tag\/tesla\/\" target=\"_blank\" rel=\"noopener\">Tesla<\/a> fans posted. And over the last few months, <a href=\"https:\/\/techcrunch.com\/tag\/elon-musk\/\" target=\"_blank\" rel=\"noopener\">Elon Musk<\/a> engaged.<\/p>\n<p class=\"wp-block-paragraph\">Every time he did, Tesla\u2019s legal team had to get to work, writing and submitting regulatory filings to the Securities and Exchange Commission (SEC). It\u2019s all part of an effort to say that, this time, when the shareholders vote to approve his monster $56 billion compensation package, they were fully informed. <\/p>\n<p class=\"wp-block-paragraph\">The Delaware judge who rescinded the 2018 pay package in January did so <a href=\"https:\/\/techcrunch.com\/2024\/01\/30\/elon-musks-56b-tesla-pay-deal-is-unfair-judge-rules\/\" target=\"_blank\" rel=\"noreferrer noopener\">in part because<\/a> shareholders weren\u2019t fully informed on the stockholder vote due to inaccurate proxy statements. So in the run-up to this vote \u2014 which will be finalized at Thursday\u2019s annual shareholder meeting \u2014 Tesla has clearly wanted to cover as many bases as possible by over-sharing anything Musk posted about or engaged with.<\/p>\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1318605\/000110465924059916\/tm2413800d3_defa14a.htm\" target=\"_blank\" rel=\"noreferrer noopener\">Here<\/a> they are transcribing a five-minute video from TeslaBoomerMama video that Musk shared on X, where she pleaded with shareholders to vote \u201cyes.\u201d<\/p>\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1318605\/000110465924063908\/tm2413800d8_defa14a.htm\" target=\"_blank\" rel=\"noreferrer noopener\">Here<\/a> they are filing a video Musk shared of Andrew Ross Sorkin in Davos from 2018 supporting the original compensation plan, which was posted by an account the Anti-Defamation League <a href=\"https:\/\/www.adl.org\/resources\/blog\/qanon-resurgent-twitter\" target=\"_blank\" rel=\"noreferrer noopener\">says<\/a> promotes QAnon.<\/p>\n<p class=\"wp-block-paragraph\">Here they are <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1318605\/000110465924070893\/tm2413800d26_defa14a.htm\" target=\"_blank\" rel=\"noreferrer noopener\">posting<\/a> a screenshot of a post of support from Musk\u2019s former divorce lawyer, and Tesla\u2019s former general counsel, Todd Maron.<\/p>\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1318605\/000110465924070067\/tm2413800d24_defa14a.htm\" target=\"_blank\" rel=\"noreferrer noopener\">Here<\/a> they are, in the final week before the vote, piling dozens of screenshots of posts Musk interacted with into one very long filing.<\/p>\n<p class=\"wp-block-paragraph\">None of these filings are signed, so it\u2019s not clear who has been doing all this work. Musk has a bone-deep habit of behaving in a way that creates billable hours, so some of this is to be expected. But this push to \u201cre-ratify\u201d his compensation package has had Tesla\u2019s regulatory team busier than maybe ever.<\/p>\n<p class=\"wp-block-paragraph\">In terms of just raw filings, Tesla has submitted more to the SEC in the last three months than it has at any point in the last five years: <\/p>\n<figure class=\"wp-block-image aligncenter size-large\"><figcaption class=\"wp-element-caption\"><strong>Image Credits:<\/strong> SEC<\/figcaption><\/figure>\n<p class=\"wp-block-paragraph\">Strip out all the filings related to executives and institutional investors buying and selling shares, as well as all letters to and from the SEC, and Tesla has been submitting more filings than in any time since before the \u201cfunding secured\u201d mess in 2018:<\/p>\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1564\" height=\"938\" src=\"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/06\/tesla-raw-sec-filings-adjusted.jpg?w=680\" alt=\"\" class=\"wp-image-2794865\" srcset=\"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/06\/tesla-raw-sec-filings-adjusted.jpg 1564w, https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/06\/tesla-raw-sec-filings-adjusted.jpg?resize=150,90 150w, https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/06\/tesla-raw-sec-filings-adjusted.jpg?resize=300,180 300w, https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/06\/tesla-raw-sec-filings-adjusted.jpg?resize=768,461 768w, https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/06\/tesla-raw-sec-filings-adjusted.jpg?resize=680,408 680w, https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/06\/tesla-raw-sec-filings-adjusted.jpg?resize=1200,720 1200w, https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/06\/tesla-raw-sec-filings-adjusted.jpg?resize=1536,921 1536w\" sizes=\"auto, (max-width: 1564px) 100vw, 1564px\"\/><figcaption class=\"wp-element-caption\"><strong>Image Credits:<\/strong> SEC<\/figcaption><\/figure>\n<p class=\"wp-block-paragraph\">This is all set against the backdrop of an unrelenting get-out-the-vote effort from Tesla\u2019s biggest fans over the last few months. They\u2019ve posted countless calls-to-action, have <a href=\"https:\/\/twitter.com\/SawyerMerritt\/status\/1799990792888480234\" target=\"_blank\" rel=\"noreferrer noopener\">coordinated<\/a> via direct messages on Musk\u2019s X platform to help shareholders figure out how to vote and more.<\/p>\n<p class=\"wp-block-paragraph\">Tesla and its employees have joined in, too. The company posted <a href=\"https:\/\/twitter.com\/Tesla\/status\/1796549728462688477\" target=\"_blank\" rel=\"noreferrer noopener\">photos<\/a> of its Optimus robot prototype filling out a vote card. It published a <a href=\"https:\/\/twitter.com\/Tesla\/status\/1800612353932722458\" target=\"_blank\" rel=\"noreferrer noopener\">rosy timeline<\/a> of the company\u2019s accomplishments since the plan was originally voted on in 2018. It even spun up an entire website dedicated to promoting the shareholder meeting, including a video from Tesla chair Robyn Denholm \u2014 who, until this recent push, rarely made public appearances on behalf of the company. <\/p>\n<p class=\"wp-block-paragraph\">Many of its top executives voiced support, including some who have rarely used X. Tesla VP of Supply Chain Karn Budhiraj, who has only ever posted about a dozen times on X, <a href=\"https:\/\/x.com\/karnbudhiraj\/status\/1799973964938461327\" target=\"_blank\" rel=\"noreferrer noopener\">wrote<\/a>, \u201cElon is the driving force at Tesla and is critical for the future of the company.\u201d<\/p>\n<p class=\"wp-block-paragraph\">Tom Zhu, who was <a href=\"https:\/\/www.wsj.com\/business\/autos\/elon-musk-dispatches-teslas-fireman-to-china-amid-slowing-sales-82228b45\" target=\"_blank\" rel=\"noreferrer noopener\">recently moved<\/a> back to China amid Tesla\u2019s larger restructuring, <a href=\"https:\/\/x.com\/tomzhu_nz\/status\/1800731911569969543\" target=\"_blank\" rel=\"noreferrer noopener\">wrote<\/a> that the company has a \u201cvast vision beneath the surface that requires Elon\u2019s wisdom, courage, and decisiveness to achieve.\u201d Grace Tao, a high-ranking employee who leads communications in China and reportedly manages Tesla\u2019s <a href=\"https:\/\/www.bloomberg.com\/news\/features\/2021-01-13\/china-loves-elon-musk-and-tesla-tsla-how-long-will-that-last\" target=\"_blank\" rel=\"noreferrer noopener\">relationship with the government<\/a> there, also <a href=\"https:\/\/twitter.com\/ChrisZheng001\/status\/1800755708712907066\" target=\"_blank\" rel=\"noreferrer noopener\">posted<\/a> (on Weibo) about Musk\u2019s \u201cwisdom, courage, and determination.\u201d <\/p>\n<p class=\"wp-block-paragraph\">Vanishingly few of the company\u2019s employees or its supporters actually <a href=\"https:\/\/techcrunch.com\/2024\/06\/12\/tesla-shareholder-vote-meeting-compensation-decision\/\" target=\"_blank\" rel=\"noreferrer noopener\">touched on the substance<\/a> of the judge\u2019s opinion that got us here: that Musk\u2019s undeniable sway over Tesla and its board meant the process leading up to the pay package was inherently unfair.<\/p>\n<p class=\"wp-block-paragraph\">But the effort has nonetheless helped Tesla\u2019s shareholders reinforce the narrative around the company (and its stock) that Tesla is nothing without Musk, and that he deserves the compensation package he testified he <a href=\"https:\/\/finance.yahoo.com\/news\/happens-musks-tesla-pay-56-210213844.html\" target=\"_blank\" rel=\"noreferrer noopener\">essentially negotiated with himself<\/a>. Since the fight over Musk\u2019s pay package and the re-incorporation to Texas is likely headed for months of legal challenges, that might be victory enough for now. <\/p>\n<p class=\"wp-block-paragraph\">In fact, they\u2019re already <a href=\"https:\/\/x.com\/elonmusk\/status\/1801084780035154058\" target=\"_blank\" rel=\"noreferrer noopener\">celebrating<\/a> as the votes are being tallied.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/techcrunch.com\/2024\/06\/13\/tesla-musk-pay-package-shareholder-vote\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Tesla fans posted. And over the last few months, Elon Musk engaged. Every time he did, Tesla\u2019s legal team had to get to work, writing and submitting regulatory filings to the Securities and Exchange Commission (SEC). It\u2019s all part of an effort to say that, this time, when the shareholders vote to approve his [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":104850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":{"0":"post-104849","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tech"},"_links":{"self":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/104849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=104849"}],"version-history":[{"count":0,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/104849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/104850"}],"wp:attachment":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=104849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=104849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=104849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}