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Next Elon Musk pay package hearing won’t consider TSLA shareholder vote

Credit: Momo Elmegrahi | LinkedIn

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The next hearing on Elon Musk’s pay package is on July 8, 2024, and it will not consider the TSLA shareholder vote supporting the 2018 pay package. 

Tesla shareholders voted on reapproving Elon Musk’s 2018 pay package during the Annual Stockholder Meeting earlier this month. Tesla investors voted “FOR” ratifying “the 100% performance-based stock option award to Elon Musk” initially approved by TSLA stockholders in 2018. 

Following the results from the Annual Stockholders Meeting, Tesla initiated efforts to urge Delaware Judge Chancellor Kathaleen McCormick to reconsider her verdict, voiding Elon Musk’s compensation plan. Tesla’s legal team argues that TSLA investors’ decision to reapprove Musk’s 2018 pay package significantly impacts some of the claims brought forward by the plaintiff, Richard Torneeta’s representation.

The hearing on July 8, 2024, will discuss the plaintiff’s fee petition and objections to it. The plaintiff’s legal team initially wanted to be paid with 27 million TSLA shares worth billions. They have since reduced their proposed fee to $1.44 billion in cash. Tesla seeks to lower the plaintiff’s legal fees to at least $13.6 million. 

The July 8 hearing will not consider the 2024 TSLA investor vote to approve Elon Musk’s pay package. Both legal teams are to present their arguments, excluding any mention of the recent vote from TSLA investors.

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Judge McCormick has scheduled a separate meeting in late July or early August to discuss the 2024 TSLA shareholders’ vote on Elon Musk’s pay package. Many Tesla investors argue that discussing the plaintiffs’ legal fees might be moot if McCormick overturns her decision after considering the TSLA vote.

Below is Judge McCormick’s letter discussing the next hearings (via PlainSite).

Next Elon Musk pay package hearing won’t consider TSLA shareholder vote by Maria Merano on Scribd

If you have any tips, contact me at maria@teslarati.com or via X @Writer_01001101. 

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Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

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Tesla is already giving Robotaxi privileges hours after opening public app

This morning, Tesla launched the app in the Apple Store, giving iOS users the ability to download and join a waitlist in hopes of gaining access.

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tesla robotaxi app on phone
Credit: Tesla

Tesla is already giving Robotaxi privileges to those who downloaded the app and joined its waitlist just hours after it launched in the United States.

As the Robotaxi platform has been operating in Austin for several months, Tesla is now allowing the general public to download its app and call for a driverless ride in the city.

Tesla Robotaxi makes major expansion with official public app launch

The company previously sent invitations to select media outlets and Tesla influencers, seeking initial feedback on the performance of the Robotaxi platform.

There have been positive reviews, but, as with any Beta program, some mishaps have also occurred, although none have been significant.

As of the writing of this article, the City of Austin only lists one incident involving a Tesla Robotaxi, noting it as a “Safety Concern,” but not an accident or collision.

This morning, Tesla launched the app in the Apple Store, giving iOS users the ability to download and join a waitlist in hopes of gaining access.

Tesla is already granting Robotaxi access to several of those who have downloaded the app and gotten on the waitlist early:

With the launch of the public app, we were not too sure how soon Tesla would be able to initiate bringing more riders into the Robotaxi program. The immediate admittance for some riders just hours after the launch is a big positive and is surely a sign of strength for Tesla and its Robotaxi program.

What many will look for moving forward is the expansion of the geofence, which does not seem like a problem, as Tesla has already managed to do this on three occasions. The most recent expansion has expanded the service area to approximately 190 square miles.

People will also look for evidence of fleet expansion, a concern that has been a concern for many, especially since Tesla has not been completely transparent about it. They have revealed a recent service fleet growth of 50 percent, but there has been no specific number of vehicles mentioned.

Tesla reveals it has expanded its Robotaxi fleet in Austin

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Tesla explains why Robotaxis now have safety monitors in the driver’s seat

The update to Austin’s safety monitors became a point of interest among Tesla watchers on social media.

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Credit: Tesla

Tesla has provided an explanation about the presence of safety monitors in the driver’s seat of its autonomous Robotaxi units.

The autonomous ride-hailing service is currently being deployed in Austin and the Bay Area, with more cities across the United States expected to gain access to the service later this year.

Safety Monitors

When Tesla launched its initial Robotaxi program in Austin, the company made headlines for operating vehicles without a human in the driver’s seat. Even with this setup, however, Tesla still had safety monitors in the passenger seat of the Robotaxis. The safety monitors, which do not interact with passengers, have been observed to report issues and other behaviors from the autonomous vehicles in real time. 

Safety monitors on the driver’s seat were also employed in the service’s Bay Area rollout, though numerous members of the EV community speculated that this was likely done to meet regulations in California. However, with the expansion of the Austin geofence, riders in Tesla’s Robotaxis observed that the safety monitors in the city have been moved to the driver’s seat as well.

Tesla’s explanation

The update to Austin’s safety monitors became a point of interest among Tesla watchers on social media. Longtime FSD tester Whole Mars Catalog, for one, speculated that the move might be due to Texas’ new regulations for autonomous vehicles, which took effect recently. Interestingly enough, the official Tesla Robotaxi account on X responded to the FSD tester, providing an explanation behind the safety monitor’s move to the driver’s seat. 

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“Safety monitors are only in the driver’s seat for trips that involve highway driving, as a self-imposed cautious first step toward expanding to highways,” the Tesla Robotaxi account noted.

Tesla has been extremely cautious with its autonomous driving program, particularly with the rollout of its Robotaxi service, which use Unsupervised FSD. This is quite understandable considering the negative media slant that Tesla is consistently subjected to, which could very well result in minute incidents or mistakes by Robotaxis being blown out of proportion.

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Elon Musk

The Boring Company begins hiring for Nashville’s Music City Loop

Tennessee Gov. Bill Lee expressed strong support for the project.

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Credit: The Boring Company/X

Elon Musk’s The Boring Company has started recruitment efforts for the Music City Loop, an underground tunnel system designed to link downtown Nashville with Nashville International Airport. 

Tennessee Gov. Bill Lee expressed strong support for the project, describing it as a cost-free alternative to traditional mass transit systems that could ease traffic congestion in the city. Initial digging began in mid-August, with visible progress reported by September 1, as noted in a WKRN report.

Job creation and project scope

The Boring Company is currently seeking engineers, electricians, mechanics, and operations coordinators as part of its hiring drive for the Music City Loop in Nashville. Gov. Lee emphasized that unlike large-scale transit projects that typically cost billions, the tunnel system will not burden taxpayers.

“We’ve been trying to find ways, Metro Nashville has in particular, to develop transit in the city for a long time. It costs billions and billions of dollars to build out transit systems. We now have an opportunity to have a transit system that costs the taxpayers nothing,” Lee said, calling the effort the fast lane to the city’s future.

The Music City Loop aims to provide a quick and efficient link between the city center and the airport, similar to The Boring Company’s other tunnel projects like the Las Vegas Convention Center Loop. Officials have praised the company for cooperating with state permitting and regulatory requirements, suggesting that the Nashville Loop project is advancing in line with established processes.

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Community reactions and concerns

While officials are optimistic, community response has been mixed. Some residents have raised concerns about the speed of approval and a lack of public discussion before construction began.

Nashville resident Taylor John cited environmental impacts and worries that the tunnel could primarily serve tourists rather than local commuters. “I have a lot of concerns, first of all, by how fast this decision was made, I don’t think there was a lot of discussion from the members of the community before this decision was made. It’s going to impact us,” the resident stated.

Others, however, see the project as an innovative leap forward. “There’s a whole untapped potential underneath our feet,” resident Nathaniel Lehrer stated. “Anything that can save time when picking up family or friends or you need to catch a flight, it’d be an awesome option to have.”

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