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Elon Musk’s deposition on Twitter case delayed amid efforts to close deal: report

Ministério Das Comunicações, CC BY 2.0 , via Wikimedia Commons

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Twitter has reportedly agreed to delay Elon Musk’s deposition that was scheduled for Thursday. The social media company’s decision comes as Twitter and Musk’s teams negotiate how to finalize the Tesla CEO’s $44 billion acquisition of the company, according to sources reportedly familiar with the matter.

Elon Musk’s Twitter saga has been ongoing for months, with the Tesla CEO stating that he would purchase the company in April before announcing later that he was pausing his buyout over concerns about the social media platform’s spam and bot accounts. The two parties’ legal battle has been quite bitter, with both sides accusing the other of being uncooperative, among others. 

Musk and Twitter are set to face each other in court on October 17, though it remains to be seen if the trial will indeed happen. After all, Musk had recently written to Twitter to let the social media company know that he was ready to complete his buyout at the initially agreed-upon price of $54.20 per share. 

According to court papers, Musk was set to appear on Thursday at 9.30 a.m. at the Wilson Sonsini Goodrich & Rosati offices in Austin, Texas. As noted by the Financial Times, Twitter’s chief litigator, Bill Savitt of Wachtell, Lipton, was set to depose the Tesla CEO for two days. Musk had canceled a previously scheduled deposition over Covid-related concerns. 

The delay in Musk’s deposition comes amid Twitter’s efforts to ask the court for specific contractual guarantees which would ensure Musk will complete his acquisition. Citing a person reportedly familiar with the matter, The Wall Street Journal also noted that Musk and Twitter had previously held discussions about possible price cuts to the deal. The talks, however, were unsuccessful. 

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Kathaleen McCormick, the judge who would be overseeing Musk and Twitter’s trial, has noted that she has not received any filings from either camp to move for a stay. “The parties have not filed a stipulation to stay this action, nor has any party moved for a stay. I, therefore, continue to press on toward our trial set to begin on October 17,” the judge said. 

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Tesla makes last-ditch effort to get CEO Elon Musk $56 billion payday

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tesla elon musk

Tesla has made a last-ditch effort to secure the $56 billion pay package for CEO Elon Musk, which was approved twice by company shareholders, after a Delaware Chancery Court denied the frontman the payday.

Perhaps one of the biggest issues from a standpoint of being fluent in Tesla-related events has been Musk’s pay package.

It was approved by shareholders once in 2018, and required Musk to oversee various growth tranches that would bring investors value. He completed each of the tranches and was entitled to the pay package.

However, the Delaware Chancery Court decided in January 2024 to rescind the pay package, which Musk had earned, based on a suit filed by a shareholder.

Chancellor Kathaleen McCormick ruled that Tesla’s board lacked independence from Musk when the pay package was approved in 2018, and that it should not be granted.

She called it “an unfathomable sum.”

In response to the pay package’s rejection by Chancellor McCormick, Tesla held a second shareholder vote last year, which once again showed investors were willing to support Musk’s payday. It was approved by shareholders, but it was once again denied by the court.

Today, Tesla attorneys argued to the Delaware Supreme Court that the pay package should be restored because of last year’s vote by shareholders.

Jeffrey Wall, an attorney for Tesla, said (via Reuters):

“This was the most informed stockholder vote in Delaware history. Reaffirming that would resolve this case. Shareholders in 2024 knew exactly what they were voting.”

In a response to the decision by the Delaware courts last year, Tesla proposed a new pay package for Musk in September, which would give him a potentially $1 trillion compensation plan. It would require Musk to help Tesla reach several performance-based growth milestones, including achieving an $8.5 trillion market cap.

Elon Musk’s new pay plan ties trillionaire status to Tesla’s $8.5 trillion valuation

Musk is currently worth $483 billion, making him the richest person in the world. If he were to achieve his pay package tranches, granted the new pay package is passed at the Shareholder Meeting in November, he would easily be the first trillionaire.

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Tesla makes big move with its Insurance program

Tesla Insurance launched back in late 2019, and it was massive because it was the first time a company aimed to cover its vehicle owners in-house without the need for third-party companies.

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Credit: Tesla

Tesla Insurance is heading to a new state for the first time in years, as the company is aiming to launch its in-house coverage platform in Florida.

Tesla Insurance launched back in late 2019, and it was massive because it was the first time a company aimed to cover its vehicle owners in-house without the need for third-party companies.

Tesla Insurance goes live with claims of lower rates by 20-30%

However, it has struggled to expand and only offers insurance in twelve states currently.

Tesla Insurance is available in:

  • Arizona
  • California
  • Colorado
  • Illinois
  • Maryland
  • Minnesota
  • Nevada
  • Ohio
  • Oregon
  • Texas
  • Utah
  • Virginia

In California, Tesla cannot offer real-time insurance or telematics due to regulatory rules.

The company uses a Safety Score to adjust rates based on driving behaviors. The current version, which is called Safety Score Beta v2.2, tracks Hard Braking, Aggressive Turning, Unsafe Following, Excessive Speeding, Late-Night Driving, Forced Autopilot Engagement, and Unbuckled Driving to determine the rate it should charge.

Tesla is working to expand into new markets and has filed applications to launch the program into new U.S. states. Back in 2022, it filed to offer insurance to Florida drivers, but it did not launch.

However, the company just filed to update its Private Passenger Auto program in Florida, according to the insurance site CoverageR.

It would be the first new state to obtain Tesla Insurance since Utah and Maryland launched over three years ago.

Tesla Insurance is now in Utah and Maryland

Tesla has its eyes on other states, including Georgia, New Jersey, Oregon, and Virginia.

It has also tried to expand to Europe, as it opened an office specifically for Insurance. It was also hiring for Legal Counsel specializing in Insurance on the continent, but nothing ever expanded to an actual offering of vehicle coverage.

Tesla Insurance is an advantage for owners specifically because the company is familiar with its vehicles, the parts, and the repair processes that are required to get a car back on the road.

This was a big reason some drivers switched from the previous providers to the in-house Insurance Tesla was able to offer.

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Tesla launches new interior option for Model Y

Tesla just launched a new light grey interior option for the Model Y L in China, which will cost $1,120.

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Credit: Tesla China

Tesla has launched a new interior option for the rare Model Y L trim that is available only in China, marking the first new color for the inside of a vehicle in some time.

Tesla has traditionally stuck with either Black or White interior options with the Model 3 and Model Y, although the Model S and Model X have had additional colors. The Model S and Model X still have a Walnut Cream interior option that costs an additional $2,000.

With the mass market models, however, Tesla has maintained the Black or White selections, until now, at least in China.

Tesla just launched a new light grey interior option for the Model Y L in China, which will cost $1,120.

It differs from the white interior slightly, but it is nice for buyers in China to have this third option:

The new color is only available on the Model Y L in China, so customers who take delivery of other trim levels or in other regions will not have this color available to them, just as the vehicle configuration itself is exclusive to that market.

In terms of whether it will make its way to other markets, CEO Elon Musk has said that the Model Y L could potentially make its way to the United States at the end of 2026, but it is not a certainty.

Musk said:

“This variant of the Model Y doesn’t start production in the U.S. until the end of next year. Might not ever, given the advent of self-driving in America.”

This came as a disappointment to many fans and owners in the U.S. because people here have been pushing Tesla to create and manufacture a new, full-size SUV, or at least something more traditional that competes with vehicles like the Chevrolet Tahoe and Ford Expedition.

While the Model Y L is not on par with the size of those vehicles, it is a longer and larger version of the best-selling Model Y.

Tesla China shows off Model Y L’s manufacturing process in new video

Nevertheless, the new interior option is something we could hopefully see added to U.S. vehicles, although it seems Tesla’s focus is truly dialed in on the Cybercab and expanding Robotaxi and autonomy.

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