Tesla investors currently have the chance to vote on a number of proposals for the company’s upcoming shareholder’s meeting, with CEO Elon Musk’s 2018 pay package hanging in the balance after it was struck down by a Delaware judge. In recent weeks, a number of Teslarati readers have shared how they voted or plan to vote on the proposal, with about a month left to go until the meeting.
After Delaware Judge Kathaleen McCormick voided the previously approved $56 billion pay package for Musk in January, both Musk and the company have appealed the decision, and the board of directors has launched a vote on ratifying the package for the stockholder’s meeting next month. Voting has been open for the past few weeks, and following our recent story detailing one of Tesla’s largest shareholders as he criticized Musk and suggested voting “no” on the measure, many have said they voted in favor of the proposal.
Tesla also launched a website dedicated to explaining how shareholders can vote, and detailing the board’s voting recommendations. Crucially, the board has recommended “yes” votes on both proposals three and four, which concern Tesla’s potential move to re-incorporate in Texas instead of Delaware, and the pay package vote for Musk, respectively.
The annual shareholder’s meeting will be held on June 13, and shareholders can continue to vote on the proposals between now and then. Tesla has also shared a video on social media encouraging investors to vote in favor of this, and the company’s incorporation move from Delaware to Texas.
We have put forward two especially important proposals for our Annual Meeting of Stockholders—and we need your vote.
Protect your rights as stockholders & protect the value of your investment by voting FOR the ratification of the 2018 CEO Performance Award & FOR Reincorporating… pic.twitter.com/ONmB7oZfyM
— Tesla (@Tesla) May 20, 2024
How Teslarati readers are voting on Musk’s 2018 pay package (so far)
Following our recent stories, 88 respondents have reached out and told us how they were voting, or planned to vote, on proposal three regarding Musk’s previously approved pay package. Of them, about 66 percent said they had voted or would vote in favor of ratifying Musk’s 2018 compensation plan, while around 30 percent said they voted or would vote against it. The remaining respondents, representing just over 3 percent, said that they were still undecided on the vote.
Those who responded varied in their number of shares; while most did not include how many shares they were voting for, others ranged from having just a few shares to over 7,000 shares.
To be sure, this is an extremely small sample size, especially given the sheer number of shareholders and Tesla shares out there. This also does not take into consideration the number of shares owned by each respondent, though it gives a small overview of how individual Tesla shareholders (who took the time to respond to recent stories) voted on proposal three. In addition, shareholders still have a few weeks left to cast their votes, and many could still be mulling over their vote on the proposal.
The board explains its recommendation for shareholders to vote “yes” by citing the fact that Musk already performed the work needed to earn the previously approved pay package. Some have noted that the CEO isn’t currently being paid for his past several years with the company, as a result of the package being struck down. Others have criticized Musk and Tesla for recent layoffs and his sharing of political views, which they say is why they would vote “no” on the proposal.
“Elon has not been paid for any of his work for Tesla for the past six years… That strikes us, and the many stockholders from whom we already have heard, as fundamentally unfair,” wrote Board Chair Robyn Denholm on the subject last month.
“We do not think that what the Delaware Court said is how corporate law should or does work. If it is legally advisable, we suggest simply subjecting the original 2018 package to a new shareholder vote.”
Musk also defended his pay package following the January decision, as well as his hopes for more voting control amidst the rapid development of artificial intelligence (AI) products.
Note: This article will be updated periodically up until Tesla’s Annual Stockholder Meeting on June 13. Last updated 6/4/24.
Musk responds to pay case lawyers requesting $6 billion in Tesla shares
What are your thoughts? Have you voted on proposal three of the upcoming meeting, and if so, how did you vote? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send us tips at tips@teslarati.com.
Elon Musk
Elon Musk drops a surprise update on Boring Company’s next big dig
Musk says Boring Company could shrink the Austin to San Antonio drive to just minutes.
Elon Musk says The Boring Company is working on what he called “a simple, precursor Hyperloop” tunnel connecting Austin and San Antonio, targeting speeds above 200 mph and cutting a drive that can take up to two and a half hours down to a consistent under 30 minutes. Musk posted the idea on X Sunday, in a reply to a repost of an AI generated video imagining a science fiction future with human colonies on other worlds, which he shared with the line “This is the future we shall bring into being.”
This is the future we shall bring into being pic.twitter.com/8aD0w8MDVc
— Elon Musk (@elonmusk) September 20, 2026
The Boring Company’s own account picked up the idea in the same thread, adding a detail about how the trip would actually work: “Because Loop/Hyperloop is express (i.e. no intermediate stops), one could travel from an Austin parking lot to a favorite San Antonio restaurant in about 30 minutes. As long as they both have Loop stations.” That framing ties the proposed intercity link to the same station model the company already runs in Las Vegas, where riders enter the tunnel network through small, garage style stops rather than one central terminal.
This is not the company’s first run at the Austin to San Antonio corridor. Boring Company floated tunnels between the two cities as far back as 2021, and later competed for a separate San Antonio Loop project tied to the airport before that specific bid stalled. Pitches for tunnels in Chicago, Los Angeles, and a New York to Washington corridor have followed a similar pattern of big announcement without a shovel in the ground.
What is different this time is the balance sheet, especially since The Boring Company closed a 3 billion dollar funding round led by investors in the United Arab Emirates earlier this month at a valuation near 23 billion dollars, giving the tunneling company more capital to chase speculative projects than it had during its earlier Texas pitches. The company is also mid-build on two other intercity systems it has actually broken ground on, inc;luding a Nashville tunnel linking downtown to the airport, where a second boring machine finished commissioning in June, and its Las Vegas network, where the station count keeps climbing on paper faster than tunnels get dug.
That gap between announcement and execution is the reason to treat Sunday’s post as an opening bid rather than a project. A tunnel spanning roughly 80 miles between two metro areas, running at speeds Boring Company has not demonstrated over any real distance, would dwarf anything the company has built. For now, the Austin to San Antonio Hyperloop exists as a caption under an AI generated space video.
Elon Musk
Tesla eyes supply partners for Optimus mass production
Tesla certified three Chinese suppliers for Optimus mass production, signaling its robot timeline is accelerating.
Tesla’s robotics team traveled to Ningbo, in China’s Zhejiang province, on September 16 and spent the following day auditing component suppliers for Optimus, according to a Bloomberg report cited by RobotAIGeek. The visit moved three manufacturers from provisional status to certified mass production partners: Tuopu Group, which handles actuators and chassis components, Ningbo Joyson Electronic, a sensor supplier, and Zhejiang Sanhua Intelligent Controls, which builds thermal management systems. All three already supply parts to Tesla’s electric vehicles, and the audit reportedly came with fresh orders that supply chain reports put at an initial batch of roughly 5,000 units.
Tuopu, Joyson, and Sanhua built their manufacturing base serving the automotive industry, where tolerances and volume requirements are already close to what a mass produced humanoid robot demands. Sanhua in particular has history here. Teslarati reported last October that the company had received a roughly $685 million order for linear actuators tied to Optimus, a volume industry watchers estimated could cover around 180,000 robots once production ramped.
Supply chain reports tied to this week’s audit put Tesla’s near term production goal at about 1,000 Optimus units a week by late September, rising to 2,000 to 2,500 units a week by the end of the year. That pace would put real weight behind the timeline Tesla has been building toward since May, when it wound down Model S and Model X production at Fremont to convert that floor space into a dedicated Optimus line targeting one million units annually. JPMorgan analysts who toured the factory in August confirmed the conversion took roughly four months, a pace Musk has called unprecedented for a facility that size.
New drone video shows Tesla’s Optimus Factory reaching a turning point
Fremont is only the first phase. A second, larger Optimus plant is rising at Gigafactory Texas, where drone footage shared by Joe Tegtmeyer last week showed the structural steel nearing completion on the north end of the building. Tesla has said that facility is meant to eventually support production of up to 10 million units a year, though volume output there is not expected before 2027.
Commercial sales of Optimus are still targeted for the second half of 2027, but production is expected to start well before then. JPMorgan analyst Rajat Gupta has said Tesla’s “Optimus Academy” program, which uses early units to collect real world training data inside Tesla’s own facilities, is expected to be running later this year. Bloomberg Intelligence analyst Ian Ma described the Ningbo audits as “a positive commercialization signal for China’s humanoid supply chain,” noting that sentiment could improve further if the visit leads to confirmed supplier nominations and larger orders. The Solactive China Humanoid Robotics Index rose about 1.4% on the news, though it remains down roughly 30% for the year.
Elon Musk
Elon Musk’s next Uranium in Uranus merch is Boring Company’s weirdest tease yet
Elon Musk teased a glowing new Boring Company merch idea, complete with a Geiger counter.
Elon Musk teased the next piece of Boring Company merchandise on X Saturday, and it is exactly as unserious as fans of the company’s product history have come to expect. “The next @boringcompany merch will put Uranium in Uranus,” Musk wrote in a thread posted early Saturday morning. He followed up by explaining that the item would glow in the dark, “because otherwise how could you find it,” and that a Geiger counter would be sold separately as “an optional strap-on.”
Musk closed the thread with a line that doubles as a mission statement for the tunneling company’s merchandise arm: “It’s not easy coming up with something that is both outrageously unsellable and yet extremely popular.”
The Boring Company has built a small but consistent side business out of novelty items that start as jokes and end up selling out. The company’s Not-a-Flamethrower raised roughly $10 million in a few days back in 2018, moving all 20,000 units it produced. Its Burnt Hair perfume, priced around $100 a bottle, sold out fast enough that scalpers were flipping units on eBay for ten times the retail price. Boring Bricks, made from tunneling spoil, followed the same playbook of teasing a product on X months before it became real.
Musk has not said what the actual item will be, only that it involves uranium and glows in the dark. Given the pattern, that vagueness is probably intentional. Past merch announcements have started as one-line jokes and taken weeks or months to turn into an actual product listing on the company’s site, and there is no guarantee this one follows through at all.
The timing lines up with a period of real momentum for the Boring Company outside of the joke merchandise. The company said last week it plans to double the number of operational stations on its Vegas Loop by the end of the year, a target tied to a hiring push for drivers and operations managers. Prufrock-5, one of the company’s tunnel boring machines, also just wrapped a test tunnel in Bastrop, Texas, and is expected to relaunch on its next assignment in November.
Whether the uranium joke turns into an actual product remains to be seen. Musk’s post did not include a price, a shipping date, or even a name for the item, which has historically meant a Boring Company website page goes up quietly, password protected, sometime before an announcement.