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.
Cybertruck
Tesla Cybertruck earns IIHS Top Safety Pick+ award
To commemorate the accolade, the official Cybertruck account celebrated the milestone on X.
The Tesla Cybertruck has achieved the Insurance Institute for Highway Safety’s (IIHS) highest honor, earning a Top Safety Pick+ rating for 2025 models built after April 2025.
The full-size electric pickup truck’s safety rating is partly due to the vehicle’s strong performance in updated crash tests, superior front crash prevention, and effective headlights, among other factors. To commemorate the accolade, the official Cybertruck account celebrated the milestone on X.
Cybertruck’s IIHS rating
As per the IIHS, beginning with 2025 Cybertruck models built after April 2025, changes were made to the front underbody structure and footwell to improve occupant safety in driver-side and passenger-side small overlap front crashes. The moderate overlap front test earned a good rating, and the updated side impact test also received stellar marks.
The Cybertruck’s front crash prevention earned a good rating in pedestrian scenarios, with the standard Collision Avoidance Assist avoiding collisions in day and night tests across child, adult crossing, and parallel paths. Headlights with high-beam assist compensated for limitations, contributing to the top award.
Safest and most autonomous pickup
The Cybertruck is one of only two full-size pickups to receive the IIHS’ Top Safety Pick + rating. It is also the only one equipped with advanced self-driving features via Tesla’s Full Self-Driving (Supervised) system. Thanks to FSD, the Cybertruck can navigate inner city streets and highways on its own with minimal supervision, adding a layer of safety beyond passive crash protection.
Community reactions poured in, with users praising the vehicle’s safety rating amidst skepticism from critics. Tesla itself highlighted this by starting its X post with a short clip of a Cybertruck critic who predicted that the vehicle will likely not pass safety tests. The only question now is, of course, if the vehicle’s Top Safety Pick+ rating from the IIHS will help the Cybertruck improve its sales.
News
Tesla stands to gain from Ford’s decision to ditch large EVs
Tesla is perhaps the biggest beneficiary of Ford’s decision, especially as it will no longer have to deal with the sole pure EV pickup that outsold it from time to time: the F-150 Lightning.
Ford’s recent decision to abandon production of the all-electric Ford F-150 Lightning after the 2025 model year should yield some advantages for Tesla.
The Detroit-based automaker’s pivot away from large EVs and toward hybrids and extended-range EVs that come with a gas generator is proof that sustainable powertrains are easy on paper, but hard in reality.
Tesla is perhaps the biggest beneficiary of Ford’s decision, especially as it will no longer have to deal with the sole pure EV pickup that outsold it from time to time: the F-150 Lightning.
Here’s why:
Reduced Competition in the Electric Pickup Segment
The F-150 Lightning was the Tesla Cybertruck’s primary and direct rival in the full-size electric pickup market in the United States. With Ford’s decision to end pure EV production of its best-selling truck’s electric version and shifting to hybrids/EREVs, the Cybertruck faces significantly less competition.
Credit: Tesla
This could drive more fleet and retail buyers toward the Cybertruck, especially those committed to fully electric vehicles without a gas generator backup.
Strengthened Market Leadership and Brand Perception in Pure EVs
Ford’s pullback from large EVs–citing unprofitability and lack of demand for EVs of that size–highlights the challenges legacy automakers face in scaling profitable battery-electric vehicles.
Tesla, as the established leader with efficient production and vertical integration, benefits from reinforced perception as the most viable and committed pure EV manufacturer.
Credit: Tesla
This can boost consumer confidence in Tesla’s long-term ecosystem over competitors retreating to hybrids. With Ford making this move, it is totally reasonable that some car buyers could be reluctant to buy from other legacy automakers.
Profitability is a key reason companies build cars; they’re businesses, and they’re there to make money.
However, Ford’s new strategy could plant a seed in the head of some who plan to buy from companies like General Motors, Stellantis, or others, who could have second thoughts. With this backtrack in EVs, other things, like less education on these specific vehicles to technicians, could make repairs more costly and tougher to schedule.
Potential Increases in Market Share for Large EVs
Interestingly, this could play right into the hands of Tesla fans who have been asking for the company to make a larger EV, specifically a full-size SUV.
Customers seeking large, high-capability electric trucks or SUVs could now look to Tesla for its Cybertruck or potentially a future vehicle release, which the company has hinted at on several occasions this year.
With Ford reallocating resources away from large pure EVs and taking a $19.5 billion charge, Tesla stands to capture a larger slice of the remaining demand in this segment without a major U.S. competitor aggressively pursuing it.
News
Ford cancels all-electric F-150 Lightning, announces $19.5 billion in charges
“Rather than spending billions more on large EVs that now have no path to profitability, we are allocating that money into higher returning areas, more trucks and van hybrids, extended range electric vehicles, affordable EVs, and entirely new opportunities like energy storage.”
Ford is canceling the all-electric F-150 Lightning and also announced it would take a $19.5 billion charge as it aims to quickly restructure its strategy regarding electrification efforts, a massive blow for the Detroit-based company that was once one of the most gung-ho on transitioning to EVs.
The announcement comes as the writing on the wall seemed to get bolder and more identifiable. Ford was bleeding money in EVs and, although it had a lot of success with the all-electric Lightning, it is aiming to push its efforts elsewhere.
It will also restructure its entire strategy on EVs, and the Lightning is not the only vehicle getting the boot. The T3 pickup, a long-awaited vehicle that was developed in part of a skunkworks program, is also no longer in the company’s plans.
Instead of continuing on with its large EVs, it will now shift its focus to hybrids and “extended-range EVs,” which will have an onboard gasoline engine to increase traveling distance, according to the Wall Street Journal.
“Ford no longer plans to produce select larger electric vehicles where the business case has eroded due to lower-than-expected demand, high costs, and regulatory changes,” the company said in a statement.
🚨 Ford has announced it is discontinuing production of the F-150 Lightning, as it plans to report a charge of $19.5 billion in special items.
The Lightning will still be produced, but instead with a gas generator that will give it over 700 miles of range.
“Ford no longer… pic.twitter.com/ZttZ66SDHL
— TESLARATI (@Teslarati) December 15, 2025
While unfortunate, especially because the Lightning was a fantastic electric truck, Ford is ultimately a business, and a business needs to make money.
Ford has lost $13 billion on its EV business since 2023, and company executives are more than aware that they gave it plenty of time to flourish.
Andrew Frick, President of Ford, said:
“Rather than spending billions more on large EVs that now have no path to profitability, we are allocating that money into higher returning areas, more trucks and van hybrids, extended range electric vehicles, affordable EVs, and entirely new opportunities like energy storage.”
CEO Jim Farley also commented on the decision:
“Instead of plowing billions into the future knowing these large EVs will never make money, we are pivoting.”
Farley also said that the company now knows enough about the U.S. market “where we have a lot more certainty in this second inning.”
Tesla Cybertruck earns IIHS Top Safety Pick+ award
Tesla stands to gain from Ford’s decision to ditch large EVs
