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another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
0
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mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
0
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mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
0
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mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
0
Options
mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Multiple
companies are still waiting on the Tesla semi trucks they ordered and
paid for years ago as full-scale production continues to get pushed
back.
The
Tesla semi truck was out on display in 2017 with promises for
production to begin in 2019. Now, five years later, a mere 36 out of 125
ordered electric semis have been delivered to Pepsi, and even those
trucks weren’t delivered until 2022 – three years late. Now, Pepsi is
using 15 of the delivered electric trucks at its Modesto facility and 21
in Sacramento.
32 of the electric semi trucks
were paid for by a $20 million state government grant, and federal
subsidies helped to pay up to $40,000 per additional electric rig.
Pepsi
isn’t the only company left waiting on their new fleet to be delivered,
UPS, FedEx, and more are still waiting on the Tesla electric semi
trucks they ordered.
Tesla is currently using 100 electric Tesla
semi trucks to transport battery packs between the Nevada and California
Tesla facilities, but says that “there just weren’t enough batteries”
to fully launch into “volume production” of the electric rigs. However,
Musk still claims that 2024 is “the battery problem gets solved,”
reported Jalopnik.
For
now, many companies interested in electric semi trucks have turned to
the Freightliner eCascadia, which has already been delivered to over 55
fleets.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
0
Options
mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Multiple
companies are still waiting on the Tesla semi trucks they ordered and
paid for years ago as full-scale production continues to get pushed
back.
The
Tesla semi truck was out on display in 2017 with promises for
production to begin in 2019. Now, five years later, a mere 36 out of 125
ordered electric semis have been delivered to Pepsi, and even those
trucks weren’t delivered until 2022 – three years late. Now, Pepsi is
using 15 of the delivered electric trucks at its Modesto facility and 21
in Sacramento.
32 of the electric semi trucks
were paid for by a $20 million state government grant, and federal
subsidies helped to pay up to $40,000 per additional electric rig.
Pepsi
isn’t the only company left waiting on their new fleet to be delivered,
UPS, FedEx, and more are still waiting on the Tesla electric semi
trucks they ordered.
Tesla is currently using 100 electric Tesla
semi trucks to transport battery packs between the Nevada and California
Tesla facilities, but says that “there just weren’t enough batteries”
to fully launch into “volume production” of the electric rigs. However,
Musk still claims that 2024 is “the battery problem gets solved,”
reported Jalopnik.
For
now, many companies interested in electric semi trucks have turned to
the Freightliner eCascadia, which has already been delivered to over 55
fleets.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
0
Options
mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
0
Options
mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
A Tesla owner says his car’s ‘self-driving’ technology failed to detect a moving train ahead of a crash caught on camera
A
video viewed millions of times on social media shows a Tesla almost
crashing into a train. Documents from Tesla show the car was in Full
Self-Driving mode at the time.
A
Tesla vehicle in Full-Self Driving mode appeared to fail to detect a
moving train and stop on its own, leading to a chaotic accident depicted
in a video that has been viewed millions of times on social media.
The
car’s owner and driver, Craig Doty II, told NBC News that he takes
responsibility for the accident, but he said he also believes that
Tesla’s Self-Driving technology, or at least as it existed in his
vehicle, is a defective product.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
0
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mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Australian judge rules that social media platform X must answer to hate speech complaint
By ROD McGUIRK
Yesterday
MELBOURNE, Australia (AP) — An Australian judge has ruled that the social media platform X is subject to a state’s anti-discrimination law even though it does not have an office in Australia.
Queensland Civil and Administrative Tribunal Judge Ann Fitzgerald said in a decision made public Friday that her court has jurisdiction over X Corp. in a hate speech complaint.
The ruling allows the Queensland Human Rights Commission to hear an allegation that X breached Queensland anti-discrimination law by failing to remove or hide anti-Muslim hate speech.
The Australian Muslim Advocacy Network, which brought the case against Twitter in June 2022 before billionaire entrepreneur Elon Musk bought and rebranded the platform last year, welcomed the decision as “precedent-setting.”
Fitzgerald’s decision “paved the way for social media companies to be held accountable for locally accessible content that may breach Australian hate speech laws,” the network said in a statement.
“This is the first such legal victory against a social media company under Australian vilifications laws, which may bear consequences to all social media companies operating in Australia,” it said.
X and its Australia-based lawyers did not immediately respond to requests for comment on Friday.
X has refused to remove material that the network alleges denigrates, dehumanizes and demonizes the Muslim community, portraying Muslims as an existential threat.
The complaint deals with material including video and photos that can be accessed through a link posted on X by an alleged far-right anti-Muslim conspiracy blog authored by an American citizen. The material is then commented on, copied and shared.
The tribunal has accepted the network’s request that the blog and its principal author not be identified for fear of “adverse consequences” for Muslims.
X had argued that the tribunal had no jurisdiction over the company because it had no presence in Queensland and the “impugned conduct” took place outside Queensland.
Fitzgerald disagreed, ruling X was “present in Queensland because it provides a service in Queensland and in my view carries on business in Queensland.”
“The impugned conduct took place in Queensland whether one terms the impugned conduct an ‘effect’ or actual conduct,” she added.
Fitzgerald made her ruling on Tuesday but lawyers did not release her reasons to the public until Friday.
Musk is also fighting in Australian Federal Court a notice by an Internet safety watchdog to take down video of a 16-year-old boy allegedly stabbing an Assyrian Orthodox bishop in a Sydney church on April 15.
X agreed to geoblock from Australian users images of what Australian authorities have declared a terrorist act.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
0
Options
mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
0
Options
mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
0
Options
mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Elon Musk sees another big advisory firm come out against his multibillion dollar pay package
By TOM KRISHER
Today
DETROIT (AP) — A second shareholder advisory firm has come out against reinstating a pay package for Tesla CEO Elon Musk that was voided earlier this year by a Delaware judge.
ISS late Thursday joined Glass Lewis in recommending against the package, recently valued by the company at $44.9 billion but in January had a value of about $56 billion.
Shareholders of the electric vehicle and solar panel company are voting on the package, with the results to be tabulated at Tesla's June 13 annual meeting.
ISS said in its recommendations on Tesla's proxy voting items that Musk's stock-based package was outsized when it was approved by shareholders in 2018, and it failed to accomplish board objectives voiced at that time.
The firm said that Tesla met the pay package’s performance objectives, and it recognized the company's substantial growth in size and profitability. But concerns about Musk spending too much time on other ventures that were raised in 2018 and since then have not been sufficiently addressed, ISS said.
“The grant, in many ways, failed to achieve the board’s other original objectives of focusing CEO Musk on the interests of Tesla shareholders, as opposed to other business endeavors, and aligning his financial interests more closely with those of Tesla stockholders,” ISS wrote.
Also, future concerns remain unaddressed, including a lack of clarity on Musk's future compensation and the potential for his pay to significantly dilute shareholder value, ISS wrote.
Musk plays big roles in his other ventures including SpaceX, Neuralink and the Boring Company. Last year he bought social media platform X and formed an artificial intelligence unit called xAI.
Last week the other prominent proxy advisory firm, Glass Lewis, also recommended against reinstating Musk's 2018 compensation package. The firm said the package would dilute shareholders' value by about 8.7%. The rationale for the package “does not in our view adequately consider dilution and its long-lasting effects on disinterested shareholders,” Glass Lewis wrote.
But in a proxy filing, Tesla said that Glass Lewis failed to consider that the 2018 award incentivized Musk to create over $735 billion in value for shareholders in the six years since it was approved.
“Tesla is one of the most successful enterprises of our time,” the filing said. “We have revolutionized the automotive market and become the first vertically integrated sustainable energy company."
Tesla is struggling with falling global sales, slowing electric vehicle demand, an aging model lineup and a stock price that has tumbled about 30% this year.
Tesla asked shareholders to restore Musk's pay package after it was rejected by a Delaware judge this year. At the time, it also asked to shift the company’s legal corporate home to Texas.
Glass Lewis recommended against moving the legal corporate home to Texas, but ISS said it favored the move.
California’s public employee retirement system, which holds a stake in Tesla, said it has not made a final decision on how it will vote on Musk’s pay. But CEO Marcie Frost told CNBC that as of Wednesday, the system would not vote in favor. CalPERS, which opposed the package in 2018, said it will discuss the matter with Tesla “in the coming days.”
In January, Delaware Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to the landmark stock compensation that was to be granted over 10 years.
Ruling on a lawsuit from a shareholder, she voided the pay package, saying that Musk essentially controlled the board, making the process of enacting the compensation unfair to stakeholders. “Musk had extensive ties with the persons tasked with negotiating on Tesla’s behalf,” she wrote in her ruling.
In a letter to shareholders released in a regulatory filing last month, Tesla Chairwoman Robyn Denholm said that Musk has delivered on the growth it was looking for at the automaker, with Tesla meeting all of the stock value and operational targets in the 2018 package. Shares at the time were up 571% since the pay package began.
“Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value,” Denholm wrote. “That strikes us — and the many stockholders from whom we already have heard — as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it.”
Tesla posted record deliveries of more than 1.8 million electric vehicles worldwide in 2023, but the value of its shares has eroded quickly this year as EV sales soften.
The company said it delivered 386,810 vehicles from January through March, nearly 9% fewer than it sold in the same period last year. Future growth is in doubt and it may be a challenge to get shareholders to back a fat pay package in an environment where competition has increased worldwide.
Starting last year, Tesla has cut prices as much as $20,000 on some models. The price cuts caused used electric vehicle values to drop and clipped Tesla’s profit margins.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
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mickeyrat
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Tesla recalling more than 125,000 vehicles to fix seat belt warning system
By MICHELLE CHAPMAN
Today
Tesla is recalling more than 125,000 vehicles to fix a seat belt warning system that may increase the risk of an injury in a collision.
The National Highway Traffic Safety Administration said that the recall includes certain 2012-2024 Model S, 2015-2024 Model X, 2017-2023 Model 3, and 2020-2023 Model Y vehicles.
The seat belt warning system is supposed to provide audible and visual seat belt reminder signals to drivers to alert them that their seat belt isn't fastened. The NHTSA said that on certain vehicles, the audible and visual seat belt reminder signals were not going off at the time they were supposed to, which doesn't comply with federal safety requirements.
The NHTSA said that as of Tuesday, Tesla had identified 104 warranty claims that may be related to the condition. The company isn't aware of any collisions, fatalities or injuries that may be related to the condition.
Tesla, which is headed by billionaire Elon Musk, plans to start deploying an over-the-air software update to the affected vehicles free of charge in June. The software update will remove dependency on the driver seat occupancy switch from the software and only rely on driver seat belt buckle and ignition status to activate the seat belt reminder signals.
Last month Tesla recalled 3,878 of its 2024 Cybertrucks after it discovered that the accelerator pedal can become stuck, potentially causing the vehicle to accelerate unintentionally and increase the risk of a crash.
In February the NHTSA announced the recall of nearly 2.2 million Tesla vehicles sold in the United States because some warning lights on the instrument panel are too small. The agency also said at the time that it had upgraded a 2023 investigation into Tesla steering problems to an engineering analysis, a step closer to a recall.
In April the NHTSA said that it was investigating whether last year’s recall of Tesla’s Autopilot driving system did enough to make sure drivers pay attention to the road.
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you're finally here and I'm a mess................................................... nationwide arena columbus '10
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another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Comments
answerman says sign up 3 accounts and delete them all. you will THEN be a man of principle.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
https://www.cbsnews.com/news/tesla-recall-cybertrucks-4000-due-faulty-accelerator-pedal/?ftag=CNM-00-10aab6j&linkId=403201066
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you're finally here and I'm a mess................................................... nationwide arena columbus '10
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another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
"you call that a pickup truck??"
"Well, you tell him that I don't talk to suckas."
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Companies left waiting on Tesla semi trucks they paid for years ago
Published:
Multiple companies are still waiting on the Tesla semi trucks they ordered and paid for years ago as full-scale production continues to get pushed back.
The Tesla semi truck was out on display in 2017 with promises for production to begin in 2019. Now, five years later, a mere 36 out of 125 ordered electric semis have been delivered to Pepsi, and even those trucks weren’t delivered until 2022 – three years late. Now, Pepsi is using 15 of the delivered electric trucks at its Modesto facility and 21 in Sacramento.
32 of the electric semi trucks were paid for by a $20 million state government grant, and federal subsidies helped to pay up to $40,000 per additional electric rig.
Pepsi isn’t the only company left waiting on their new fleet to be delivered, UPS, FedEx, and more are still waiting on the Tesla electric semi trucks they ordered.
Tesla is currently using 100 electric Tesla semi trucks to transport battery packs between the Nevada and California Tesla facilities, but says that “there just weren’t enough batteries” to fully launch into “volume production” of the electric rigs. However, Musk still claims that 2024 is “the battery problem gets solved,” reported Jalopnik.
For now, many companies interested in electric semi trucks have turned to the Freightliner eCascadia, which has already been delivered to over 55 fleets.
Get the hottest daily trucking news
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
"Well, you tell him that I don't talk to suckas."
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
A Tesla owner says his car’s ‘self-driving’ technology failed to detect a moving train ahead of a crash caught on camera
A Tesla vehicle in Full-Self Driving mode appeared to fail to detect a moving train and stop on its own, leading to a chaotic accident depicted in a video that has been viewed millions of times on social media.
The car’s owner and driver, Craig Doty II, told NBC News that he takes responsibility for the accident, but he said he also believes that Tesla’s Self-Driving technology, or at least as it existed in his vehicle, is a defective product.
continues.....
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
MELBOURNE, Australia (AP) — An Australian judge has ruled that the social media platform X is subject to a state’s anti-discrimination law even though it does not have an office in Australia.
Queensland Civil and Administrative Tribunal Judge Ann Fitzgerald said in a decision made public Friday that her court has jurisdiction over X Corp. in a hate speech complaint.
The ruling allows the Queensland Human Rights Commission to hear an allegation that X breached Queensland anti-discrimination law by failing to remove or hide anti-Muslim hate speech.
The Australian Muslim Advocacy Network, which brought the case against Twitter in June 2022 before billionaire entrepreneur Elon Musk bought and rebranded the platform last year, welcomed the decision as “precedent-setting.”
Fitzgerald’s decision “paved the way for social media companies to be held accountable for locally accessible content that may breach Australian hate speech laws,” the network said in a statement.
“This is the first such legal victory against a social media company under Australian vilifications laws, which may bear consequences to all social media companies operating in Australia,” it said.
X and its Australia-based lawyers did not immediately respond to requests for comment on Friday.
X has refused to remove material that the network alleges denigrates, dehumanizes and demonizes the Muslim community, portraying Muslims as an existential threat.
The complaint deals with material including video and photos that can be accessed through a link posted on X by an alleged far-right anti-Muslim conspiracy blog authored by an American citizen. The material is then commented on, copied and shared.
The tribunal has accepted the network’s request that the blog and its principal author not be identified for fear of “adverse consequences” for Muslims.
X had argued that the tribunal had no jurisdiction over the company because it had no presence in Queensland and the “impugned conduct” took place outside Queensland.
Fitzgerald disagreed, ruling X was “present in Queensland because it provides a service in Queensland and in my view carries on business in Queensland.”
“The impugned conduct took place in Queensland whether one terms the impugned conduct an ‘effect’ or actual conduct,” she added.
Fitzgerald made her ruling on Tuesday but lawyers did not release her reasons to the public until Friday.
Musk is also fighting in Australian Federal Court a notice by an Internet safety watchdog to take down video of a 16-year-old boy allegedly stabbing an Assyrian Orthodox bishop in a Sydney church on April 15.
X agreed to geoblock from Australian users images of what Australian authorities have declared a terrorist act.
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you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
DETROIT (AP) — A second shareholder advisory firm has come out against reinstating a pay package for Tesla CEO Elon Musk that was voided earlier this year by a Delaware judge.
ISS late Thursday joined Glass Lewis in recommending against the package, recently valued by the company at $44.9 billion but in January had a value of about $56 billion.
Shareholders of the electric vehicle and solar panel company are voting on the package, with the results to be tabulated at Tesla's June 13 annual meeting.
ISS said in its recommendations on Tesla's proxy voting items that Musk's stock-based package was outsized when it was approved by shareholders in 2018, and it failed to accomplish board objectives voiced at that time.
The firm said that Tesla met the pay package’s performance objectives, and it recognized the company's substantial growth in size and profitability. But concerns about Musk spending too much time on other ventures that were raised in 2018 and since then have not been sufficiently addressed, ISS said.
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“The grant, in many ways, failed to achieve the board’s other original objectives of focusing CEO Musk on the interests of Tesla shareholders, as opposed to other business endeavors, and aligning his financial interests more closely with those of Tesla stockholders,” ISS wrote.
Also, future concerns remain unaddressed, including a lack of clarity on Musk's future compensation and the potential for his pay to significantly dilute shareholder value, ISS wrote.
Musk plays big roles in his other ventures including SpaceX, Neuralink and the Boring Company. Last year he bought social media platform X and formed an artificial intelligence unit called xAI.
Last week the other prominent proxy advisory firm, Glass Lewis, also recommended against reinstating Musk's 2018 compensation package. The firm said the package would dilute shareholders' value by about 8.7%. The rationale for the package “does not in our view adequately consider dilution and its long-lasting effects on disinterested shareholders,” Glass Lewis wrote.
But in a proxy filing, Tesla said that Glass Lewis failed to consider that the 2018 award incentivized Musk to create over $735 billion in value for shareholders in the six years since it was approved.
“Tesla is one of the most successful enterprises of our time,” the filing said. “We have revolutionized the automotive market and become the first vertically integrated sustainable energy company."
Tesla is struggling with falling global sales, slowing electric vehicle demand, an aging model lineup and a stock price that has tumbled about 30% this year.
Tesla asked shareholders to restore Musk's pay package after it was rejected by a Delaware judge this year. At the time, it also asked to shift the company’s legal corporate home to Texas.
Glass Lewis recommended against moving the legal corporate home to Texas, but ISS said it favored the move.
California’s public employee retirement system, which holds a stake in Tesla, said it has not made a final decision on how it will vote on Musk’s pay. But CEO Marcie Frost told CNBC that as of Wednesday, the system would not vote in favor. CalPERS, which opposed the package in 2018, said it will discuss the matter with Tesla “in the coming days.”
In January, Delaware Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to the landmark stock compensation that was to be granted over 10 years.
Ruling on a lawsuit from a shareholder, she voided the pay package, saying that Musk essentially controlled the board, making the process of enacting the compensation unfair to stakeholders. “Musk had extensive ties with the persons tasked with negotiating on Tesla’s behalf,” she wrote in her ruling.
In a letter to shareholders released in a regulatory filing last month, Tesla Chairwoman Robyn Denholm said that Musk has delivered on the growth it was looking for at the automaker, with Tesla meeting all of the stock value and operational targets in the 2018 package. Shares at the time were up 571% since the pay package began.
“Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value,” Denholm wrote. “That strikes us — and the many stockholders from whom we already have heard — as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it.”
Tesla posted record deliveries of more than 1.8 million electric vehicles worldwide in 2023, but the value of its shares has eroded quickly this year as EV sales soften.
The company said it delivered 386,810 vehicles from January through March, nearly 9% fewer than it sold in the same period last year. Future growth is in doubt and it may be a challenge to get shareholders to back a fat pay package in an environment where competition has increased worldwide.
Starting last year, Tesla has cut prices as much as $20,000 on some models. The price cuts caused used electric vehicle values to drop and clipped Tesla’s profit margins.
In April, Tesla said that it was letting about 10% of its workers go, about 14,000 people.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
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Tesla is recalling more than 125,000 vehicles to fix a seat belt warning system that may increase the risk of an injury in a collision.
The National Highway Traffic Safety Administration said that the recall includes certain 2012-2024 Model S, 2015-2024 Model X, 2017-2023 Model 3, and 2020-2023 Model Y vehicles.
The seat belt warning system is supposed to provide audible and visual seat belt reminder signals to drivers to alert them that their seat belt isn't fastened. The NHTSA said that on certain vehicles, the audible and visual seat belt reminder signals were not going off at the time they were supposed to, which doesn't comply with federal safety requirements.
The NHTSA said that as of Tuesday, Tesla had identified 104 warranty claims that may be related to the condition. The company isn't aware of any collisions, fatalities or injuries that may be related to the condition.
Tesla, which is headed by billionaire Elon Musk, plans to start deploying an over-the-air software update to the affected vehicles free of charge in June. The software update will remove dependency on the driver seat occupancy switch from the software and only rely on driver seat belt buckle and ignition status to activate the seat belt reminder signals.
Last month Tesla recalled 3,878 of its 2024 Cybertrucks after it discovered that the accelerator pedal can become stuck, potentially causing the vehicle to accelerate unintentionally and increase the risk of a crash.
In February the NHTSA announced the recall of nearly 2.2 million Tesla vehicles sold in the United States because some warning lights on the instrument panel are too small. The agency also said at the time that it had upgraded a 2023 investigation into Tesla steering problems to an engineering analysis, a step closer to a recall.
In April the NHTSA said that it was investigating whether last year’s recall of Tesla’s Autopilot driving system did enough to make sure drivers pay attention to the road.
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