Elon Musk described ambition to create ridehailing network with Tesla vehicles and Optimus humanoid robots
Elon Musk promised progress on vehicle autonomy
Tesla moving site of incorporation from Delaware to Texas
Tesla shareholders reaffirmed $45 billion pay award for Elon Musk
Tesla shareholders have reaffirmed the pay award of over $45 billion for Elon Musk, the CEO, in a vote at the annual meeting on June 13, 2024. The legal challenge to this pay award was set aside by shareholders despite concerns about executive pay accountability. The vote is seen as a strong sign of support for Musk's management of Tesla and could persuade the judge who voided the award to reinstate it.
The approval came after Elon Musk, who is also CEO of SpaceX, Neuralink, and xAI, promised shareholders that Tesla is making great progress on developing vehicle autonomy. Critics of Musk expressed their opinions but in smaller numbers.
Tesla held its annual shareholder meeting at its headquarters in Austin, Texas. The vote was a setback for investors who had hoped it would send a message about the accountability of chief executives and the limits of executive pay.
Elon Musk posted the news of shareholder approval on his social media platform X before it was officially announced. His supporters used X to drum up support for his payday and praised the decision after the vote.
Tesla is also moving its site of incorporation from Delaware to Texas, where it has its largest U.S. factory. Musk predicted that the economy would pick up after 12 months and Tesla would deliver production Cybertrucks in late 2023.
Musk described his ambition to create a ridehailing network with Tesla vehicles equipped with self-driving systems and owned by both Tesla and customers. He promised that limited production of Optimus humanoid robots would begin in 2025 and predicted over 1,000 or a few thousand Optimus robots would be working at Tesla in the next year.
Elon Musk's pay package worth $56 billion in Tesla stock was ratified by shareholders at the annual meeting on June 13, 2024.
Tesla shares rose by 2.9% in regular trading after the preliminary results of the vote were announced.
Tesla is moving its site of incorporation from Delaware to Texas, where it has its largest U.S. factory.
Elon Musk predicted that the economy would pick up after 12 months and Tesla would deliver production Cybertrucks in late 2023.
Musk described his ambition to create a ridehailing network with Tesla vehicles equipped with self-driving systems and owned by both Tesla and customers.
Musk promised that limited production of Optimus humanoid robots would begin in 2025 and predicted over 1,000 or a few thousand Optimus robots would be working at Tesla in the next year.
Accuracy
] Elon Musk's pay package worth $56 billion in Tesla stock was ratified by shareholders at the annual meeting on June 13, 2024.[
Tesla shareholders reaffirmed a pay award worth over $45 billion for Elon Musk on Thursday
Deception
(30%)
The article contains selective reporting as it only reports details that support the author's position. The author does not disclose any peer-reviewed studies or facts to back up her claims. She also uses emotional manipulation by quoting Musk's statement 'I just want to start off by saying hot d---! I love you guys.' and describing him as 'exuberant' and 'pathologically optimistic'. The author also does not disclose any sources for the information in the article.
The compensation package was previously worth as much as $56 billion in Tesla stock.
Tesla shares rose 2.9% in regular trading on Thursday to close at $182.47 after Musk posted on X that the proposal was set to be approved.
An exuberant Musk, calling himself ‘pathologically optimistic’, promised Tesla shareholders at the meeting that the company is making such great progress on developing ‘vehicle autonomy’, or systems to turn existing Tesla cars into self-driving vehicles, that he believes they can ‘10x the value of the company.’
Regarding the Cybertruck, which hit the market in late 2023, Musk said deliveries are picking up. He said the company hit a weekly record of 1300 shipments.
Fallacies
(80%)
The author makes an appeal to emotion with Musk's quote 'I just want to start off by saying hot d---! I love you guys.' and the phrase 'There'll be some cars that Tesla owns itself. But then for the fleet that is owned by our customers, it will be like an Airbnb thing. You can add or subtract your car to the fleet whenever you want.', which could be considered inflammatory rhetoric.
][author] I just want to start off by saying hot d---! I love you guys.[//,
Elon Musk posted the news of shareholder approval on his social media platform X before it was officially announced
Supporters of Elon Musk used X to drum up support for his payday and praised the decision after the vote
Accuracy
Tesla shareholders reaffirmed a pay award worth over $45 billion for Elon Musk on Thursday
Jason Calacanis, a prominent tech investor and podcast host, wrote 'Congrats on getting paid what you’re owed E''
Alex Voigt, a blogger and YouTube personality, wrote 'The most important message of the vote is that Elon knows now he has the support of 90% of retail investors and more than 73% of all shares'
David Sacks, a Silicon Valley tech investor, wrote 'The vast majority of Tesla shareholders approved Elon’s comp package in 2018 and have re-approved it now. An activist judge voided it for nothing.'
Deception
(70%)
The author, Eli Tan, presents the reactions of Mr. Musk's supporters on X to the shareholder vote as evidence of widespread approval for Musk's payday. However, this is a selective reporting of information and does not provide any context about the number or percentage of Tesla shareholders who voted in favor or against the pay package. Additionally, there is no mention of any opposition from major institutional investors or regulatory bodies.
The most important message of the vote is that Elon knows now he has the support of 90% of retail investors and more than 73% of all shares
For months, Mr. Musk’s supporters have used the social media site to drum up support for his massive payday
They included retail investors, friends in the technology industry and media personalities
Fallacies
(100%)
None Found At Time Of
Publication
Bias
(95%)
The author, Eli Tan, expresses no bias in the article. However, some of the quotes from supporters of Elon Musk on X platform contain language that could be perceived as biased towards Musk and his pay package. The examples provided below are not exhaustive but demonstrate a clear bias towards Musk.
Congrats on getting paid what you're owed E!
The most important message of the vote is that Elon knows now he has the support of 90% of retail investors and more than 73% of all shares, and that matters for him personally and for the future of Tesla.
The vast majority of Tesla shareholders approved Elon's comp package in 2018 and have re-approved it now. An activist judge voided it for nothing.
Tesla held a Cybertruck deliveries event in late 2023 and has been advertising over the past year, including on X.
Elon Musk is CEO of SpaceX, Neuralink, and xAI. He also promised shareholders that Tesla is making great progress on developing vehicle autonomy.
Critics of Elon Musk also expressed their opinions on X but in smaller numbers.
Accuracy
Tesla shareholders voted to reinstate Elon Musk’s $56 billion pay package at the annual meeting in Austin, Texas.
Elon Musk predicted that the economy would pick up after 12 months and Tesla would deliver production Cybertrucks in late 2023.
Deception
(100%)
None Found At Time Of
Publication
Fallacies
(90%)
The article contains an appeal to authority when citing the opinions of various investors and advisory firms such as Glass Lewis, Institutional Shareholder Services, California Public Employees' Retirement System (CalPERS), and New York City Comptroller Brad Lander. Additionally, there is a potential dichotomous depiction by stating that 'shareholders first approved the $56 billion pay package in 2018' and then later mentioning that 'the Delaware judge voided the pay plan in response to an investor lawsuit.' This could be interpreted as presenting only one side of the story. However, no formal fallacies are present, and overall the article is a mostly neutral report on the situation.
Shareholders voting to reinstate Musk’s pay package may factor in appeals or other litigation following the Delaware court’s ruling that voided the compensation plan.
