Tesla Shareholders to Vote Today on $56 Billion Pay Package for Elon Musk
Hey everyone! Big day today for Tesla and its shareholders. Here’s the latest scoop — grab your coffee and strap in as we dive into some major happenings in the tech and automotive world!
Tesla Shareholder Vote
Today’s the day! Tesla shareholders are coming together to vote on various matters, the most controversial being Elon Musk’s jaw-dropping $56 billion pay package. Yes, you read that right — 56 billion dollars!
Reasons for Rejection
Back in January, Chancellor Kathaleen McCormick rejected the “re-ratification” of Musk’s compensation package. Why? She believes that Musk’s enormous influence over Tesla and its board hindered meaningful negotiations during the deal’s creation in 2017–2018.
Ford’s Recruitment Strategy
Ford isn’t sitting still. They’re actively on the hunt for top talent from competitors like Rivian, Tesla, and even tech giants like Apple. Their goal? To build a low-cost EV team and capitalize on the recent turmoil in the auto industry. Smart move, Ford!
General Motors’ Investment in Cruise
General Motors is doubling down on Cruise, their robotaxi subsidiary, by injecting an $850 million lifeline. This funding is crucial for Cruise to navigate back into the market and secure long-term capital, including new partnerships and external funding.
Descartes’ Acquisition
Logistics company Descartes has taken a big step forward by acquiring BoxTop Technologies for $13 million. BoxTop specializes in shipment management solutions for small to midsized logistics providers. This is a strategic move to bolster Descartes’ capabilities.
FLO’s Funding
FLO, an EV charging network operator, is charging ahead with $136 million in long-term capital from a Series E round led by Export Development Canada. The funds will help FLO expand its network across the U.S. and Canada and introduce new charging products. Exciting times for EV enthusiasts!
Fly E-Bike’s IPO
Fly E-Bike, a New York-based e-bike retailer, recently went public on the Nasdaq with an opening price of $4.78 per share. Unfortunately, the stock has since dipped nearly 20%. Fingers crossed for a rebound!
General Motors’ Share Buyback Plan
General Motors has announced a new plan to repurchase up to $6 billion of its common stock. This move aims to boost investor value. Additionally, GM is increasing its stock dividend by 33%, from $0.09 to $0.12 per share in the first quarter. Nice!
Tern AI’s Seed Round
Tern AI aims to offer a cheaper alternative to GPS. The startup recently raised $4.4 million in a seed round from Scout Ventures, Shadow Capital, Bravo Victor VC, and Veteran Fund. Keep an eye on this one!
Qargo’s Series A Round
Belgian startup Qargo has secured $14 million in a Series A round led by Balderton Capital. Qargo is on a mission to help the logistics industry digitize, create efficiencies, reduce costs, and lower emissions. Go green!
Cruise’s Return to Houston
Cruise is making a comeback in Houston with a small fleet of vehicles, now equipped with human safety drivers. The company is revalidating its technology, so stay tuned for more updates.
May Mobility’s Autonomous Shuttle Service
Starting June 20, May Mobility is launching an autonomous shuttle service in Detroit for residents with disabilities or those aged 65 and older. They’ll deploy three AVs, two of which are wheelchair-accessible, to help participants access healthcare facilities, shopping centers, work, and social activities. Inclusivity for the win!
Waymo’s Recall
Waymo has issued its second recall due to a robotaxi in Phoenix colliding with a telephone pole. They updated the software on over 600 vehicles as they returned to the depot for regular maintenance and recharging. Safety first!
Aptera’s Crowdfunding Issues
Aptera is a cautionary tale on the perils of crowdfunding. They raised over $100 million but have yet to deliver any products. Yikes!
European Commission’s Tariffs on Chinese EVs
The European Commission is imposing additional tariffs on Chinese EVs, such as BYD (17.4%), Geely (20%), and SAIC (38.1%), due to unfair subsidization posing a threat to EU producers.
Fisker’s Recall
Fisker has issued its first recall for its troubled Ocean SUV due to warning light issues. Amidst bankruptcy fears and workforce reductions, this is another bump in the road for Fisker.
Rivian’s Revamped Vehicles
Rivian was initially all over the place, but they’re now focused with revamped versions of their first two vehicles and have ditched plans for a Georgia factory. Looks like they’re on the right path!
Revel’s Ride-Hail Service Transition
Revel, known for its all-Tesla ride-hail service in NYC, is shifting to a gig worker model similar to Uber and Lyft. This transition means laying off its 1,000 driver employees. Big changes ahead!
And that’s your tech and auto roundup for today! Keep an eye on the Tesla shareholder vote and all the other exciting developments. Cheers! 🚗🔋
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