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Did you hear? Elon Musk he got his $1 trillion pay package. Of course you did, because coverage of this highly anticipated poll is everywhere, including here at TechCrunch. But what does this actually mean?
Yes, this is about money, but it’s more about power and control. You may recall that Musk has repeatedly talked about the need to control Tesla and proposed a variety of scenarios, including an army of robots, to support it.
And the stakes were high. if he did not get this check, he threatened to leave. The shareholders simply could not, did not want to imagine Tesla without Elon.
All that money, power and control increases for Musk if Tesla hits milestones based on operations, adjusted earnings and market capitalization. Each tranche, if the target is met, will deliver 35.3 million shares to Musk. For example, the milestone of the first tranche is a market capitalization of $2 trillion. Today, Tesla’s market capitalization stands at around $1.5 trillion.
Tesla is a strange animal in that its stock price often bears no relation to actual fundamentals. It’s not unusual for Tesla’s stock price to rise because of comments Musk made during an earnings call, even if its quarterly numbers weren’t particularly good. I’m sure this is incredibly frustrating for other automakers.
That’s why I’m more interested in some product and adjusted profit goals associated with this package. Goals include delivery of 20 million Tesla vehicles, 10 million active Full Self-Driving subscriptions, delivery of 1 million robots and 1 million robotaxis in commercial operation within 10 years. Scroll down to take a survey about these goals.
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Musk used the shareholder meeting for more than just a victory lap, though that vibe was certainly present. It made a number of predictions and promises, including that production of its Cybercab will begin in April and that the company may need to build a “giant” semiconductor manufacturing plant. It also reintroduced the Roadster 2, which was first revealed as a concept vehicle in 2017. A production version will now be shown on April 1, 2026 — yes, April Fool’s Day.
Reminder: That Master Plan 4, which was the focus of Tesla’s proposal to shareholders to approve its $1 trillion pay package, is still woefully lacking in detail.
A little bird
We are working on some spicy items, but nothing is ready yet. In the meantime, remember that our emails are always open for advice.
Do you have a tip for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or my Signal at kkorosec.07 or email Sean O’Kane at sean.okane@techcrunch.com.
Offers!
Beta Technologiesthe electric aviation startup, pushed through its IPO despite the government shutdown thanks to some relaxed SEC courtesy rules. The company debuted on the New York Stock Exchange with a whopping $1 billion raise.
And while the stock price didn’t skyrocket on the first day of trading, it didn’t fall either – something that has happened in some recent IPOs.
The Vermont-based company priced its IPO shares at $34, above the forecast range of $27 to $33. Beta Technologies sold 29.9 million shares to raise $1 billion at a $7.4 billion valuation. It closed at $36 and even held that ground the next day. Shares have since fallen to around $31.
Of course, this is a long game, and Beta Technologies is still working on commercializing its aviation products. Let’s see where the company — and its stock price — will be a year from now.
Other deals that caught my eye this week…
Archer Aviation raised $650 million through a stock offering for 81.25 million shares, funds that will support the $126 million acquisition of Hawthorne Airport, a strategically important airport in Los Angeles. Shareholders did not respond positively, and shares fell more than 12.6% on Friday.
Fun fact: This airport, in addition to being a fantastic restaurant, is in Elon Musk’s backyard. The Tesla Design Studio and SpaceX are right next door, and the airport has been used for various product launches, including the Tesla Semi.
Evotrexa startup developing a hybrid RV travel trailer with a built-in gas engine has come out of stealth with $16 million in funding from Anker, as well as Chinese early-stage venture capital firms Unity Ventures, Kylinhall Partners and Vision Plus Capital.
Indian giant of two-wheelers TVS engine sold her entire stake in the riding company Rapido for ₹2.88 billion (about $32 million) to Accel and Prosus’ investment arm MIH Investments.
Lucid Motors’ The majority owner — Saudi Arabia’s sovereign wealth fund — raised the ceiling of a loan agreement from $750 million to about $2 billion, which provides liquidity to the company through 2027.
Rivian reported third-quarter earnings this week, and amid the financial results was a headline. The company has spun off another company—this time it’s an industrial artificial intelligence and robotics business called Mind Robotics. Remember, earlier this year Rivian spun off a micromobility company called Also. Mind Robotics has already raised a $115 million seed round led by VC firm Eclipse. Jiten Behlan Eclipse partner who used to work at Rivian, is a big supporter of Also.
Notable reads and other items
Bryant Walker Smithassociate professor in the Law School and (courtesy) School of Engineering at the University of South Carolina, has long been an expert and advisor to governments and safety organizations on automated driving — particularly on how to communicate with the public. Last month I released a paper that I would be remiss not to share here. It is called “Self-driving” means self-driving.
Passage executives ponder whether to kill F-150 Lightning truck.
Clear is in the midst of an executive shakeup as it continues its search for a permanent CEO. Chief engineer of the EV manufacturer Eric Bach is leaving the company after more than a decade and Jerry Fordwho was Vice President of Quality, is retiring. TechCrunch has also learned James Hawkinswho was VP of Engineering, is also no longer with the company. Meanwhile, Senior Vice President Powertrain, Emad Dlalais upgraded to oversee all “Mechanical and Digital”.
Illuminated continues to fight. The company was recently hit with a eviction notice for one of its offices in Orlando, Florida.
Lyft had a positive third quarter which included a profit of $46.1 million. That’s good news considering it reported a loss of $12.4 million in the same quarter last year. Lyft also saw ridership increase (15% year-over-year to 248.8 million) and revenue rose 11% to $1.69 billion compared to the same period last year.
Rivian publish it third quarter earnings And while the company is still operating at a loss, the revenue results appease Wall Street. The company’s revenue grew 78% year-over-year to $1.56 billion — and, hey, that’s nothing. But it also had a hefty loss of $1.17 billion in the third quarter, up 6% from the $1.1 billion loss it reported a year earlier.
Waymo plans to launch a robotaxi service in Detroit, Las Vegas and San Diego. If it seems like Waymo is on the rise, you’d be right. Don’t forget, last month at TechCrunch Disrupt, Waymo co-CEO Tekedra Mawakana said that by the end of 2026, “you should expect us to offer 1 million trips per week.” Waymo hasn’t shared that weekly number since April, when it was more than 250,000 trips a week.
One more thing…
It’s poll time! Subscribe to the newsletter to participate. Have a question you want us to ask? Email me at kirsten.korosec@techcrunch.com.
