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You have likely heard that Elon Musk received his one trillion dollar pay package. The coverage of that shareholder vote is widespread. But what does this development actually mean? While it is about money, it is more fundamentally about power and control. Musk repeatedly discussed the need for control over Tesla, even suggesting scenarios involving a robot army to support his argument. The stakes were high, as he threatened to leave the company if he did not get that control. Shareholders could not imagine Tesla without him.
Musk’s wealth and control will increase if Tesla reaches specific milestones based on operations, adjusted profit, and market capitalization. Each achieved milestone will deliver 35.3 million shares to him. The first milestone requires reaching a market capitalization of two trillion dollars. Tesla’s current market cap is approximately 1.5 trillion dollars. Tesla is an unusual company where its share price often moves independently of its fundamental business performance. It is not uncommon for the stock to rise based on comments Musk makes during an earnings call, even if the quarterly results are not strong, a situation that must be frustrating for other automakers.
The product and profit goals tied to this package are particularly interesting. These goals include delivering 20 million Tesla vehicles, achieving 10 million active Full Self-Driving subscriptions, delivering one million robots, and having one million robotaxis in commercial operation within ten years.
Beyond the victory lap at the shareholder meeting, Musk made several forecasts and promises. He claimed production of the Cybercab will begin in April and that the company might need to construct a gigantic semiconductor fabrication plant. He also delayed the reveal of the production Roadster 2 again, now scheduled for April 1, 2026, which is April Fools’ Day. It is important to remember that Master Plan 4, which was central to the pitch for the pay package, remains lacking in specific details.
In other news, the electric aviation startup Beta Technologies moved forward with its IPO, raising one billion dollars on the New York Stock Exchange. The company priced its shares above the predicted range. While the stock price did not skyrocket initially, it also did not fall, which is a better outcome than some recent IPOs. The company’s long-term goal is to commercialize its aviation products.
Other notable deals from the week include Archer Aviation raising 650 million dollars through a stock offering to support its acquisition of Hawthorne Airport. Shareholders reacted negatively, and the stock price fell. The hybrid RV startup Evotrex emerged from stealth with 16 million dollars in seed funding. Indian company TVS Motor sold its entire stake in the ride-hailing firm Rapido. Lucid Motors’ majority owner increased the cap of a loan agreement to provide the company with liquidity until 2027.
Rivian reported its third-quarter earnings and revealed it has spun off another company, an industrial AI and robotics venture called Mind Robotics, which has already raised a 115 million dollar seed round.
In other industry tidbits, a new paper from an expert in automated driving discusses the term “self-driving.” Ford executives are reportedly considering discontinuing the F-150 Lightning electric truck. Lucid Motors is undergoing an executive shake-up as it searches for a permanent CEO. Luminar was recently served an eviction notice for one of its Florida offices. Lyft had a positive third quarter, reporting a profit and growth in ridership and revenue. Rivian’s third-quarter revenue showed significant year-over-year growth, though the company still reported a substantial loss. Waymo plans to launch a robotaxi service in Detroit, Las Vegas, and San Diego, as part of a rapid expansion plan aiming for one million weekly trips by the end of 2026.