Tesla makes big move with its Insurance programTesla Insurance launched back in late 2019, and it was massive because it was the first time a company aimed to cover its vehicle owners in-house without the need for third-party companies.
Tesla Insurance is heading to a new state for the first time in years, as the company is aiming to launch its in-house coverage platform in Florida.
Tesla Insurance launched back in late 2019,
Tesla Insurance is available in:
- Arizona
- California
- Colorado
- Illinois
- Maryland
- Minnesota
- Nevada
- Ohio
- Oregon
- Texas
- Utah
- Virginia
In California, Tesla cannot offer real-time insurance or telematics due to regulatory rules.
Tesla has made a last-ditch effort to secure the $56 billion pay package for CEO Elon Musk, which was approved twice by company shareholders, after a Delaware Chancery Court denied the frontman the payday.
Perhaps one of the biggest issues from a standpoint of being fluent in Tesla-related events has been Musk’s pay package.
It was approved by shareholders once in 2018, and required Musk to oversee various growth tranches that would bring investors value. He completed each of the tranches and was entitled to the pay package.
However, the Delaware Chancery Court decided in January 2024 to rescind the pay package, which Musk had earned, based on a suit filed by a shareholder.
Chancellor Kathaleen McCormick ruled that Tesla’s board lacked independence from Musk when the pay package was approved in 2018, and that it should not be granted.
She called it “an unfathomable sum.”
In response to the pay package’s rejection by Chancellor McCormick, Tesla held a second shareholder vote last year, which once again showed investors were willing to support Musk’s payday. It was approved by shareholders, but it was once again denied by the court.
Today, Tesla attorneys argued to the Delaware Supreme Court that the pay package should be restored because of last year’s vote by shareholders.
Jeffrey Wall, an attorney for Tesla, said (via Reuters):
“This was the most informed stockholder vote in Delaware history. Reaffirming that would resolve this case. Shareholders in 2024 knew exactly what they were voting.”
In a response to the decision by the Delaware courts last year, Tesla proposed a new pay package for Musk in September, w hich would give him a potentially $1 trillion compensation plan. It would require Musk to help Tesla reach several performance-based growth milestones, including achieving an $8.5 trillion market cap. |
