Dustin Behee

[Tesla @Tesla]

https://t.co/FrWpKzTkjj

[TIME @TIME]

TIME’s new cover: SpaceX is racing to build its most powerful rockets yet with the goal of returning humans to the moon. Gwynne Shotwell is leading the charge alongside Elon Musk. Read it here: https://t.co/b4Wb6H6BTQ

[World Baseball Classic @WBCBaseball]

Team USA has arrived to the World Baseball Classic Final in GAME-USED United States Men's National Hockey Team jerseys.

[Cybertruck @cybertruck]

New version of Cybertruck now available to order in the US

This is our most affordable Cybertruck yet.

Tough as nails with ultra-low cost of ownership

– Starts at $59,990
– Dual Motor AWD w/ est. 325 mi of range
– Powered tonneau cover
– Bed outlets (2x 120V + 1x 240V) & Powershare capability
– Coil springs w/ adaptive damping
– Heated first-row seats w/ textile material that is easy to clean

Also
– Steer-by-wire & Four Wheel Steering
– 6’ x 4’ composite bed
– Towing capacity of up to 7,500 lbs
– Powered frunk

Order via https://t.co/b3WNPzYJYj

[Tesla @Tesla]

First Cybercab off the production line at Giga Texas

[X @X]

To the future of humanity!

https://t.co/oupCYfy2cf

[Kansas City Chiefs @Chiefs]

RT for a chance to win this helmet signed by TE1!

#WPMOYChallenge x @Nationwide x @tkelce

[Patrick Mahomes II @PatrickMahomes]

Don’t know why this had to happen. And not going to lie it’s hurts. But all we can do now is Trust in God and attack every single day over and over again. Thank you Chiefs kingdom for always supporting me and for everyone who has reached out and sent prayers. I Will be back stronger than ever ⏰

[Formula 1 @F1]

Unreal

#F1 #AbuDhabiGP

[Tesla @Tesla]

https://t.co/9wppdFR5EI

[Tesla Optimus @Tesla_Optimus]

Just set a new PR in the lab

[Michael Dell 🇺🇸 @MichaelDell]

$6.25 billion. 25 million children. $250 each.

Susan and I believe the smartest investment we can make is in children. That’s why we’re so excited to contribute $6.25 billion from our charitable funds to help 25 million children start building a strong financial foundation through Invest America. 💪📈🇺🇸

https://t.co/Rua4PBJaEc

[Lexi @lexiosborne]

It’s that time of year again… pro bowl time. RT’s count as votes!! ❤️💛 #chiefskingdom
#ProBowlVote + Patrick Mahomes
#ProBowlVote + Travis Kelce
#ProBowlVote + Creed Humphrey
#ProBowlVote + Trey Smith
#ProBowlVote + Chris Jones
#ProBowlVote + Trent McDuffie
#ProBowlVote + Kareem Hunt
#ProBowlVote + Rashee Rice
#ProBowlVote + Xavier Worthy
#ProBowlVote + Hollywood Brown
#ProBowlVote + Kingsley Suamataia
#ProBowlVote + Josh Simmons
#ProBowlVote + Jawaan Taylor
#ProBowlVote + Nick Bolton
#ProBowlVote + Leo Chenal
#ProBowlVote + Drue Tranquill
#ProBowlVote + Harrison Butker
#ProBowlVote + Matt Araiza
#ProBowlVote + James Winchester
#ProBowlVote + Bryan Cook
#ProBowlVote + Jaylen Watson

[Kansas City Chiefs @Chiefs]

There's no one quite like QB1. RT to vote!

@PatrickMahomes x #ProBowlVote

[Kansas City Chiefs @Chiefs]

We're giving away a signed @TeamJuJu helmet thanks to @StorageMart 👏

RT this post and you're entered to win!

[Elon Musk @elonmusk]

You are a taker, not a maker. All you’ve done your whole life is take from the makers of the world.

The zero-sum mindset you have is at the root of so much evil. Once you realize that civilization is not zero-sum and that it is about making far more than one consumes, then it becomes obvious that the path to prosperity for all is just let the makers make.

Regarding Tesla, the reality is that I have been given nothing.

However, if I lead Tesla to become the most valuable company in the world by far and it stays that way for 5 years, shareholders voted to award me 12% of what is built. Anyone who wants to come along for the ride can buy Tesla stock.

If Tesla “merely” becomes a $1.999 trillion dollar company, I get nothing. This is a great deal for shareholders, which is why they voted so overwhelmingly to approve this, for which I am immensely grateful.

And they did so by a margin far more than you won your political seat.

[Tesla @Tesla]

Q3 Update

In Q3, we achieved record deliveries + energy storage deployments.

Alongside launching new + exciting products, our focus remains on scale.

Every Tesla delivered today is designed for autonomy & every Tesla energy storage product is capable of being enhanced + optimized by our virtual power plant or Autobidder functionality.

Maximizing our deliveries + deployments means delivering increasing value to all of you over time via AI-powered services.

As such, we continue to deliver a fleet of products that bring AI into the real world as we pursue a future of sustainable abundance as outlined in our Master Plan Part IV.

North America @tesla_na
– Launched Model 3/Y Standard, each with >300 mi of range & starting at $36,990 / $39,990 respectively, making our products more accessible

– Launched Model Y Performance

EMEA @teslaeurope
– Model Y is the best-selling vehicle in Norway, Switzerland & Iceland YTD, in Finland for Q3 + in the Netherlands & Denmark in September

– Produced 100,000th refreshed Model Y at Giga Berlin + started production of Model Y Performance

– We continue to pursue the launch of FSD Supervised in Europe, pending regulatory approval

APAC @tesla_asia
– Launched the Model YL in China, a longer wheelbase version of the Model Y with 6 seats and 3 rows

– Achieved record deliveries in South Korea, Taiwan, Japan & Singapore + began deliveries of the Model Y in India

– Launched FSD Supervised in Australia + New Zealand

– South Korea is now our third largest market behind only the US & China

AI Software + Hardware @tesla_AI
– Started rolling out v14 of FSD Supervised in October, bringing a large portion of the Robotaxi FSD model to our owners + improved handling of several complex scenarios such as avoiding road debris, yielding for emergency vehicles & adding arrival options to indicate where FSD should park

– Expanded both our service area + fleet count for our Robotaxi service in Austin & launched our Bay Area ride-hailing service

– Announced a deal to manufacture advanced semiconductors for AI inference and training in the US w/ Samsung + further expanded our AI training compute capacity, bringing Cortex to a total of 81k H100 equivalents

Vehicle + other software
– @Robotaxi iOS app is now available to everyone in the US & Canada – download to join the waitlist

Over-the-air updates bring you new features overnight:

– Grok (an AI companion) for vehicles in North America

– Low Power Mode to help conserve energy (useful when traveling)

– Light Sync that synchronizes the car’s interior accent lights with music

– You can also order food directly from your vehicle touchscreen before arrival at the Tesla Diner in Los Angeles

– Tesla app users can now pinpoint vehicle concerns + diagnose urgent issues to dispatch mobile technicians, making the service experience even smoother

Battery, Powertrain & Manufacturing
– Both Model 3 + Model Y Standard feature a new battery pack & powertrain designed for energy + cost efficiency

– We expect our lithium refinery in Texas to begin production in Q4 2025 & our LFP lines in Nevada to begin production Q1 2026

Energy @teslaenergy
– Highest quarterly energy storage deployments ever!

– Unveiled our next-generation industrial storage product – Megablock –, a pre-engineered, medium voltage battery that integrates four Megapack 3s.

This new + simplified architecture incorporates hardware, software & services in a single package up to medium voltage, enabling rapid utility-scale deployment with faster interconnection to the grid and reduced complexity for customers.

Will begin production at Megafactory Houston in 2026 with up to 50 GWh per year of manufacturing capacity

Services and other @TeslaCharging
– Added >3,500 net new Supercharging stalls in Q3, growing the network 18% year-over-year

– Launched our first v4 Supercharger cabinets = 3x the power density + 2x the number of stalls per cabinet compared to V3, bringing higher throughput + efficiency, lower cost & faster deployments

V4 Superchargers enable 500kW charging for passenger vehicles & 1,200kW charging for @Tesla_Semi, enabling the fastest charging time for trucks in the US

https://t.co/dOjSLhd10p

[Tesla @Tesla]

This new letter from Chair Robyn Denholm sets the record straight on ISS’s and Glass Lewis’s recommendations, including why their one-size-fits-all policies don’t work for a company as uniquely ambitious as Tesla or its shareholders.

ISS and Glass Lewis have time and time again recommended against Tesla’s proposals designed to promote the sort of extraordinary growth we have enjoyed, and time and time again they have been proven wrong by both our shareholders’ votes and Tesla’s results. Tesla’s market capitalization is up 20x since shareholders approved the 2018 CEO Performance Award – which, it so happens, ISS and Glass Lewis opposed.

We encourage you – the owners of this company – to make an informed, independent vote ahead of the 2025 Annual Meeting. Vote yes to robots, and reject robotic voting. Vote with Tesla on ALL proposals.

–––

Dear Fellow Shareholders,

Following recent misguided recommendations from ISS and Glass Lewis regarding Proposals 1, 3 and 4, I want to set the record straight on the reelection of our directors and Elon’s equity incentives.

At Tesla, we would rather design visionary systems than be constrained by what’s conventional. We are not afraid to break the mold and we build things the right way. In contrast, ISS and Glass Lewis evaluate all companies and all proposals using the same simplistic, one-size-fits-all framework.

They are fundamentally unable to evaluate companies, like Tesla, that chart their own course and challenge the status quo. Thankfully our shareholders have ignored their recommendations – otherwise, you may have missed out on our market capitalization soaring 20x while the proxy advisors time and time again recommended “against” Tesla proposals designed to promote the sort of extraordinary growth we have enjoyed.

I encourage you to ignore ISS’s and Glass Lewis’s advice for this year’s Annual Meeting and vote with the Board’s recommendations on all proposals. Let me address some of the key misconceptions reflected in ISS’s and Glass Lewis’s recommendations.

But you’re giving him too much money!

Elon gets nothing unless shareholders enjoy exceptional investment returns. The 2025 CEO Performance Award was designed with one overarching purpose: to supercharge Tesla’s next phase of exceptional growth, innovation and value creation.

There are no layups, and Elon only gets additional voting rights if he delivers on bold market capitalization and operational goals. Furthermore, he only gets to keep those voting rights and obtain the associated economic benefits if he leads Tesla for at least 7.5 more years.

This plan delivers enormous upside to shareholders, who will receive approximately nine-tenths of the value created. To put it into perspective, even if Elon only hits the first milestone, he will be delivering approximately a trillion dollars of sustained value to shareholders, almost doubling our current market capitalization, far exceeding any payout to Elon for achieving that tranche.

In other words: this performance incentive award is generally contingent on delivering products that support Elon’s vision for Sustainable Abundance, addresses shareholder concerns regarding retention and long-term succession, and ultimately creates extraordinary shareholder value. There is no guaranteed pay because we believe the key to Tesla’s long-term success lies in ensuring alignment of our CEO’s interests with those of our shareholders.

But you’re going to cause too much dilution!

Shareholders should consider this award to be an investment; not dilution. If the full 2025 CEO Performance Award vests at the highest market capitalization milestone, Tesla’s market capitalization would experience a 7.5x increase in value in exchange for 13.12% dilution by the proxy advisors’ highest estimate.

The proxy advisors’ preoccupation with dilution misses the point that the pie must increase by more than seven-fold to get there. In contrast to ISS’s and Glass Lewis’s rigid views of the world – which sees shareholders as “giving away value” – those of us on the Board believe in a reality where every shareholder gets a bigger slice of the growing pie. While I don’t agree with many statements in the proxy advisors’ reports, I agree with ISS’s acknowledgement that our 2025 CEO Performance Award is designed so that “historical value would be realized not only for Musk, but also for the company's shareholders.”

But the product goals are way too easy!

There are no “easy” milestones under the 2025 CEO Performance Award. To achieve the final Adjusted EBITDA milestone, Elon will need to lead Tesla to $400 billion in Adjusted EBITDA – which means growing our current Adjusted EBITDA by ~26x.

This award aims to see Tesla grow larger than any company in history. Each and every operational milestone, including the product goals, must be validated by an extraordinarily ambitious – and sustained – increase in market capitalization. Market capitalization – the market’s verdict on real value – can’t be “gamed” through aggressive pricing or other tactics to create illusory growth; Tesla’s market capitalization targets require profitable, real-world products.

If Elon doesn’t deliver sustained increases in market capitalization to validate the success of any product goal, he will earn nothing under such product goal.

You didn’t need to do this to keep Elon. What he really wants is votes!

The 2025 CEO Performance Award channels Elon’s desire for a stable ownership structure to promote extraordinary growth into what shareholders actually care about: sustained, long-term value creation.

While the Special Committee evaluated designing a high-vote structure, it wasn’t feasible under current rules. Instead, the 2025 CEO Performance Award improves upon the wildly successful 2018 CEO Performance Award by separating voting power from economic value to strengthen alignment among Elon, Tesla and shareholders and promotes longer term retention by delaying vesting of any earned share for at least 7.5 years.

Voting rights on a tranche are only earned after shareholders win – and win big.

But your governance for compensation is flawed!

The disinterested Special Committee undertook a seven-month long process to design and negotiate the 2025 CEO Performance Award and Special Share Reserve under the A&R 2019 Equity Incentive Plan. Most importantly, even following that rigorous process shareholders still have the final say.

Governance is not an end in and of itself, but a necessary ingredient for durable, long-term value creation. We judge governance by results, and Tesla’s stock has delivered annualized returns of almost 50% since the beginning of 2018, far outpacing the broader market.

While ISS and Glass Lewis would prefer that we follow the herd and apply their cookie-cutter guidelines, it is precisely Tesla’s ability to lead, innovate and think independently that has enabled such extraordinary shareholder returns.

And your directors are bad at governance!

Our longest standing independent director, Ira, is uniquely qualified to serve on our board and lead our governance efforts, having received numerous awards in the corporate governance and growth company spaces. While Ira has been guiding our governance and compensation, total shareholder returns have topped 39,000%.

As Tesla continues to grow shareholder value through technological progress, Kathleen’s decades of legal and operating experience and compensation, human capital and management knowledge will be crucial for Tesla to win the AI talent war.

To be a great director at Tesla, there’s no question that you must have thick skin. As a trailblazing company willing to break the mold in pursuit of an extraordinary future, it’s no surprise that our directors are easy targets. Despite this, our directors have consistently demonstrated their integrity and risen above the criticisms of those too narrow-minded to appreciate our ambitious vision.

The fact is both Ira and Kathleen are widely recognized as corporate governance leaders because they remain passionately focused on our mission to create Sustainable Abundance for all. They have the fortitude to do the right thing – which is often the hard thing – by prioritizing shareholders’ long-term interests rather than caving to short-term desires in support of the whims of critics.

Tesla designs and builds robots, but we don’t let robots design our governance structure as ISS and Glass Lewis would prefer. That is why we have assembled a Board with a wide array of perspectives, from people with varied experiences. In contrast to the formulaic approach reflected in ISS’s and Glass Lewis’s recommendations on our directors and Proposals 3 and 4, we on the Tesla Board don’t see governance as a one-size-fits-all exercise.

We view governance as a dynamic process, where we act with transparency and integrity as all of our directors work together to deliver financial value to our shareholders. The way we practice governance demands bold, deliberative and thought-provoking leadership as we face new challenges, navigate new paths, and ultimately drive Tesla into an exciting future with Sustainable Abundance for all. Our more thoughtful governance process requires dedication and contributions from incredible directors like Ira, Kathleen and Joe.

So, in evaluating these recommendations from ISS and Glass Lewis, as well as any third-party advice regarding your vote at this year’s Annual Meeting, we encourage you – shareholders who have made an actual financial investment in Tesla’s future – to make your own decision rather than following proxy advisors who don’t own a single share of Tesla stock.

I think it is noteworthy that ISS and Glass Lewis have both announced plans to update their product offerings, with Glass Lewis admitting that “the traditional one-size-fits-all model of proxy advice no longer meets the needs of a diverse client base.” So, their models are changing, just not today, and not for our Annual Meeting. Well, at Tesla, we know that progress waits for no one and speed is crucial to success.

While the proxy advisors tinker with their models, I urge you to take back your vote.

If you prefer that Tesla turn into just another car company mired in the ways of the past, then you should follow ISS and Glass Lewis. If you believe that Tesla, under the visionary leadership of Elon and the oversight of a Board that includes business leaders with integrity like Ira, Kathleen and Joe, then you should vote with Tesla.

Thank you for your continued support of Tesla.

Very truly yours,

Robyn Denholm
Chairperson of the Board

[Tesla @Tesla]

Model Y Standard & Model 3 Standard are here