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Have you heard? Elon Musk secured his $1 trillion compensation deal. Naturally, you have, because the buzz surrounding that eagerly awaited vote is everywhere, including here at TechCrunch. But what does it actually signify? 

Indeed, this matter revolves around financial reward, but it also emphasizes authority and influence. You may remember that Musk has often emphasized the importance of holding control over Tesla and presented various imaginative scenarios, one of which involved a robotic army, to advocate for it.

The stakes were substantial; without that control, he indicated he might walk away. Shareholders simply couldn’t bear the thought of Tesla without Musk at the helm.

All that wealth, influence, and authority increases for Musk as Tesla achieves targets oriented around operations, adjusted earnings, and market capitalization. Each tranche met will grant Musk 35.3 million shares. For example, the initial tranche target is a market cap of $2 trillion. Currently, Tesla’s market cap is around $1.5 trillion. 

Tesla exhibits a fascinating dynamic where its share price frequently bears little relation to actual fundamentals. It’s quite common for Tesla’s stock price to surge due to remarks Musk makes on an earnings call, even if the quarterly results aren’t particularly stellar. This must be incredibly frustrating for competing automakers. 

That’s why I’m more intrigued by some of the product and adjusted earnings targets associated with this compensation package. These targets encompass delivering 20 million Tesla vehicles, achieving 10 million active Full Self-Driving subscriptions, delivering 1 million robots, and having 1 million robotaxis operating commercially within a decade. Scroll to the bottom to take part in a survey about these objectives. 

Musk used the shareholder assembly for more than just a moment of celebration, although that sentiment was certainly felt. He made numerous forecasts and commitments, stating that the Cybercab’s production will commence in April and that the company might require a “massive” semiconductor fabrication facility. He also once again delayed the Roadster 2, which was initially introduced as a prototype in 2017. A production version is now slated for revelation on April 1, 2026 — yes, April Fools’ Day. 

Reminder: That Master Plan 4, which formed the core of Tesla’s appeal to shareholders for endorsing the $1 trillion compensation deal, is still lacking in details.

A little bird

We’re developing a few intriguing stories, but nothing is quite ready at the moment. In the meantime, remember our inbox is always open for tips.

Have a tip to share? Email Kirsten Korosec at [email protected] or reach me on Signal at kkorosec.07, or email Sean O’Kane at [email protected].

Deals!

Beta Technologies, the electric aviation startup, advanced with its IPO despite the government shutdown thanks to some leniency from the SEC. The company made its entrance on the New York Stock Exchange with a considerable raise of $1 billion.

Although the stock price didn’t soar on its first trading day, it also didn’t drop — which is a shift from the trend seen in several recent IPOs. 

The Vermont-based firm set the share price in its IPO at $34, above its anticipated range of $27 to $33. Beta Technologies managed to sell 29.9 million shares, raising $1 billion at a valuation of $7.4 billion. It ended the day at $36 and maintained that level the next day. Since then, shares have dipped to about $31. 

However, this is a long-term endeavor, and Beta Technologies is still in the process of commercializing its aviation products. It will be interesting to observe where the company stands — and its share price — one year down the line.

Other deals that caught my interest this week …

Archer Aviation managed to secure $650 million through a stock offering for 81.25 million shares, with proceeds aimed at its $126 million acquisition of Hawthorne Airport, a key location in Los Angeles. The market response was not favorable, with shares dropping over 12.6% on Friday. 

Interesting tidbit: This airport, besides having an excellent restaurant, is located in Elon Musk’s vicinity. The Tesla Design Studio and SpaceX are adjacent, and the facility has hosted various product launch events, including for the Tesla Semi. 

Evotrex, a startup innovating a hybrid RV travel trailer with an integrated gas engine, has emerged from stealth mode with $16 million in seed funding from Anker along with early-stage venture firms in China, including Unity Ventures, Kylinhall Partners, and Vision Plus Capital.

Indian motorcycle giant TVS Motor sold its complete stake in ride-hailing business Rapido for ₹2.88 billion (approximately $32 million) to Accel and the investment unit of Prosus, MIH Investments. 

Lucid Motors’ primary owner — Saudi Arabia’s sovereign wealth fund — increased the limit of a loan pact from $750 million to approximately $2 billion, ensuring the company has liquidity until 2027.

Rivian disclosed its earnings for the third quarter this week, revealing a puzzling development within its financial results. The company has spun off yet another entity — this time focusing on industrial AI and robotics, called Mind Robotics. Earlier this year, Rivian separated a micromobility venture named Also. Mind Robotics has already secured $115 million in seed funding, largely led by the VC firm Eclipse. Jiten Behl, a partner at Eclipse who previously worked at Rivian, is a significant supporter of Also.

Notable reads and other tidbits

Bryant Walker Smith, an associate professor at the School of Law and (by courtesy) the School of Engineering at the University of South Carolina, has been a trusted expert and advisor for governments and safety organizations concerning automated driving for many years — specifically on public communication matters. He released an important paper last month, and I feel compelled to share it here. It is titled “Self-Driving” Means Self-Driving.

Ford officials are contemplating the discontinuation of the F-150 Lightning truck. 

Lucid is undergoing an executive restructuring as it seeks a permanent CEO. The electric vehicle manufacturer’s chief engineer Eric Bach is departing after over ten years, and Jeri Ford, previously the VP of Quality, is retiring. TechCrunch has also learned that James Hawkins, the former VP of Engineering, is no longer with the company. To counter, Senior Vice President of Powertrain, Emad Dlala, is being promoted to oversee all of “Engineering and Digital.”

Luminar continues to face challenges. The firm recently received an eviction notice for one of its offices in Orlando, Florida.

Lyft reported a successful third quarter, achieving a profit of $46.1 million. This is promising news following a reported loss of $12.4 million in the same quarter a year ago. Lyft also experienced a rise in ridership (15% year-over-year to 248.8 million) and an 11% revenue boost to $1.69 billion compared to the same period last year. 

Rivian released its earnings for the third quarter, and while the company remains in the red, its revenue figures pleased Wall Street. Revenue rose 78% year-over-year to $1.56 billion — that’s not insignificant. However, it also reported a substantial Q3 loss of $1.17 billion, a 6% increase compared to the $1.1 billion loss reported a year prior.

Waymo intends to roll out a robotaxi service in Detroit, Las Vegas, and San Diego. If it seems like Waymo is accelerating rapidly, you’re correct. Let’s not forget, last month at TechCrunch Disrupt, Waymo co-CEO Tekedra Mawakana stated that by the close of 2026, “you should expect us to be providing 1 million trips per week.” Waymo hasn’t disclosed that weekly figure since April, when it exceeded 250,000 trips per week.

One more thing …

It’s time for a poll! Sign up for the newsletter to take part. Have a question you want us to include? Email me at [email protected].