Tesla denies Musk in talks with Israeli AI vision firm Cortica

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Let's take a closer look. Tesla had said Musk and his brother Kimbal, who's a company director, wouldn't vote their shares.

Tesla Inc.'s shareholders will answer that question Wednesday, as the board seeks their approval to give Chief Executive Officer Musk an unprecedented 10-figure award of stock options.

It could net Musk more than $50 billion if he meets 12 milestones including increasing the company's market capitalization tenfold to $650 billion.

Under the proposed award, which involves stock options that vest in 12 tranches, Tesla's market value must increase to $100 billion for the first tranche to vest and rise in additional $50 billion increments for the remainder.

In order to trigger the maximum payout Musk, 46, would have to build Tesla into a $650bn company over the next 10 years - making it one of the world's most valuable tech companies.

Elon Musk, the entrepreneur behind the ambitious SpaceX and Tesla projects, is now visiting Israel. T. Rowe Price and shareholder Fidelity, which holds nearly 10 percent of Tesla stock, declined to comment.

Musk's 2012 award depended on the company successfully building and mass-producing electric cars while simultaneously growing its market value. A smaller investor, the California State Teachers' Retirement System (CalSTRS), said it will oppose the award.

Elon Musk, the CEO of electric-car maker Tesla is in Israel to meet with Israeli startup Cortica, a maker of artificial intelligence technology for use in autonomous cars, a person familiar with the matter told The Times of Israel.

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"Even in consideration of the significant and perhaps historic achievements that would be required for Musk to ultimately realize the full award value, we consider that the design and terms carry a number of risks that, when coupled with the unparalleled magnitude, overshadow the underlying rationale for the grant", ISS stated. This, in theory, means that Tesla's CEO will have to put his money where his mouth is.

Elon and Errol Musk are both brilliant engineers in their own right, however it seems as if they need to work on repairing their relationship for the good of their family.

If you own a Tesla Model S or Model X, then you've been able to enjoy Siri integration since November a year ago. Meanwhile, the company has faced continued setbacks on its more affordable Model 3.

Although Errol Musk did his best to respond to these claims via email at the time, he's finally made a decision to use the media as a platform to share his side of the story and he didn't hold back.

Musk's previous visit to Israel was reportedly two years ago, to meet with Mobileye officials at the vehicle sensor plant in Jerusalem.

At least two large shareholders and Tesla's board supported the plan, saying it is necessary to keep Mr Musk in the fold and reach the goal of switching the world from burning oil for transportation to sustainable electric vehicles.

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