| |  | Nov 11, 2025 | | | | | Supported by |  | | | | | | Happy Tuesday! Tesla shareholders were heavily divided over the proposed investment in xAI. Apple explores adding a second camera to the next iPhone Air. Two Tesla manufacturing executives depart the company.
| | | | Tesla shareholders were heavily divided over a proposal that the electric automaker invest in CEO Elon Musk's artificial intelligence company, xAI, according to company disclosures following its annual meeting. Shareholders controlling approximately 1.1 billion Tesla shares voted in favor of a non-binding proposal that would advise Tesla's board to invest in xAI, while shareholders controlling more than 900 million shares voted against it. Around 500 million shareholders voted to abstain and 300 million did not cast votes. That means that fewer than 40% of shareholders overall supported an xAI investment. "Given that this is an advisory vote, the Board will examine next steps in light of these voting results," Tesla said in a securities filing late Friday. The Tesla board had not recommended voting for or against the proposal. Shareholders approved Musk's new $1 trillion compensation package, which was strongly supported by the board, by a much larger margin. Shareholders controlling 1.9 billion shares voted in favor, while fewer than 600,000 voted against it. Shareholders with 12 million shares abstained, while 300 million did not vote. While all the board members who were up for re-election won, the vote was somewhat closer for one of the directors, Ira Ehrenpreis. About 1.6 billion shares were cast in Ehrenpreis's favor, while 850 million were against. | | | | Apple is delaying the release of the second-generation iPhone Air to work on a redesign of the device and make it more appealing to consumers, according to two people with knowledge of the matter. The redesign could include a second camera lens, an attempt to address one of consumers' main complaints. Reviewers have praised the iPhone Air's ultrathin body but criticized compromises in the product's features, such as having only a single camera lens. Apple has since sharply scaled back production of the first iPhone Air and delayed the release of an updated version that was meant to launch in fall 2026, The Information reported earlier this week. Instead, some Apple engineers are hoping to release a redesigned version with a second camera lens in spring 2027 alongside existing plans to release the standard iPhone 18 and iPhone 18e at that time. It's still too early to tell whether they can successfully redesign the iPhone Air in time to make that new release window, the people said. Apple didn't immediately reply to a request for comment. | | | | Two longtime vehicle manufacturing leaders at Tesla said separately on Sunday that they're leaving the company. One of the executives, Siddhant Awasthi, worked as program manager for Cybertruck and oversaw the production ramp of the electric truck. Awasthi, an eight year Tesla veteran, also worked on the Model 3 sedan, according to his LinkedIn profile. In a post on X, Awasthi thanked Tesla CEO Elon Musk and said he was "confident Tesla will nail its next big mission." Tesla started mass production of the Cybertruck in 2023 but it remains much less popular than most of the company's other mass-produced vehicles. The other Tesla manager to leave on Sunday, Emmanuel Lamacchia, was program manager for Tesla's Model Y midsize SUV and had been at the company for seven years. Lamacchia worked on Model Y production across four Tesla factories in the U.S., Europe and China, he said in a LinkedIn post. The departures come days after Tesla shareholders approved Musk's new $1 trillion compensation package, which is based in part on rapidly scaling up vehicle production and sales. | | | | Goldman Sachs has hired Josh Li from Citigroup as a managing director focusing on technology equity capital markets, according to people familiar with the matter. Li will join Goldman Sachs after a period of leave, according to the people. Li was most recently Citi's head of technology and communications equity capital markets, according to his LinkedIn profile. Goldman Sachs and Citi declined to comment. Banks are preparing for a flurry of tech IPOs in 2026 after the IPO market perked up this year following a three-year drought. There were 51 U.S. tech IPOs this year that raised $16.8 billion, well above the average over the past three years of 29 companies and $5.5 billion raised, according to Dealogic. | | | | Klook, a Hong Kong-based online travel startup backed by SoftBank Group, filed for an initial public offering on the New York Stock Exchange on Monday. Klook's app, popular in Asia, helps travelers book tickets for all kinds of attractions and other services in their destinations. Its business has enjoyed robust growth in the past few years as the global travel industry recovered from the Covid-19 pandemic. In the first nine months of this year, Klook's revenue grew 43% to $407 million, while its operating loss narrowed to $9.8 million from $32.7 million a year earlier, according to its filing. Last year, more than 10.7 million users made transactions on Klook's platform, the company said. Apart from SoftBank, Klooks' other existing investors include Goldman Sachs, Bessemer Venture Partners and Chinese venture capital firm HongShan. | | | | Grab Holdings, the biggest ride-hailing and food delivery company in Southeast Asia, said Monday that it has agreed to invest in Vay Technology, a Germany-based startup developing technology that allows remote drivers to control electric vehicles from afar. Singapore-based Grab will make an initial investment of $60 million, which could be followed by an additional investment of $350 million later if Vay achieves certain milestones, the companies said. Vay operates a car rental service in Las Vegas where a professional "teledriver" remotely drives a car to the location of the customer who requested it. Grab's investment will enable Vay to expand its operations in the U.S., the companies said. The Vay deal is the latest in a series of strategic investments by Nasdaq-listed Grab in developers of autonomous driving and other mobility-related technologies. Last month, Grab invested in U.S. robotaxi company May Mobility. In August, Grab announced a strategic investment in Chinese robotaxi firm WeRide. | | | | | Popular articles By Natasha Mascarenhas and Katie Roof
By Sylvia Varnham O'Regan and Erin Woo
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