<SEC-DOCUMENT>0001096906-25-001748.txt : 20251105
<SEC-HEADER>0001096906-25-001748.hdr.sgml : 20251105
<ACCEPTANCE-DATETIME>20251105152459
ACCESSION NUMBER:		0001096906-25-001748
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251105
DATE AS OF CHANGE:		20251105
EFFECTIVENESS DATE:		20251105

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tesla, Inc.
		CENTRAL INDEX KEY:			0001318605
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				912197729
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34756
		FILM NUMBER:		251453555

	BUSINESS ADDRESS:	
		STREET 1:		1 TESLA ROAD
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78725
		BUSINESS PHONE:		512-516-8177

	MAIL ADDRESS:	
		STREET 1:		1 TESLA ROAD
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TESLA MOTORS INC
		DATE OF NAME CHANGE:	20050222

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bowyer Research, Inc.
		CENTRAL INDEX KEY:			0001996368
		ORGANIZATION NAME:           	
		EIN:				463874783
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 120
		CITY:			MCKEESPORT
		STATE:			PA
		ZIP:			15135
		BUSINESS PHONE:		412-751-8603

	MAIL ADDRESS:	
		STREET 1:		PO BOX 120
		CITY:			MCKEESPORT
		STATE:			PA
		ZIP:			15135
</SEC-HEADER>
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<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>bowy_px14a6g.htm
<DESCRIPTION>BOWYER RESEARCH - PX14A6G
<TEXT>
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<DIV style=margin-left:72pt;width:468pt><P align=center style='font:15pt Times New Roman;margin:0'><B>Notice of Exempt Solicitation</B></P>
<P align=center style='font:11pt Times New Roman;margin:0'>Pursuant to Rule 14a-103 | November 5, 2025</P>
<P style='font:11pt Times New Roman;margin:0'> &nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'><B>Name of Registrant:</B> Tesla, Inc.</P>
<P style='font:11pt Times New Roman;margin:0'><B>Name of person relying on exemption:</B> Bowyer Research</P>
<P style='font:11pt Times New Roman;margin:0'><B>Address of person relying on exemption: </B>P.O. Box 120, McKeesport, PA 15135</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'><I>Written materials are submitted pursuant to Rule 14a-6(g) (1) promulgated under the Securities Exchange Act of 1934. Filer of this notice does not beneficially own more than $5 million of securities in the Registrant company. Submission is not required of this filer under the terms of the Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.</I></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'><IMG src=bowypx14a6g_1.jpg width=572 height=93>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'><B>Tesla, Inc. (TSLA)</B></P>
<P align=center style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><B>Fiduciary Duty: Vote YES on Proposals, 2, 3, &amp; 4</B></P>
<P align=center style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>Contact: Gerald Bowyer | jerrybowyer@bowyerresearch.com</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=background-color:#FFB064> &nbsp;&nbsp;&nbsp;&nbsp;</FONT> &nbsp;<B>Resolution</B></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>Bowyer Research urges shareholders to vote FOR Proposals No. 2, 3, and 4 regarding leadership incentives.</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=background-color:#FFB064> &nbsp;&nbsp;&nbsp;&nbsp;</FONT> &nbsp;<B>Supporting Statement</B></P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt'>At Tesla&#8217;s 2025 Annual Meeting, shareholders face a pivotal decision: whether to approve Elon Musk&#8217;s performance-based compensation plan (Proposal 4), alongside the amended equity incentive plan (Proposal 3) and advisory vote on executive compensation (Proposal 2). These proposals are designed to align leadership incentives with shareholder wealth creation at a scale rarely seen in corporate history.</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt'>As a corporate engagement and proxy voting consulting firm committed to promoting long-term shareholder value and fiduciary accountability, we recommend a <B>FOR</B> vote on these proposals. We represent Tesla shareholders, both individual and institutional, who believe that the company&#8217;s long-term success depends on fiduciary responsibility, and is best created by clear, undistracted focus on its core mission. We believe the structure and intent of the proposed executive compensation are consistent with best practices and are essential to sustaining Tesla&#8217;s trajectory of innovation and value creation.</P>
<P style='font:11pt Times New Roman;margin-top:14pt;margin-bottom:0pt'><B>A Fiduciary Imperative</B></P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt'>Under the philosophy of shareholder capitalism, executive compensation is tied directly to shareholder outcomes. The 2025 CEO Performance Award grants Musk <B>no salary, no cash bonus, and no time-based equity</B>. Instead, it consists of 12 tranches of stock options that vest only if Tesla achieves extraordinary milestones&#8212;raising market capitalization from roughly <B>$1.5 trillion to $8.5 trillion</B>, delivering <B>20 million vehicles annually</B>, deploying <B>1 million robotaxis</B>, and reaching <B>$400 billion in adjusted EBITDA</B>. If Musk succeeds, shareholders will have gained approximately <B>$7 trillion in value before he receives a single dollar</B>. If he fails, he earns nothing. This is pure pay-for-performance alignment.</P>
<P style='font:11pt Times New Roman;margin-top:14pt;margin-bottom:0pt'><B>Tesla&#8217;s Track Record: Outperformance</B></P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt'>Tesla&#8217;s performance under Musk&#8217;s leadership has been exceptional. According to FactSet data, Tesla&#8217;s total return over the past year exceeds 80%, with its 5-year total return<SUP><A name=_ftnb1 /><A href=#_ftnf1><SUP>1</SUP></A></SUP> exceeding 200%. Its 10-year compound annual growth rate (CAGR) stands<SUP><A name=_ftnb2 /><A href=#_ftnf2><SUP>2</SUP></A></SUP> at over 40%, far surpassing its automotive peers.</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt'>Tesla&#8217;s innovation pipeline&#8212;from Full Self Driving to Optimus humanoid robotics&#8212;positions it not merely as an automaker, but as a diversified technology company with exposure to AI, energy, and autonomy. These are high-growth sectors, and Musk&#8217;s strategic vision has been instrumental in Tesla&#8217;s expansion into each.</P>
<P style='font:11pt Times New Roman;margin-top:14pt;margin-bottom:0pt'><B>Retention Risk and Strategic Continuity</B></P>
<HR style=text-align:left;width:25%><P style='font:10pt Times New Roman;margin:0'><SUP><A name=_ftnf1 /><A href=#_ftnb1><SUP>1</SUP></A></SUP> <FONT style='color:#1155CC;border-bottom:1px solid #1155CC'>https://www.financecharts.com/stocks/TSLA/performance/total-return</FONT></P>
<P style='font:10pt Times New Roman;margin:0'><SUP><A name=_ftnf2 /><A href=#_ftnb2><SUP>2</SUP></A></SUP> <FONT style='color:#1155CC;border-bottom:1px solid #1155CC'>https://finbox.com/NASDAQGS:TSLA/explorer/total_rev_cagr_10y/</FONT></P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt'>The Board has indicated that Musk&#8217;s continued engagement with Tesla is contingent on shareholder support for Proposal 4. While some may view this as a negotiating tactic, we assess it as a legitimate retention risk. Musk&#8217;s leadership is uniquely tied to Tesla&#8217;s brand, strategy, and investor confidence. His departure would introduce significant uncertainty and could materially impact Tesla&#8217;s valuation and strategic execution.</P>
<P style='font:11pt Times New Roman;margin-top:14pt;margin-bottom:0pt'><B>Misguided Opposition from Activist Institutional Investors</B></P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt'>Critics including <B>ISS, Glass Lewis, and ESG-focused activist coalitions</B> (like Norges Bank Investment Management, Norway&#8217;s sovereign wealth fund), recommend voting against these proposals. Their objections center on dilution and governance checklists, not shareholder returns. These proxy advisors operate on rigid benchmark policies and ESG frameworks that often prioritize ideological goals over financial outcomes. They have little or no economic stake in Tesla, yet their influence can override the principles of fiduciaries who claim to support incentive-based, pro-growth strategies. ISS and Glass Lewis even acknowledge the award&#8217;s potential to create &#8220;historical value&#8221; for shareholders, but still oppose it under their standard and ESG-aligned policies.</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt'>Ironically, both firms offer alternative voting guidelines&#8212;such as Bowyer Research&#8217;s pro-growth framework&#8212;that support the plan, yet many institutions default to the advisors&#8217; benchmark recommendations without review. This creates a serious risk: <B>private asset managers and public pension funds that espouse pay-for-performance philosophies may inadvertently vote against them</B> by outsourcing decisions to proxy advisors. Fiduciary duty demands more than passive compliance; it requires active alignment between voting behavior and investment principles.</P>
<P style='font:11pt Times New Roman;margin-top:14pt;margin-bottom:0pt'><B>Conclusion</B></P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt'>Tesla is not a legacy company. It operates at the frontier of multiple industries and requires leadership that matches its ambition. Tesla&#8217;s board urges a vote <B>FOR Proposals 2, 3, and 4</B>, framing them as investments in future value, not giveaways. If all milestones are met, Tesla&#8217;s market cap would increase more than sevenfold, dwarfing the estimated 12% dilution. The math is simple: a bigger pie benefits every shareholder.</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt'>Rejecting these proposals would empower political actors and checklist-driven advisors at the expense of long-term investors. Approving them ensures that Musk&#8217;s incentives remain tied to outcomes that create unprecedented shareholder wealth. If Musk wins, shareholders win first&#8212;and win big.</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt'><FONT style=background-color:#FFB064> &nbsp;&nbsp;&nbsp;</FONT> &nbsp;<B>Disclosures/Media</B></P>
<P style='font:11pt Times New Roman;margin:0'><I>The foregoing information may be disseminated to shareholders via telephone, U.S. mail, e-mail, certain websites and certain social media venues, and should not be construed as investment advice or as a solicitation of authority to vote your proxy. The cost of disseminating the foregoing information to shareholders is being borne entirely by the filers.</I></P>
<P style='font:11pt Times New Roman;margin:0'> &nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'><I>The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is for informational purposes and should not be construed as a research report. Bowyer Research is not able to vote your proxies, nor does this communication contemplate such an event. Proxy cards will not be accepted by us. Please do not send your proxy to us. To vote your proxy, please follow the instructions on your proxy card.</I></P>
<P style='font:11pt Times New Roman;margin:0'> &nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>For questions, please contact Gerald Bowyer, president of Bowyer Research, via email at <FONT style='border-bottom:1px solid #000000'>jerrybowyer@bowyerresearch.com</FONT>.</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
