Backroom briefing: Florida gives backing to Musk

Florida State Capitol [Stock image]

The Top of FormBottom of FormState Board of Administration, which oversees Florida’s pension plan and other investments, is backing Tesla CEO Elon Musk’s proposed massive compensation package.

“We believe the proposed award continues to promote an aggressive strategy to align incentives between management and shareowners and focuses solely on pecuniary factors and long-term shareowner value creation,” the State Board of Administration said in a document filed at the U.S. Securities and Exchange Commission.

The document said “performance-based CEO compensation plans have consistently driven extraordinary shareowner value.”

Shareholders will vote Nov. 6 on Musk’s 2025 CEO performance award.

The $1 trillion stock-based plan was approved by the Tesla board in September.

The State Board of Administration owns about $1.23 billion of Tesla stock as part of a more than $280 billion portfolio.

Musk, who has been critical of people opposing the pay package, responded to the Florida agency by saying on his social-media site X: “Much appreciated!”

TWO TAKES ON INSURANCE

A national advocacy group that defends climate-focused investments is taking issue with Gov. Ron DeSantis’ arguments about progress in Florida’s insurance market.

Last Wednesday, DeSantis traveled to Sarasota with Insurance Commissioner Michael Yaworsky to announce that changes made by the Legislature were driving down property insurance rates and that Progressive insurance company will refund nearly $1 billion to Florida auto policyholders.

Washington, D.C.-based Unlocking America’s Future on Monday responded that the rebates are less a victory for motorists than a sign of “the excessive premiums, failed reforms, lack of accountability, and broken state of Florida’s property and casualty insurance sector under DeSantis and the Republican-controlled state Legislature.”

“Floridians deserve more than getting their own money returned after years of overcharges by insurance companies,” Kyle Herrig, a spokesman for Unlocking America’s Future, said in a news release.

As for property insurance premiums, Unlocking America’s Future contended home insurance premiums in Florida are up 54 percent since 2019. It also pointed to a report from Weiss Ratings that showed 14 Florida property insurers closed more than half of claims filed by homeowners in 2024 without making payments to cover damages, while nine others closed between 40 percent and 50 percent of claims with no payments.

In a news release last week, DeSantis said 33 homeowners insurance carriers have filed for rate decreases, reinsurance rates have declined, “frivolous” property claim litigation is down 25 percent in the first half of 2025 from the same period of 2024 and that the top five auto insurers in Florida were averaging more than a 6 percent rate reduction.

“Florida’s insurance market is stabilizing with decreasing auto and home insurance rates, and frivolous litigation is declining,” DeSantis said in the release.

The governor’s news release also said “domestic property insurers reported $954 million in net income at the end of 2024, up from $292 million in 2023 and reversing a $741 million loss in 2022.”

FOOD FIGHT

With benefits in the Supplemental Nutrition Assistance Program, or SNAP, slated to be halted Saturday because of the federal government shutdown, Democratic lawmakers want DeSantis to use his emergency powers to keep the food stamp program going.

“As the federal government shutdown enters its fourth week, nearly 3 million Floridians, including more than 1.5 million children, are at risk of losing access to food assistance,” a letter from state Democrats said.

The Florida Department of Children Families has posted a message on its website that if the shutdown continues into November, SNAP benefits will temporarily stop.

“You may receive notices about your eligible benefit amount, but you will not receive any benefits deposited to your EBT card during this time,” the department said in the post. “The department is monitoring the federal government shutdown closely and will notify you as soon as we can resume issuing benefits, and any updates will be posted to this webpage.”

Asked about the Democrats’ letter, DeSantis on Wednesday sought to put the blame for the federal shutdown on Democrats.

“Did those Democrats write a letter to (U.S. Senate Minority Leader) Chuck Schumer asking him to stop filibustering the spending?” DeSantis said.

GOING TO BAT FOR MURPHY

DeSantis has upped online posting the past couple of weeks, responding to random people or bots on topics ranging from the egg surcharge being lifted at Waffle House and the mayoral election in New York City to his desire to redraw congressional lines and slash property taxes.

He also took up the latest Hall of Fame campaign for two-time major league baseball MVP Dale Murphy, who spent most of his 16-year career with the Atlanta Braves.

“Dale Murphy should be in the Hall of Fame,” DeSantis posted on X in response to a fan-driven campaign called @MurphyToTheHall. “How could you watch the Braves on TBS while growing up in the ’80s and not think so?”

In December, Murphy is expected to be included on a type of Hall of Fame ballot that involves players who made their greatest impact on the game since 1980. Murphy was in the majors from 1976 to 1993.