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"While we recognize Elon's business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging ... we are confident that this award will incentivize Elon to remain at Tesla," the committee said in a regulatory filing on Monday.
But... that moron is the reason the stock is tanking and people shifting to other manufacturers. Why in the flying fuck would they PAY to keep him. What kind of a cult are they running.
a cult where he entirely controls the board, which is contrary to how large corporations are supposed to work
But he only hold 13% of the stock. Any of the other stock holders could pretty easily group up and remove him, if they wanted to. It's not like the Zuck who is a permanent 51% vote owner.
I suppose it's possible that he has more voting rights that owning rights, but still. A 37 point difference would be massive.
One of the board members is Elon's brother Kimbal...
Kimbal
Can I mount a gopro on him?
They "ran the numbers" and decided he was still more valuable as the genius face of the company (that continually shits on the name of Nikola Tesla... which is actually saying a lot since homeboy clearly drank a lot of lead paint) than as someone actively trying to destroy the company. Err, actively trying to destroy the company he no longer has a financial interest in.
Increasingly, the teslacorp consumerbase is just nazis and tech bros who don't want to admit they are nazis. If musk were to get up on stage and start reading /r/cyberstuck or whatever, it would very much zero out that stock.
Tesla is a dictatorship. When the world's richest dickhead invested so heavily in Tesla after Martin Eberhard and Marc Tarpenning founded it, what he bought was control over Tesla's entire future. He, in that moment, became Tesla's board of directors. This payout of shares to incentivize him to stay isn't what that really is. It's himself, god emperor of Tesla, giving himself a higher percentage of control over the company. He's making it harder for any other ownership group of the company to oust him. He's entrenching himself deeper to ensure the enrichment machine continues to benefit him specifically.
To be clear, Elon Musk is the specific reason that people will not buy a Tesla. He's the kiss of death to the brand.
And Tesla wants to reward him?
He controls the company. This is him “rewarding” himself. He’s desperately trying to cash out before the stock price tumbles because he knows their valuation is way out of hand.
It's not just him. Teslas are some of the most unreliable, unsafe, and recalled vehicles in the industry. And the company has a long history of labor and safety violations. The rot may start at the top, but it sure doesn't end there.
Billionaires watch out for billionaires.
they have the class solidarity we lack
Well the real business is political bribery right in the open.
How is the company possibly worth that much when no one wants the cars? This economy is complete fucking made up bullshit.
Saudis keep dumping money into the stock. Its almost like a combo of money laundering + destabilizing the US government.
I'm sick of this make believe economy where things aren't worth their actual value but however much they're being propped up by bullshit and wealthy investors. I just can't take anything seriously anymore.
The shareholders, who are not starving by any means, dont mind lower earnings per share as long as their political machinations are being carried out. The world's largest capital equity firms have all gotten onto the musk bandwagon believing that his vision for the future is good for their funds.
The overvaluation is more designed to fund the schemes of musk, who wants to break the US up into fiefdoms.
Must be an amazing feeling to know you’re on the spectrum, be called “retarded” by your own father, then find a politician dumber than you who needs your money, and constantly fail upward thinking you’re the smartestest person ever. An actual IQ test would put him somewhere in the lukewarm category but he would buy the testing company to change the result.
Without his money he’d be the most random, grubby, conspiracy theory loving pot head from high school. But when you’re rich everything is seen as “genius” and “innovative”.
Yes, and being an asshole is being “quirky”.
This proves that "free market capitalism" and "competition" is a scam. I'd be happy to fuck up a company that badly for a mere $15 billion. But they won't even take my calls...
Image of being a low wage worker in Tesla, and learning this.. They could have given around $230k in stock to every single one of their employees.
Yeah but these workers are making sales possible, not driving them down with public nazi stunts.
They’ve sealed their fate. They could have pivoted, given musk the ax and said he doesn’t align with their core values, saved some face and maybe regained trust of their core demographic. Doubling down on someone who pissed off nearly everyone who cared about buying their cars is fucking idiotic.
"Hey, you know that asshole who tanked our brand? Let's give him a ton of unearned money to stick around!"
Pretty reasonable when the board consists of your family and friends.
Car makers, here's your chance to prepare to take over the EV market when this meth lab finally explodes
They already are, Tesla's sales are stagnating in a Growing market, their market share is disappearing.
More money than any person should ever have
If this isn't the best signal to you that nothing fucking matters at all and the share market is totally and utterly only some random imagination thing then i dont know what is.
Tesla sale goes down but stock price still up. CEO is one of the reasons it does and he gets rewarded for it.
Clownshow for sure
Yeah, the guy that single-handedly dropped the company's stock value by ~20% should get a nice big bonus.
Sounds fair for turning the brand to shit. That's the corruption. Filthy evil rich.
Aristocracy never went away.
Was just thinking this morning how it'd been a week or two since I saw this dipshits face on here.
I’m imaging them gathered around him singing “For He’s A Jolly Good Fellow” and raising their glasses to him, before presenting him with an oversized stock certificate
You had it half right they did gather around him, but each one of them sucked him off.
This stupidity aside, Tesla is falling behind, and they don't seem willing to admit it.
Damn for a community so knowledgeable on tech, ya'll sure got a lot to learn about stocks lol.
So this is a power move by the rest of the board member of Tesla. RSUs arent considered tangible assets by the IRS. Meaning Tesla will be forcing Elon to pay the full value of the shares as income tax the year they were vested.
Plus the company issuing the RSUs have a security blanket where a company can defer issuing shares until the vesting schedule is complete, which helps delay the dilution of its shares. On top of any scenario where the employee/person holding the RSUs leave the company before the conclusion of their vesting schedule, they forfeit the remaining shares to the company.
They're usually used as incentive to keep employees at a company so here's where I hit the logical brick wall... what fuckin incentive do they have to keep must around unless theyre just betting that captain adhd jumps ship before the stocks are vested.
The money aspect doesn't mean much to him. What he wanted is more control of Tesla, so he can do even stupider shit with the company.
I think that they are afraid that his cult following is all they have left. Tesla's record of late is very poor. The self driving software, something they have been pushing as a major feature, is buggy as hell and they've now been found liable for at least one death because of it. Plus, their manufacturing and QC is very low from everything I've seen about their cybertrucks. Anyone remember when that guy blew up himself and his cybertruck in Vegas? People literally didn't know at first if it was an attack or if it just blew up because that's what Teslas do.
In its most recent quarter, Tesla reported that quarterly profits plunged from $1.39 billion to $409 million. Revenue also fell and the company fell short of even the lowered expectations on Wall Street.
Quarterly profits dropped by more than two thirds? That is a huge hit and the shareholders must be screaming. On the one hand, between his DOGE bullshit and his general incompetence as a leader, I have to think that Musk is the cause of nearly all of this. On the other hand, it's very probably his cult following that is fueling the sales that they still have.
If Musk were to be fired or quit Tesla, I could see his cult ditching all their EVs and going back to rolling coal in their gas powered cars. And I don't think regular EV shoppers would forget about all the flaws in Teslas and start buying them just because Musk was out. Tesla sales would probably tank even further. That's my guess as to why they are so desperate to keep him around.
The electric vehicle maker said in a regulatory filing on Monday that Musk must first pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package that was awarded to the company's CEO.
So he has to pay them for the stock first. The article doesn't say how many millions of shares, but at that price Tesla is getting a cash infusion of at least $50 million dollars, possibly much more, and they get to keep their figurehead and his cult followers for a while longer. This might be the best move they can manage considering the damage he's done to the brand.
What a great use of their money! The free market always knows best! /s