In a series of posts on X Monday night, Musk said that he would not want to grow Tesla to become a leader in artificial intelligence and robotics without a compensation plan that would give him ownership of around 25% of the company’s stock. That would be about double the roughly 13% stake he currently owns.
Just casually asking for a roughly 80 Billion dollar pay raise. But at this point would Tesla be better off without him?
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If I was a shareholder or board member and heard “I don’t want to grow the company in ways you want with out a raise” I’d hear it as “he’s no longer doing the job we hired him for. Publicly going against our wishes.” Which is a short cut to getting fired in any other job on the planet.
He sold 10% to buy twitter. Maybe he shouldn’t have made himself legally obligated to buy it?
As someone who still drives a Tesla vehicle I bought years ago, well before Musk totally went off the rails, can he please just leave?
You could always trade it in.
I hate to be that guy, but no one is forcing you to keep owning it and keep dumping money in Musk’s pockets every time you need it serviced.
You want him to go away but you keep handing him money. Curious.
In the 5 years I’ve owned my Model 3 it’s never needed any service. Only new tires. They are not even remotely as bad of a car as clickbait sites make them out to be. Yeah yeah Teslas aren’t perfect, but no car is. Be realistic.
It being associated with Musk and his crazy rants is annoying though. Almost annoying enough to trade it in, but I don’t particularly want to spend a bunch of money and getting rid of an almost like-new working car.
The recall of 2012-2023 models of the Model 3 tells me otherwise.
It’s actually an OTA update.
Which, and try to follow me here, would count as being serviced.
I’m being realistic. You’re embarrassed by it and association with Musk.
Musk is genuinely a bad person who is pushing bogus race science and other horrible unequivocal bullshit.
It’s great that it hasn’t needed service, but my point stands: once it needs service, you will be handing money to Elon Musk.
If you want him to go away that badly, there are things you could do. Like trading in your vehicle for another EV. There’s other brands, who are not run by a racist, misogynist, ableist, megalomaniacs.
You can complain on the internet all you want, but if you’re unwilling to find a way to not give him money, you’re just one more person with Elon’s foot stuck up your ass.
So send them the money to get a new car or stfu
Interest rates and depreciation make that a losing bargain, better to get the utility out of it now that the trade in is low and interest rates are high
This is the best summary I could come up with:
In a series of posts on X Monday night, Musk said that he would not want to grow Tesla to become a leader in artificial intelligence and robotics without a compensation plan that would give him ownership of around 25% of the company’s stock.
Notably, Musk held a stake of more than 20% in Tesla before he sold a large number of shares to buy X, the social media company he purchased over a year ago for $44 billion.
In January 2022, he said on a call with Wall Street analysts that he believes the company’s goal of building a humanoid robot is the most important technology it’s developing.
Nevertheless, Tesla believes in a robot-led future, and investors have sent the stock surging over the past year in the hopes that Musk & Co. can deliver innovations that propel the company to new heights.
The deal was so large that Musk and Tesla faced a shareholder lawsuit over the package last year, and they continue to await a Delaware Chancery Court ruling on whether the pay was excessive.
Musk and the Tesla board of directors were accused of breaching their fiduciary duties for waste and unjust enrichment.
The original article contains 743 words, the summary contains 197 words. Saved 73%. I’m a bot and I’m open source!
Here have the standard HR answer: sorry we don’t have the budget due to outside factors, also we’re doing layoffs in your department.
If I made a demand like this I’d be fired
Yeah but you’re not the CEO of the company.
If I made a threat like this as CEO when I also work two other jobs with a now clearly defined conflict of interest, I would ABSOLUTELY be fired by the board!
If the board wasn’t made up of asskissers.
I’m sure Tesla’s investors have a constant fear the stock market will figure out Tesla is a car company and start to value it as such (instead of valuing it more like Google or Apple). He’s basically saying, “If you don’t want to loose 2/3rds of what you have locked up in the company when the market corrects, you’ll give me 12% to continue the pivot.”
Sadly, I’m guessing it’ll work.
meh. let him do it. let tesla fail, just like twitter. id like to laugh as he scares the rest of the market away.
his next model z will prolly have a lighting bolt through the middle of the Z
There’s all these things that people say about how he’s garbage and does nothing right, but the guy has managed to be involved with the project that made it easy to make payments over the internet, and then went on to be behind the most successful electric car and, of course, there’s also SpaceX…
I have no idea about the details behind this other than what a Redditor coworker who totally negs on Elon has told me - all this inside baseball at PayPal that seems unflattering, and, of course, the persistent accusations that he brings nothing to the table…
But does lightening really strike thrice like that? IDK. Plus I am sympathetic to his desire to make X more free speech friendly - he isn’t completely consistent in this, but it is better than what came before.
I am just going to give him the benefit of the doubt on this - not in saying that he absolutely deserves this raise, but in saying that he has a right to ask for it without being laughed out of the room.
Guy is probably getting scared of his board members and is wanting to secure himself from being outed. There’s a reason why we are now hearing about his drug problem, and those stories are likely coming from his board members.
As opposed to dunking on him, I am going to outline why he can’t do anything but cry about it:
- Once you IPO in Delaware like Tesla did, you can’t issue a second class stock
- At least not without liquidating your assets and re-incorporating, which means all shareholders have to agree and this certainly means shareholders will hold a smaller bag, this will go to court (probably in Delaware, a state Elon has little chance of winning given how Twitter/X turned out), and the process will be impeded. This is not an overnight process.
This is compounded by the fact that Tesla’s stock value pretty much comes from Elon’s manipulation and grandstanding, so anything that reveals this will cause the boat to rock, so anything he does will impact the stock price, which impacts his wealth.
Nobody will loan him money to buy more stock. If he could, he wouldn’t be crying about it. Or, more than likely, he could get it, but it means coming from MBS or similarly questionable sources and he’s on such good footing with them over how Twitter/X is going. This will increase the scrutiny he’s getting from the DOJ or the people at CIA who may drop a sword on his head.
He has at least two loyalists on his board: Kimbal Musk and JB Straubel. James Murdoch can no longer be considered one since its his other publication, the Wall Street Journal, that went to press about his drug issues.
Long and short, Elon has been reduced to begging. We could be watching the end of his tenure at Tesla, but this fucker is full of surprises.
I mean he “can do nothing but cry about it” in the same way anyone can do nothing about a request for a raise. He can say he will quit if they don’t give it to him.
I think Tesla would do better if he walked away. The whole fake Iron Man shtick was hardly believable a decade ago
Just fire the cunt ! Into space !
Maybe he shouldn’t have spent all that money on
avocado toastbuying a failing social media platform
