Submitted 10 months ago by cowpowered@lemm.ee to technology@lemmy.world
https://www.cnn.com/2024/01/16/tech/elon-musk-tesla-pay-package/index.html
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?
Tesla should move on from Musk
The world should.
I’d argue we’re at the point where that would be a good business move too. It wouldn’t fix my main issue of but allowing 3rd party repairs so I wouldn’t buy one, but I know several people who have bought other brands due to Elon.
I’m not one of those people who will say Musk has done nothing for Tesla. The entire market wouldn’t have gone as quickly towards EVs without his leadership. No other company would have been (or has been) as aggressive on self-driving technologies, and he has pushed the entire market to try to keep up. They wouldn’t be where they are today without him.
But now he’s just a liability. He does just as much harm as he does good. Unless you see coal rollers out there buying Teslas to show fealty to new, alt-right Musk (and I don’t), I can’t see what he’s continuing to provide to Tesla.
Definitely. His ideology also seems to be taking a different route than what’s compatible with an EV company.
the only ideology compatible with any company is capitalism. Do you think companies that make EVs do it for the greater good of the planet? No, they do it for profit.
If Tesla gets rids of Musk it will be because he’s making the other shareholders loose money.
He sold 10% to buy twitter. Maybe he shouldn't have made himself legally obligated to buy it?
Ding ding ding. We have a winner.
He sold the shares, why should Tesla reimburse him for his folly? If he wants to have those shares back, he can rebuy them on the open market, just like anybody else would do.
Price of Tesla 420.69 /s
You are correct, and to this day if he hasn’t his family’s money, i guess he wouldn’t be as successful.
It’s going to be really fun if he gets ousted as CEO because of buying twitter
He brings ZERO value to tesla after all his FSD lies and others were exposed.
Sure people still fall for tesla crap, but he himself is useless now.
If they could get someone boring like Tim Apple Cook, that just runs the company very well and profitably… Tesla would be sitting pretty good with their dominant place in the Electric market. The only reason most people dont pick tesla for an EV is literally Elon.
Unfortunately, idiot Elon gets his grubby fingers ALL OVER every last piece of tech in the Tesla. It’s ALL shoddily engineered because of him. Like simple, time tested engineering concepts like redundancy? Elon would fire you. He eliminated redundancy in their FSD, choosing to rely solely on computer vision and machine learning. He literally had a good design for the sensor modules and got rid of it. Tim Cook doesn’t sabotage Apple’s engineering team like that.
The problem with Tesla is the problem Apple had for many years: Your CEO is the reason for the stock price. Apple had a plan for succession that saved them in the end, and they’ve never been better. Tesla has nothing. They are basically a carbon credit company run by a sycophant, and without Elon, they are nothing but a carbon credit company.
Not the only reason… I’m happy with my model 3, but it’s not for everyone based on objective properties.
He has always been useless bang
Its just his money that is useful
Much like the PT cruiser, there’s a due hard group of people in love with cyber truck, he made that happen.
Personally I think it looks stupid as hell, but since people are very into it.
He created a massive failure with a cult following? Because that’s what the PT cruiser was. The difference with the cybertruck being that it won’t sell to rental companies on account of the price.
“It was a novelty car, and like all novelty items the enthusiasm faded,” says Keenan Mayo, associate editor at Bloomberg Businessweek, who wrote an obituary of sorts for the Cruiser. “The only people who were really buying it for much of the last decade were the rental car companies because it was cheap.”
He brought shareholders value by getting people pumped to buy the car.
I’m literally not buying a Tesla because he’s a douchbag.
When I see a Tesla on the road I assume they are a Musk fan boy. There’s no prestige in that brand. There are a lot of us that assume that.
Brought being the key word, he no longer does so
After seeing what he has done with Twitter, I’m not sure Tesla is interested in that deal.
You’re giving the likes of Kimball Musk and James Murdoch way too much fucking credit here.
His board is filled with fucking sycophants. They won’t go against him, especially his fucking brother.
It’s hardly a board that is looking to control you when you’ve filled it with Yes Men.
Why haven’t shareholders elected new board members? Or does his sycophants have the majority in combined total?
I didn't realize that. That's disheartening.
Are you certain? I’m certain James is the one who broke the story about the drug use since its also his family that runs the WSJ
You are forgetting about Rule Number 1
Don’t Fuck With The Money.
The only interest they should have is in getting rid of him.
It's hard for me to imagine 2024 not being the year they do.
Tesla’s lofty stock price is to some extent based on hype, and Musk being credited (far too much imo) for the company’s success. If he did leave the stock price would come down to something more sensible, which at least short-term would make shareholders unhappy. But yeah leaving him in charge after what he did to Twitter must also be causing sleepless nights.
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 coming from his board members.
They realize he’s tainted the Tesla brand and are trying to get rid of him.
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, you’ll give me 12% to continue the pivot.”
Sadly, I’m guessing it’ll work.
They value Tesla as a battery manufacturer. I’m not saying that’s right but they’re hoping other manufacturers will end up using their batteries just like every phone uses Samsung’s screens.
I think Tesla has a small lead but is going to be quickly out-developed.
The self driving stuff has always been fluff. The gigafactory not so much.
They value Tesla as a battery manufacturer.
Which is funny, because Tesla has no chemistry chops at all. Tesla buys Panasonic cells and CATL cells.
Yes, Tesla is technically a battery manufacturer because they take individual cells from CATL and then add electronics to them. (A package of cells is called a “battery” in the Electrical Engineering world). But its not the battery people “care” about when talking about this subject.
The “cell” (aka: the chemical package of size 18650 or 4680 or whatever) is Panasonic or CATL. Almost no Tesla involvement at all. This is what “common people” call the battery pack, not the giant computer system + wires that connect the cells together (which is what Electrical Engineers call the battery).
In effect, Tesla / Elon Musk is taking advantage of investor’s ignorance and its hilarious. Its been like 15 years and the investors still haven’t figured out that Tesla has no “cell manufacturing” and has basically been misleading their investors this whole time.
Tesla’s battery business is also entirely dependent on licenses from Phillips. Tesla’s main value there is in scope of their production, the parts of which could be sold or spun out the way Ford eventually got divested from their gas production/stations.
Which is going to bite them in the ass in 3-5 years when Toyota, VW and a few others roll out the solid state batteries
Weird to do that ultra publicly, rather than in a board meeting…
For Elon “Funding Secured” Musk it is the opposite of weird.
You forgot the sign at the top that reads “Heroes Work Here”. 🤘🏼🔥
As opposed to dunking on him, I am going to outline why he can’t do anything but cry about it:
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 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.
You think he’d bother with legal and responsible methods of getting his way?
My first thought is he’d threaten to tank Tesla stock by using Twitter to screw it over and sink the price. It fucks him but why would he care when he still owns SpaceX and Twitter?
He’s been using Twitter to manipulate shares and crypto for years. He now owns Twitter and can manipulate even more so will use it to bully Tesla’s board for more equity.
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.
And their reply? “Oh no! Anyway…”
Well, so much for the altruist Elon Musk who uses his genius intellect to make the world a better place out of the goodness of his heart and the shared benefit of humanity. if he actually gave a shit, he wouldn’t care if his compensation package was $1. He would supposedly be doing the work he is the most passionate about and cares the most about.
Nah. Richest man in the world says it’s more important that he gets paid first. He’s always been a fraud.
If you only read the headline (and maybe even the article) you miss the point.
He’s saying he doesn’t trust Tesla to develop AI/Robotics if he doesn’t have enough control (shares), as he’s afraid what they’ll do with AI otherwise, and without another compensation package that would give him that control, he’s going to hold Tesla back on the AI front (him saying this is probably breaking numerous laws as well, especially given he has an AI company)
It’s his same AI is going to doom the world if it’s not done right, and only I can protect us though, this isn’t really something new.
But as to your point, it isn’t actually about the money, it’s about more control of Tesla. He doesn’t actually care about the money and if there was a way to give him more voting control without giving him more shares, he’d be okay with that too, but that in itself isn’t a simple feat or necessarily possible.
But FUCK HIM, he gave up that control to piss it always on Twitter. If keeping control of Tesla was so important, you shouldn’t have fucked up, and fucked over all the shareholders in the process.
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.
What do you mean by this? CEOs are fired from companies all the time.
As someone who bought (and still drives) a Tesla vehicle years ago, well before Musk totally went off the rails, can he please just leave?
There’s a model X near me with a bumper sticker that says “we bought this before we knew Elon was crazy”
You could always trade it in.
I hate to be that guy, but no one is forcing you to keep owning it.
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.
I think Tesla would do better if he walked away. The whole fake Iron Man shtick was hardly believable a decade ago
I don’t think his ego will allow him to do that
Explained nicely by Common Sense Skeptic in their video on the subject. TLDW is that Musk is low on stocks, around 12%, and he’s demanding to be given more (total 25%) or he walks. Reason he wants 25% is so that he can still be in charge of company with other people who proxy his power.
Sounds like he wants out and this is his option.
Can’t really tell what he WANTS to do since he also wanted out of the X CEO role.
Maybe just ketamine.
He’s already out with 12.9% of stocks, we wants in for free claiming he’ll walk out with other parts of the company and people if they don’t oblige. If you are thinking that this behavior is not legal you’d be right and I can’t wait for trade commission to step on him.
I mean, it seems he’s bad for Tesla’s image so…
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’s a billionaire…he cab buy the stocks back with his money like a normie would have to.
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.
Eat the rich fascists
Just fire the cunt ! Into space !
RIP Tesla Bagholders. Remember when people laughed at Bill Gates for his Tesla Shorts?
He doesn’t need to own 25% of tesla’s shares to be given 25% of voting power. It’s very common for different classes of shares for a company to exist that have entirely different voting rights.
Both the AI and Musk need to fucking go. And even then I’d give it another 10 years of quality control before I’d consider owning a Tesla.
I look forward to voting against that proposal, if it ever comes up before the shareholders. If he spins off companies to compete against Tesla while still working for it, he’d get sued to pieces.
Maybe he shouldn’t have spent all that money on avocado toast buying a failing social media platform
Fingers crossed that they tell him to sod off
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!
Before I sold all my Tesla stock, I was really hoping Tesla would fire him. I doubt it though.
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.
ZephyrXero@lemmy.world 10 months ago
I certainly have no interest in buying one as long as he’s still involved
DarkThoughts@fedia.io 10 months ago
Teslas are very well known to have absolute garbage tier quality anyway.
moistclump@lemmy.world 10 months ago
Did they always or is that more recent ones?
fosforus@sopuli.xyz 10 months ago
Are they though?
cheese_greater@lemmy.world 10 months ago
What brand do you suggest in the alternative?
AshMan85@lemmy.world 10 months ago
Well considering telsa isn’t even the #1 ev any more? I guess anything else.
Semi-Hemi-Demigod@kbin.social 10 months ago
Volvo's EVs seem pretty nice
jqubed@lemmy.world 10 months ago
I would buy from a company that knows how to build cars already so the difference is mostly a new power train, not an entirely new product. That’s not to say Tesla, Lucid, or Rivian can’t build a good product, but there are more unknowns with them. As with any car, be careful buying the first model year.
brick@lemm.ee 10 months ago
The Ford Mach-E is excellent. I have also heard great things about Kia/Hyundai, VW and Volvo EVs as well.
In 2016 I drove a Tesla Model S P85D and I was surprised at how crappy the interior was considering it was a six figure car. And I don’t mean minimalist, I mean poor quality.
Back then, Tesla was you only real option. Today, there’s a lot of great competition in the market.
los_chill@programming.dev 10 months ago
Ford
Blackout@kbin.social 10 months ago
The ZEV T3-5D Mini Suv
https://le-cdn.website-editor.net/s/dbab23e03ae64b9088f8aae01ada4942/dms3rep/multi/opt/DSC08647-1920w.JPG?Expires=1707454306&Signature=Tz6DpIXyB9R23M3XX~~OVPzz7eJYwrxsTYdj877R10zABnk5GnkykGZBW1yEulEKpkwGAccfUtToAmC0Hz0jGpi1Ctg8MAoOWbhDqxtRUakw0x5KFFBj8pvq1-NHheNGiQzuwnJmQ1HQyaxGJv1aLSqWN1UCseMQrS02SjziSGw2Kjz~ajAqldGz7sI9G2OaJcmFD52Iwgww6mcGtS65czxWrI3LdlwcSu2o-c02dPhgl~L39UlCT4aLXpOpqEroDwnQ9owLBXuNiCDf2pM6UNrkFlSDQNrbmRD1e~USDQy7eBVc8PGkyNwlPX0EWiYb6W3GXo1S0m7Fy8uOepmbGQ__&Key-Pair-Id=K2NXBXLF010TJW
LWD@lemm.ee 10 months ago
BYD, NIO, JAC, FAW, BAIC,
XDDCC
No these names are not a joke
NeoNachtwaechter@lemmy.world 10 months ago
Did you mean a car, or a share?
Oh, wait… it doesn’t matter.
homesweethomeMrL@lemmy.world 10 months ago
Exactly. At the moment we’re just watching the Tesla board grit their teeth and look worried. By the time they get around to Doing What Needs To Be Done, will it be too late?
Same for SpaceX. No one will ever give a shit about Twitter again already.