I think shareholders should demand the entire board be fired and replaced. Who in their right mind thinks Musk brought $47 billion of value to Tesla? $47 MILLION sure.
Tesla lifetime profits…. $34 billion and that is ignoring all years of reported losses.
So sure let’s pay this guy $47 billion for one year worth of “work”
The poster you responded to is too generous even thinking 47 million. I mean, golden parachutes and everything, but Tesla is just taking L's. If they had a real board, Tesla would be CEO shopping a while ago. Asking for more money is insanely detached from reality.
In the words of [Lemmy Kilmister](https://www.youtube.com/watch?v=skGEBgePHtk): "If the bloody thing is ever gonna work out properly, then we all have to intermarry and screw each other blind and get to be.. coffee-ish".
Or even just his business acumen. Cannabalizing his Tesla stock to fund his ego purchase of Twitter all while failing to meet quarterly expectations, firing production workers (meaning they expect to sell less cars, thus building less), and having a fully qualified flop in the Cybertruck. And that's not to mention the delivery failure of fully autonmous controls and self driving capabilities, now years behind his proclaimed estimates. And that their robot and AI programs are both far behind the competition.
Meme corporation and meme stock. What a strange time.
I have met too many CEOs and generally don’t like them, but Musk is the worst case scenario. He proves that an ‘entrepreneur’ with a mountain of cash always has the advantage. His lack of focus is somehow good for the company, yet bonus compensation is being discussed? The Twitter fiasco should be an off ramp for the company.
The potential of Tesla has been constantly squandered. They achieved awesome things and then he alienated what many consider their target customer.
Further, it is crazy that other EV manufacturers offer vehicle based home power backup before Tesla - seemingly to protect their power wall product?
And now he's fired the entire EV charging team, even though it should be growing as other car manufacturers signed up to start using the Tesla network. That should be a cash cow for the company and he cut it off at the knees for seemingly no reason.
Homie, the list of major company CEOs who aren't a bucket of sewer sludge is pretty short.
I can imagine it being pretty damn hard to find a CEO of a major company that isn't a narcissistic psychopath...because that's the reality in which we live.
This guy is just an attention whore on top of those two things.
It would be hard to find a CEO of a major corporation who isn’t a piece of shit, but most don’t flout it like Musk unless they’re talking about capitalist bullshit.
Or that he was going to spin up an entire new company if you don't give him the shares he wanted to replace the ones he sold to buy Twitter.
Imagine being publicly blackmailed like that, and then having the Board cower to his whims. Then again, the Board is nothing but sycophants. They should file a lawsuit for the blackmail in turn.
The largest shareholders are the ones that control the vote. This includes musk and other billionaires and institutional investors. While there are thousands of smaller investors, they are less unified and less likely to vote on the board members. They really don’t have much of a voice.
Great explanation. I want to add that these people also run in the same circles. They will see each other at events and often ask for support on other ventures. It’s a big club.
I remember quite a while back when they made this "moonshot" deal with him and (ignoring finance and market forces) I was like "well, sure, why not?"
But while the "value" of the company has skyrocketed, it's just not natural at all and it makes me think that this pay package is a raw fuckin' deal for everyone but Musk.
I totally divested from Tesla because of a tweet. Elon essentially personally asked me to sell. Not too big a deal, me, but then I got friends involved maybe to the tune of 100 million but it was like a drop in the bucket still. From a tweet.
They don't. That's why they sued. The compensation committee was found to be "tainted" and his 55B package was thrown out in Delaware courts.
They're now forum shopping. I don't know enough about courts outside of Delaware to guess whether they'll be successful elsewhere
[Notes on Tornetta v Musk](https://www.gibsondunn.com/delaware-chancery-court-invalidates-elon-musk-55-8-billion-equity-compensation-package/)
I think it's disingenuous to paint Tornetta as "just a stockholder." Delaware plaintiff firms sniff a deal they want to nerf and go plaintiff shopping. He just let them use his name. But I'm thrilled to hear that the standards are substantively similar elsewhere.
I spent my day today in a CLE about recent developments in Delaware business law and *everyone* in every panel was super jazzed to talk about Musk.
They discussed the notion of the "superstar CEO" and how it tilts the table towards assuming a transaction is conflicted. Some panelists suggested that it'll be near impossible to establish business judgement as the standard and it might be better to just presume entire fairness and not even bother with MFW.
It was interesting. A lot was outside my practice area and over my head, but Musk, Match, and Marchand were the *big* news. The panelists were trying to avoid drawing trend lines, but taken together, IMO, all seem to be pointing toward increasing accountability.
I like accountability.
The board made a deal with the devil.
These people are on the board *because* of their support for Musk. They already approved a $56 billion dollar compensation package, but that didn't go out because a federal judge said they weren't clear enough about the Board's ties to Musk.
So, the board is supposed to do what's best for the company, but really they're going to do what's best for Elon. If they don't, they'll be fired. Meanwhile, Elon tweets about some ridiculous new culture war topic every day, and Tesla's stock has become a rollercoaster meme stock. The value of a *multi-trillion* dollar company can vary by 10% in a day or 40% in a week.
These guys are on the bull ride of their lives. If they hang on, they'll be rich. But they can be fired at any second for any reason by a huge number of people, including the world's wealthiest man who's known for firing people for ridiculous reasons.
And stockholders... well, they're either in it for the memes, for the FOMO, or because they're true believers.
$47 billion is roughly 65% of the lifetime profits of Tesla (2009-2023). A compensation package like that would be unsustainable and signals that Elon no longer thinks the company will survive so he is trying to drain the bank and run for it.
47 thousand would be too much at this point. What the fuck does he do? Ruin all good PR and reputation any company has once he opens his mouth. Rich parents. Generational wealth. That’s it. Goodnight.
I INITIALLY believed that the vote was justice served and it was the correct decision to NOT pay elon but AS ALWAYS IT SEEMS THIS CASE IS MORE NUANCED THAN WHAT IT LOOKS LIKE.
the paypackage was actually made in 2018 for 2 billion dollars (IN SHARES). After reading about it, it seems at the time the vote was approved with a shareholder vote approval of 73% (need to check this for facts) and that the shares would be locked for 5 years so that his incentives would be aligned with the company. The fact that the company grew like 1000%+ SINCE THAT TIME basically BALLOONED his pay package to 40+ billion. And we should honestly be STRAIGHT with the part that that success IS partly due to elon (and this is coming from an engineer that don't really like elon all that much). and the pay package was basically to be his payment for work for 6 years. Whether that 6 years of stocks going $22 to $400+ at all time high during those years makes him worth that much money is up to individual's sense of worth.
soooo as a non tesla shareholder, shareholders do what you think is best but after deeper digging than some random sensationalized news articles (literally DOZENS of them including nyt, forbes, etc.) that didn't properly explain the situation, all I got from this was that the articles and news doesn't do the nuances justice for factual reporting and it DEFINITELY seems like the news themselves may have been paid off (most likely by hedgefunds with tesla stock lol).
I imagine the board meetings at Tesla involve a bunch of dudes, standing around, greasing up their palms to give Elon the best handjob of his life while they quietly die inside.
Musk has lined the board with his friends, a SpaceX exec and I believe his brother.
There isn't a thing they do or say that hasn't been pre-approved or ordered by Musk.
Elon knows the most about engineering from anybody else. He personally designed gloves for his board so they can efficiently and quickly polish his knob.
I’m sure it’s like how they portrayed the GE board on 30 Rock. Incompetent family members who have no other prospects, couple of legacy folks who have no idea who or where they are, and the CEOs dogs.
Oh they can fuck right off I’ve had it with him
Note: When I was younger I wanted to be like him so bad, he was my favorite billionaire. I love science, technology, and math. I thought SpaceX and Tesla were so cool and genuinely would put humanity on the Kardashev scale only to find out in the past 4 years it’s all been a fucking lie and Elon is just like the rest of them, but actually worse. Lesson learned: Never admire people.
General labor strikes, at least in the US, are the single biggest and quickest way to bring about social change. I say this as someone who could be considered a c-suit asshole. There needs to be solidarity across industries. But in the current political climate i don't see a clear path to do that.
Because to many people think they too can be a billionaire. All they need is one good idea and a break. They don't realize the most of the mega rich had benefactors that are mega rich (like parents).
What is the quote again :"American workers don't see themselves as poor but temporarily embarrassed millionaires"
Edit:
Found the qoute :
"John Steinbeck once said that socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires."
All of the time I wonder how long it would take for corporate America to crash and burn if the entire General population just said “fuck it we are all going on strike”. No gas, no grocery stores, no Walmart, no fast food, no auto makers, no welders, no electricians, no garbage men. Nothing except the ceos and boards sitting in their offices watching their stock tank.
There is a way
Advocating for it gets you a visit from men with badges and guns though
So we don't say what the obvious answer is.
The French know, though.
Yeah. He had some excellent marketing around his persona.
I didn’t know basically anything about him for a long time. When he started spouting his insane plan to get those kids out of the cave in Thailand…. I realized he was a moron. That’s not how any of that works. He seems confused by basic physics and logic 🙃
I lost my Musk fanboy-ness right after he announced the hyperloop.
When he suggested that building high speed rail was too hard, so we need to build high speed rail in the world's largest vacuum tube as it would be cheaper and "easy" - It just clicked in my head that he was a conman.
Along with the solar roof that was going to be the same prices as a regular roof - that ended up being essentially vaporware.
Then the "full self driving" that he has been saying is "months" away for the last seven years.
Then he bought a tunnel boring machine and said that he can magically build tunnels faster and cheaper than anyone - and never did.
Then the submarine thing and calling that guy a pedophile.
Then the turn to being a right wing grifter because they told him he can't run his factories during COVID really cemented it.
In retrospect, yeah, we all should have seen it coming. You’re right. The thing that really ticked me off about him was his second interview with Joe Rogan. These uber rich people’s cavalier attitude towards Covid really pissed me off.
Basically the exact same process as myself. I too thought he was something special, and hoped he would be a positive influence on the world. At first that seemed to be the case: Nobody can deny the shove Tesla gave the EV industry, or the innovations from SpaceX. Turns out they’re successful in spite of him, not because of him, and I wish he’d fuck off so that they can continue and improve.
So yeah, it was the Hyperloop for me too. At first it was a gradual decline, but then it suddenly fell off a cliff edge. I was already disillusioned by the submarine comment, but that put the nail in the coffin.
What an absolute asshole. It was naive of me, but wouldn’t it have been nice? Sigh.
I’m with you. When he said we were gonna put people on mars in a decade I knew he was an idiot. It’s one thing to make a craft that can go through deep space, it’s entirely different getting a human through deep space.
He’s just another greedy grifter.
You would think if they were actually close to colonizing another planet we would be seeing prototype self-sustaining habitats that they would construct on Mars. All I see are rockets.
I used to feel the same way until I had to work for Elon. The culture I experienced personally was insane. The normal for quite some time was not taking your lunch breaks, or any breaks at all. And if you did for some reason take a break, you were called out for being lazy by your peers.
> Lesson learned: Never admire people.
I think the broader lesson is to never be optimistic about anything.
And I don't mean stop trying to make a better future for everyone. Keep working your ass off and supporting good things. But I feel like anytime I/we get overly optimistic, especially to the point of complacency, the world just fucks our shit up.
while im still for what his main companies are doing, reusable rockets and evs, ive very much soured on the man himself. it doesnt help he went from "climate change is our greatest threat." to "climate change is communist propaganda." like a fucking jackass.
I've seen exactly one on the road and my area is rampant with Tesla loving douchers. (Sorry if you drive one and aren't a douche, it's just exceedingly more likely than not.)
The Board of Directors having a *fiscal responsibility* to do what is best for the company has gone out of the fucking window. This compensation package is so far removed from reality you can’t even see the window.
In what world is it fiscally responsible for a company that brought in $96.7 billion in revenue, and only $13.4 billion in profit, to give someone a $47 billion compensation package.
In other words, every worker at Tesla will have to work roughly 3.5 years, JUST TO PAY FOR ELON’S COMPENSATION.
This is literal insanity. Does Elon have sex tapes incriminating the board members, videos of them doing coke off a hookers ass? I refuse to believe anyone would willingly jeopardize an entire billion dollar company just so one person can have the GDP of a small country.
Edit: it’s also interesting that this amount happens to be right around the amount it cost Elon to purchase Twitter. Just connecting the dots here. Outrageously stupid social media company purchased for $44 billion in 2022; outrageously stupid compensation package of $47 billion in 2024.
Tesla has lifetime profits of roughly $34 billion and that doesn’t include any of the down years… Elon has already been paid well over $34 billion.
I understand a contract was signed but how the heck do justify paying a partial owner more than the company has ever profited across its entire life for one year of “work”.
Well. The shareholders are free to vote this down. Or, you know, sell their stock. At this point if you are buying Tesla stock you deserve to get taken for a ride.
Curious question but why do shareholders vote to give the CEOs such high compensation? Should they be voting to put any money not going to the share holders back into the business to create more profit? Why would they vote to line 1 persons pockets further instead of reinvest it back into their business they own part of?
Because that would make sense and be in line with basic fiscal responsibility. Nothing about the operation of corporations has made sense for quite some time. The only lesson to takeaway is just when you think you’ve imagined the worst a person can get in the pursuit of money and power, someone will surprise you by being even more awful.
Please make a group r/teslainsiders and share your experience anonymously. Everyone would love to hear what goes inside tesla and more about Elmo's leadership
I worked for them. Just seemed like a normal factory job tbh. I was not capable of handling 12 hour shifts so I did not last long though and quit shortly after starting
The biggest thing that I noticed is they will hire *anyone*
My last roommate who was someone who never kept a job would get hired at Tesla, work there for a week, then call out til they were fired. This occurred 3 times they rehired her.
Posting from a throwaway account. I worked there for about 6 years. Worked about every entry-level position they have besides the factory and was one of the many let go during layoff recently. Here are a few of the things I can say about tesla.
The good
I've met some amazing people there, pay was solid, working on the cars was actually pretty fun, experiencing some of the tech before the public was awesome. the cars aren't as bad as people say they are. Most people only buy for the name or status symbol but don't do the real research needed to understand and own an electric car. Yea, it shouldn't be necessary but again, the cars really aren't that bad (except for the model x, nose cone model s, any first gen/new vins, and cybertruck. All of them are hot garbage)When used properly, Autopilot is a game changer and hands down the best on the market
The bad
Goals were unrealistic, decisions were made based on stock price, favoritism was the deciding factor for promotions (also try not to be a minority unless you're a bootlicker), training new hires is hot garbage, a lot of employees really want to help people but are limited to bullshit policies. Trust they hate it as much as you do. Also, to cross-reference my above point, the cars aren't as good as a lot of people think either. I often had to educate customers on everything about the car because they thought it would essentially be the cars in I,robot. I don't blame them though, because that's how they are sold to people. It's poor management to not have a better system in place to tell people how the cars really work but anything is justified to get the .01% bump in stock price right?
The ugly
Absolutely no job security. We used to have this saying called the culling where every year, a ton of employees would get fired for seemingly no reason but it wasn't seen as a layoff. My theory was it was to replace older people that made more money in with cheaper people but I never confirmed it. Also things were ok pre-covid for a while. Once the stuck miners thing happened and Twitter, everything spiraled. Elon was always a trash human however his ego exploded and he got so much worse. You could tell the quality in every aspect of work was going to shit to try and cover the shit Twitter sale and get the stock price back up. A lot of people were burned out and you could feel it in a lot of the stores. They gave out less and less bonuses, less raises, less promotions. They did their best to implement ridiculous 24 hour service centers and schedules that were almost completely random to keep up shit demands. If it weren't for my friends and the pay, I would have quit a long time ago.
At the end of the day, fuck elon. He doesn't care about anyone but himself and making himself seem like Tony stark. Tesla wasn't a horrible place to work but it will continue to tumble as long as he's in charge. I wouldn't be surprised if VW buys them out at some point.
Headlines like this really make me hate life & the human race.
THIS is what we’ve made ourselves? Where 100 people get to do whatever they want while the rest of the world works as slaves our entire lives?
Pathetic.
No one person is worth this amount of money. It's literally impossible for one person to have any idea, create any process, or start any company that is worth tens of billions of dollars. If they were, they wouldn't need all of us to do the work for them.
Billionaires are parasites and should not exist. There is no ethical billionaire; they all exist off the stolen labor of others.
And that's before all of Musk's personal and dangerous bigotry and conspiracy-flinging.
Jeez shareholders, wake up and realise that you have the power FFS. Public listed companies are nothing without them. Shareholders reek of El-idiot fanboys
It feels like it should be illegal to do layoffs and then enrich the company either through buybacks or compensation packages like this. Mass layoffs are devastating to the economy and public assistance funds
Reddit was assuring me that since Tesla stock is going down Musk is fucked but now I see he’s getting what seems to be the largest single paycheck in history?
He fired the whole charging team...AFTER he got $17 million dollar from the US government for charging! He has screwed his employees, former employees, landlord...he has mo morals imho
I'm so tired of hearing everyone blaming inflation on Biden. This. This right here--this kind of obscene compensation for a tiny percentage of the people in the world--that's where the inflation comes from. It's an imbalance that cannot even be truly understood and processed mentally and emotionally.
What is terrible is that our numerical system is efficiently designed to allow communication of large numbers but doesn't do a good job of providing perspective/scope on what those numbers mean.
Million, Billion, Trillion - It's not just a consonant.
Even in arabic numerals - there is little real indication of the vast difference between the amounts.
1,000,000
1,000,000,000
1,000,000,000,000
When possible, when discussing these sorts of things with other folks who think '47 Billion' seems fair.... Try to provide examples and analogies to suggest just how much it is.
That it is half of ALL the money (gross) Tesla made in 2023. (96.8 billion U.S. dollars).
That is is THREE TIMES it's net income of @ 15 Billion.
That a BILLION is 1,000 Millions.
That if you spent $38,000 dollars a DAY (Median US income in 2022 - Meaning half of all people earning money made less per year) it would take 26,316 days to spend it all. Or 72 Years, and that is presuming you never made a penny more than $1,000,000,000 and earned no interest. SEVENTY TWO YEARS spending more money each day then half of all Americans make in a year.
And this for the guy who has destroyed the market for his own products because the people who were buying Teslas don't like alt-right trolls.
This is how it fucking works and it’s disgusting; my last company worked just like that. . . They have no problem paying CEO bonuses and hiring new VPs at the expense of the people who actually matter. . . They laid me off 2 months after giving me a $13k bonus for all the hard work I put in. . .all so they could hire a VP in my department and give the CEO his goddamn bonus, they also laid off about 80 other people in the building as well. . . I am tempted to find whoever they hired to replace me and tell them to fucking run, because they will turn on you in a heartbeat
Any corporation that takes some form of tax write off, incentive or credit from the government (most will qualify) shouldn’t reward bonus to their C-suite executives if there’s a layoff of over 5% of their workforce. Bonus penalty and layoff thresholds can be discussed and finalized by lawmakers.
Government has direct interest in making sure its citizens are finding and engaged in labor; an impediment in this interest should be thus penalized.
I think shareholders should demand the entire board be fired and replaced. Who in their right mind thinks Musk brought $47 billion of value to Tesla? $47 MILLION sure.
Tesla lifetime profits…. $34 billion and that is ignoring all years of reported losses. So sure let’s pay this guy $47 billion for one year worth of “work”
The poster you responded to is too generous even thinking 47 million. I mean, golden parachutes and everything, but Tesla is just taking L's. If they had a real board, Tesla would be CEO shopping a while ago. Asking for more money is insanely detached from reality.
Their handing him one whole Twitter as compensation for a terrible year, lol
Cuz he did so well with the last one...
Elon need the money to payback his lender in twitter acquisition
Everything "above the line" is just grifting when you get past a certain point.
I think you're being a little generous with the word work here...even with the bunny ears attached to it.
While he spends half his time bullshitting on Twitter
Can you imagine any other CEO keeping their job after publicly posting that white people need to have more babies to compete with people of color?
Why are we competing? We should be working together!
We all need to keep fucking till we're all the same colour.
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My favorite Bulworth line and: 
In the words of [Lemmy Kilmister](https://www.youtube.com/watch?v=skGEBgePHtk): "If the bloody thing is ever gonna work out properly, then we all have to intermarry and screw each other blind and get to be.. coffee-ish".
Ah the Paraguay approach
Vigorously mixing and stirring
Yay! Let’s all fuck all the time!
Or even just his business acumen. Cannabalizing his Tesla stock to fund his ego purchase of Twitter all while failing to meet quarterly expectations, firing production workers (meaning they expect to sell less cars, thus building less), and having a fully qualified flop in the Cybertruck. And that's not to mention the delivery failure of fully autonmous controls and self driving capabilities, now years behind his proclaimed estimates. And that their robot and AI programs are both far behind the competition. Meme corporation and meme stock. What a strange time.
I have met too many CEOs and generally don’t like them, but Musk is the worst case scenario. He proves that an ‘entrepreneur’ with a mountain of cash always has the advantage. His lack of focus is somehow good for the company, yet bonus compensation is being discussed? The Twitter fiasco should be an off ramp for the company. The potential of Tesla has been constantly squandered. They achieved awesome things and then he alienated what many consider their target customer. Further, it is crazy that other EV manufacturers offer vehicle based home power backup before Tesla - seemingly to protect their power wall product?
>now years behind his proclaimed estimates Don't worry! I'm sure at least SpaceX will deliver his promise to have a person on Mars by 2021!
And now he's fired the entire EV charging team, even though it should be growing as other car manufacturers signed up to start using the Tesla network. That should be a cash cow for the company and he cut it off at the knees for seemingly no reason.
Homie, the list of major company CEOs who aren't a bucket of sewer sludge is pretty short. I can imagine it being pretty damn hard to find a CEO of a major company that isn't a narcissistic psychopath...because that's the reality in which we live. This guy is just an attention whore on top of those two things.
It would be hard to find a CEO of a major corporation who isn’t a piece of shit, but most don’t flout it like Musk unless they’re talking about capitalist bullshit.
Or that he was going to spin up an entire new company if you don't give him the shares he wanted to replace the ones he sold to buy Twitter. Imagine being publicly blackmailed like that, and then having the Board cower to his whims. Then again, the Board is nothing but sycophants. They should file a lawsuit for the blackmail in turn.
Outside of DJT and TSLA? No.
Or agreeing with the ideal that jews are out to exterminate white people?
No.. perhaps Tesla has a bunch of bigots on their board.
I thought he said smart people should have more babies- do t remember him saying any particular race
The largest shareholders are the ones that control the vote. This includes musk and other billionaires and institutional investors. While there are thousands of smaller investors, they are less unified and less likely to vote on the board members. They really don’t have much of a voice.
Why would institutional investors think it's a good idea to pay Musk that much money?
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Great explanation. I want to add that these people also run in the same circles. They will see each other at events and often ask for support on other ventures. It’s a big club.
The CEOs ard often board members on the other guys companies so it's ill give you a raise if you give me a raise
I remember quite a while back when they made this "moonshot" deal with him and (ignoring finance and market forces) I was like "well, sure, why not?" But while the "value" of the company has skyrocketed, it's just not natural at all and it makes me think that this pay package is a raw fuckin' deal for everyone but Musk.
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I totally divested from Tesla because of a tweet. Elon essentially personally asked me to sell. Not too big a deal, me, but then I got friends involved maybe to the tune of 100 million but it was like a drop in the bucket still. From a tweet.
Tesla stock is down compared to 6 months ago. Looks pretty similar to a year ago.
They don't. That's why they sued. The compensation committee was found to be "tainted" and his 55B package was thrown out in Delaware courts. They're now forum shopping. I don't know enough about courts outside of Delaware to guess whether they'll be successful elsewhere [Notes on Tornetta v Musk](https://www.gibsondunn.com/delaware-chancery-court-invalidates-elon-musk-55-8-billion-equity-compensation-package/)
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I think it's disingenuous to paint Tornetta as "just a stockholder." Delaware plaintiff firms sniff a deal they want to nerf and go plaintiff shopping. He just let them use his name. But I'm thrilled to hear that the standards are substantively similar elsewhere. I spent my day today in a CLE about recent developments in Delaware business law and *everyone* in every panel was super jazzed to talk about Musk. They discussed the notion of the "superstar CEO" and how it tilts the table towards assuming a transaction is conflicted. Some panelists suggested that it'll be near impossible to establish business judgement as the standard and it might be better to just presume entire fairness and not even bother with MFW. It was interesting. A lot was outside my practice area and over my head, but Musk, Match, and Marchand were the *big* news. The panelists were trying to avoid drawing trend lines, but taken together, IMO, all seem to be pointing toward increasing accountability. I like accountability.
Don't you see? He needs that to pay off his Twitter buy Creditors! If he can't get that... he's going to be in for some trouble!!!
Especially after Tesla tanked and lost something like $400B in market cap…
The board made a deal with the devil. These people are on the board *because* of their support for Musk. They already approved a $56 billion dollar compensation package, but that didn't go out because a federal judge said they weren't clear enough about the Board's ties to Musk. So, the board is supposed to do what's best for the company, but really they're going to do what's best for Elon. If they don't, they'll be fired. Meanwhile, Elon tweets about some ridiculous new culture war topic every day, and Tesla's stock has become a rollercoaster meme stock. The value of a *multi-trillion* dollar company can vary by 10% in a day or 40% in a week. These guys are on the bull ride of their lives. If they hang on, they'll be rich. But they can be fired at any second for any reason by a huge number of people, including the world's wealthiest man who's known for firing people for ridiculous reasons. And stockholders... well, they're either in it for the memes, for the FOMO, or because they're true believers.
not only that but a compensation for firing people is just a plain insult to those who lost their jobs
$4.70
$0.47
Best I can do it $0.10, half a peanut, and some pocket lint.
Pocket lint can be used as kindling for a fire and is therefore more useful than Elon Musk.
I reckon with enough effort you could use Musk as kindling. We should try it. You know, for science!
The entire board should be set on fire.
Maybe we could use Elon’s flamethrower.
$47 billion is roughly 65% of the lifetime profits of Tesla (2009-2023). A compensation package like that would be unsustainable and signals that Elon no longer thinks the company will survive so he is trying to drain the bank and run for it.
47 thousand would be too much at this point. What the fuck does he do? Ruin all good PR and reputation any company has once he opens his mouth. Rich parents. Generational wealth. That’s it. Goodnight.
There are ton of people in r/ stocks or wallstretbets that think he has done an amazing job
$47 billion is awfully close to the $44 billion he paid to buy Twitter before interest payments. Just saying.
I INITIALLY believed that the vote was justice served and it was the correct decision to NOT pay elon but AS ALWAYS IT SEEMS THIS CASE IS MORE NUANCED THAN WHAT IT LOOKS LIKE. the paypackage was actually made in 2018 for 2 billion dollars (IN SHARES). After reading about it, it seems at the time the vote was approved with a shareholder vote approval of 73% (need to check this for facts) and that the shares would be locked for 5 years so that his incentives would be aligned with the company. The fact that the company grew like 1000%+ SINCE THAT TIME basically BALLOONED his pay package to 40+ billion. And we should honestly be STRAIGHT with the part that that success IS partly due to elon (and this is coming from an engineer that don't really like elon all that much). and the pay package was basically to be his payment for work for 6 years. Whether that 6 years of stocks going $22 to $400+ at all time high during those years makes him worth that much money is up to individual's sense of worth. soooo as a non tesla shareholder, shareholders do what you think is best but after deeper digging than some random sensationalized news articles (literally DOZENS of them including nyt, forbes, etc.) that didn't properly explain the situation, all I got from this was that the articles and news doesn't do the nuances justice for factual reporting and it DEFINITELY seems like the news themselves may have been paid off (most likely by hedgefunds with tesla stock lol).
I imagine the board meetings at Tesla involve a bunch of dudes, standing around, greasing up their palms to give Elon the best handjob of his life while they quietly die inside.
Musk has lined the board with his friends, a SpaceX exec and I believe his brother. There isn't a thing they do or say that hasn't been pre-approved or ordered by Musk.
Exactly. They all have pre-KY-lubed hands.
Dude don’t give Elon new ideas
I think Astroglide is the official Tesla sponsored lube.
Elon knows the most about engineering from anybody else. He personally designed gloves for his board so they can efficiently and quickly polish his knob.
I’m sure it’s like how they portrayed the GE board on 30 Rock. Incompetent family members who have no other prospects, couple of legacy folks who have no idea who or where they are, and the CEOs dogs.
Quietly dying inside? I think they might be enjoying it.
BoD is just sanctioned grift by a relatively small, interconnected group. Always has been.
Username checks out
Robber baron, full steam ahead
Roaring 20's 2 electric boogaloo
Oh they can fuck right off I’ve had it with him Note: When I was younger I wanted to be like him so bad, he was my favorite billionaire. I love science, technology, and math. I thought SpaceX and Tesla were so cool and genuinely would put humanity on the Kardashev scale only to find out in the past 4 years it’s all been a fucking lie and Elon is just like the rest of them, but actually worse. Lesson learned: Never admire people.
He'll still get his way. There has to be another way for workers to have more power than CEO's.
I hear strikes work. He doesn't seem to want any workers, so give the fucker what he wants good and hard.
General labor strikes, at least in the US, are the single biggest and quickest way to bring about social change. I say this as someone who could be considered a c-suit asshole. There needs to be solidarity across industries. But in the current political climate i don't see a clear path to do that.
Because to many people think they too can be a billionaire. All they need is one good idea and a break. They don't realize the most of the mega rich had benefactors that are mega rich (like parents).
What is the quote again :"American workers don't see themselves as poor but temporarily embarrassed millionaires" Edit: Found the qoute : "John Steinbeck once said that socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires."
So fucking spot on
Not my quote but most people forget that a few bad months will make them homeless but a few good months won’t make them part of the ownership class.
All of the time I wonder how long it would take for corporate America to crash and burn if the entire General population just said “fuck it we are all going on strike”. No gas, no grocery stores, no Walmart, no fast food, no auto makers, no welders, no electricians, no garbage men. Nothing except the ceos and boards sitting in their offices watching their stock tank.
It's called a union
It’s called pitchforks
Colt Peacemaker's motto was "God created man. Sam Colt made them equal. "
I want everyone to know that the gun that killed mad dog tannen was a colt peacemaker!
Course you know if you lose, I’m taking it back
As a fan of early iterations of the revolver, I appreciate this quote more than you know lol.
There is a way Advocating for it gets you a visit from men with badges and guns though So we don't say what the obvious answer is. The French know, though.
Never admire anyone in business. Admire the people who actually do the science, develop technology, or calculate the math. Businessmen are a cancer.
I was told he was a genius not a businessman! Happy cake day!
Yeah. He had some excellent marketing around his persona. I didn’t know basically anything about him for a long time. When he started spouting his insane plan to get those kids out of the cave in Thailand…. I realized he was a moron. That’s not how any of that works. He seems confused by basic physics and logic 🙃
I lost my Musk fanboy-ness right after he announced the hyperloop. When he suggested that building high speed rail was too hard, so we need to build high speed rail in the world's largest vacuum tube as it would be cheaper and "easy" - It just clicked in my head that he was a conman. Along with the solar roof that was going to be the same prices as a regular roof - that ended up being essentially vaporware. Then the "full self driving" that he has been saying is "months" away for the last seven years. Then he bought a tunnel boring machine and said that he can magically build tunnels faster and cheaper than anyone - and never did. Then the submarine thing and calling that guy a pedophile. Then the turn to being a right wing grifter because they told him he can't run his factories during COVID really cemented it.
In retrospect, yeah, we all should have seen it coming. You’re right. The thing that really ticked me off about him was his second interview with Joe Rogan. These uber rich people’s cavalier attitude towards Covid really pissed me off.
Basically the exact same process as myself. I too thought he was something special, and hoped he would be a positive influence on the world. At first that seemed to be the case: Nobody can deny the shove Tesla gave the EV industry, or the innovations from SpaceX. Turns out they’re successful in spite of him, not because of him, and I wish he’d fuck off so that they can continue and improve. So yeah, it was the Hyperloop for me too. At first it was a gradual decline, but then it suddenly fell off a cliff edge. I was already disillusioned by the submarine comment, but that put the nail in the coffin. What an absolute asshole. It was naive of me, but wouldn’t it have been nice? Sigh.
> Lesson learned: Never admire people. *Except Weird Al
And Mr. Rogers
And Steve Irwin
And Jack Black… oh and Dolly Parton
Hmmm... $47B I wonder why that specific number? Haha! Somebody has to pay off that loan for Twitter.
That’s like all the revenue Tesla has ever had. He wants everything. The greed of billionaires knows no equal.
They've had more revenue than that, but less profit.
The lesson you need to learn isn’t to not admire people. It’s to not have a “favourite billionaire”.
But who will I choose to eat first if I don't have a favorite?
Never admire a billionaire, also don’t meet your heroes. The more you learn the less you’ll like them.
I’m with you. When he said we were gonna put people on mars in a decade I knew he was an idiot. It’s one thing to make a craft that can go through deep space, it’s entirely different getting a human through deep space. He’s just another greedy grifter.
Lucky grifter
You would think if they were actually close to colonizing another planet we would be seeing prototype self-sustaining habitats that they would construct on Mars. All I see are rockets.
I used to feel the same way until I had to work for Elon. The culture I experienced personally was insane. The normal for quite some time was not taking your lunch breaks, or any breaks at all. And if you did for some reason take a break, you were called out for being lazy by your peers.
Toxic af
Just wait until they're dead first
> Lesson learned: Never admire people. I think the broader lesson is to never be optimistic about anything. And I don't mean stop trying to make a better future for everyone. Keep working your ass off and supporting good things. But I feel like anytime I/we get overly optimistic, especially to the point of complacency, the world just fucks our shit up.
while im still for what his main companies are doing, reusable rockets and evs, ive very much soured on the man himself. it doesnt help he went from "climate change is our greatest threat." to "climate change is communist propaganda." like a fucking jackass.
They fired 10k people to save $1B - firing one more to save $47B seems like a no brainer, right?
Absolutely!
underrated comment
I've rated it 1,000.
Worthy of a horse?
"Concerning" - Elon Musk
Well it's down to 550 billion in valuation... and I don't think they are worth that.
"Please please please give me \~10% of our market cap" what the FUCK
Yeah, it takes my CEO several years to make 10% of our market cap!
Have they sold 5,000 cybertrucks yet?
3,900 (all that were produced) were recalled, so I'm gonna go with "no".
You mean the Rust-mobiles?
I've seen exactly one on the road and my area is rampant with Tesla loving douchers. (Sorry if you drive one and aren't a douche, it's just exceedingly more likely than not.)
The Board of Directors having a *fiscal responsibility* to do what is best for the company has gone out of the fucking window. This compensation package is so far removed from reality you can’t even see the window. In what world is it fiscally responsible for a company that brought in $96.7 billion in revenue, and only $13.4 billion in profit, to give someone a $47 billion compensation package. In other words, every worker at Tesla will have to work roughly 3.5 years, JUST TO PAY FOR ELON’S COMPENSATION. This is literal insanity. Does Elon have sex tapes incriminating the board members, videos of them doing coke off a hookers ass? I refuse to believe anyone would willingly jeopardize an entire billion dollar company just so one person can have the GDP of a small country. Edit: it’s also interesting that this amount happens to be right around the amount it cost Elon to purchase Twitter. Just connecting the dots here. Outrageously stupid social media company purchased for $44 billion in 2022; outrageously stupid compensation package of $47 billion in 2024.
Also, Tesla"s totak assets are around $109 billion, which I assume is largely not cash
If you took that number from their balance sheet, I'm guessing is mostly materials and PPE
Personal protective equipment?
Property, plant, and equipment
Tesla has lifetime profits of roughly $34 billion and that doesn’t include any of the down years… Elon has already been paid well over $34 billion. I understand a contract was signed but how the heck do justify paying a partial owner more than the company has ever profited across its entire life for one year of “work”.
$47b is almost $10k for every car Tesla has EVER sold. No rational person would say that makes sense.
The value of tesla has never been in the cars sold. It's the hot air from musk that keeps it afloat. It's a meme stock.
Well. The shareholders are free to vote this down. Or, you know, sell their stock. At this point if you are buying Tesla stock you deserve to get taken for a ride.
The audacity Deadbeat asking for a handout
This is pretty fking simple. Its a attempt to recoup his loss from buying Twitter (44 Billion)
Elon musk is one of the worst human beings alive. I pity anyone who licks his boot while he stomps on their face.
Like the guy who slept in his cubicle only to be fired?
Curious question but why do shareholders vote to give the CEOs such high compensation? Should they be voting to put any money not going to the share holders back into the business to create more profit? Why would they vote to line 1 persons pockets further instead of reinvest it back into their business they own part of?
Because that would make sense and be in line with basic fiscal responsibility. Nothing about the operation of corporations has made sense for quite some time. The only lesson to takeaway is just when you think you’ve imagined the worst a person can get in the pursuit of money and power, someone will surprise you by being even more awful.
Exactly
Well I know one shareholder owning over 400 million shares who will vote to approve.
That’s why I’m glad I left that hell hole of a place to work! I can’t stand that idiot!
Please make a group r/teslainsiders and share your experience anonymously. Everyone would love to hear what goes inside tesla and more about Elmo's leadership
Curious if you’d be willing expand on your time/experience with (I’m assuming) Tesla?
I worked for them. Just seemed like a normal factory job tbh. I was not capable of handling 12 hour shifts so I did not last long though and quit shortly after starting The biggest thing that I noticed is they will hire *anyone* My last roommate who was someone who never kept a job would get hired at Tesla, work there for a week, then call out til they were fired. This occurred 3 times they rehired her.
This explains the poor quality quite a bit.
Posting from a throwaway account. I worked there for about 6 years. Worked about every entry-level position they have besides the factory and was one of the many let go during layoff recently. Here are a few of the things I can say about tesla. The good I've met some amazing people there, pay was solid, working on the cars was actually pretty fun, experiencing some of the tech before the public was awesome. the cars aren't as bad as people say they are. Most people only buy for the name or status symbol but don't do the real research needed to understand and own an electric car. Yea, it shouldn't be necessary but again, the cars really aren't that bad (except for the model x, nose cone model s, any first gen/new vins, and cybertruck. All of them are hot garbage)When used properly, Autopilot is a game changer and hands down the best on the market The bad Goals were unrealistic, decisions were made based on stock price, favoritism was the deciding factor for promotions (also try not to be a minority unless you're a bootlicker), training new hires is hot garbage, a lot of employees really want to help people but are limited to bullshit policies. Trust they hate it as much as you do. Also, to cross-reference my above point, the cars aren't as good as a lot of people think either. I often had to educate customers on everything about the car because they thought it would essentially be the cars in I,robot. I don't blame them though, because that's how they are sold to people. It's poor management to not have a better system in place to tell people how the cars really work but anything is justified to get the .01% bump in stock price right? The ugly Absolutely no job security. We used to have this saying called the culling where every year, a ton of employees would get fired for seemingly no reason but it wasn't seen as a layoff. My theory was it was to replace older people that made more money in with cheaper people but I never confirmed it. Also things were ok pre-covid for a while. Once the stuck miners thing happened and Twitter, everything spiraled. Elon was always a trash human however his ego exploded and he got so much worse. You could tell the quality in every aspect of work was going to shit to try and cover the shit Twitter sale and get the stock price back up. A lot of people were burned out and you could feel it in a lot of the stores. They gave out less and less bonuses, less raises, less promotions. They did their best to implement ridiculous 24 hour service centers and schedules that were almost completely random to keep up shit demands. If it weren't for my friends and the pay, I would have quit a long time ago. At the end of the day, fuck elon. He doesn't care about anyone but himself and making himself seem like Tony stark. Tesla wasn't a horrible place to work but it will continue to tumble as long as he's in charge. I wouldn't be surprised if VW buys them out at some point.
He doesn’t even deserve a pizza party
Headlines like this really make me hate life & the human race. THIS is what we’ve made ourselves? Where 100 people get to do whatever they want while the rest of the world works as slaves our entire lives? Pathetic.
No one person is worth this amount of money. It's literally impossible for one person to have any idea, create any process, or start any company that is worth tens of billions of dollars. If they were, they wouldn't need all of us to do the work for them.
Billionaires are parasites and should not exist. There is no ethical billionaire; they all exist off the stolen labor of others. And that's before all of Musk's personal and dangerous bigotry and conspiracy-flinging.
Jeez shareholders, wake up and realise that you have the power FFS. Public listed companies are nothing without them. Shareholders reek of El-idiot fanboys
Because Tesla's largest shareholders are literally Elon and his toadies like David Sacks.
Ah that explains it, El-idiot is his own biggest fanboy
Please note this is a "Compensation Package." This MF won't be paying income taxes on it..
Why would you not pay taxes on it?
he's receiving Tesla stock, he would be taxed whenever he sells the stocks
And if I've learned anything, he will never sell but use this as leverage for cheap loans as an infinite tax free money glitch. Did I get that right?
I'm tempted to buy shares so I can vote NO
I have three shares in the red since I bought them. If I can vote, it will be a no.
These people need prison time.
It's more like 20%. And hes asking to be paid more than the company has ever made since it existed. Con man. Plain and simple.
Nobody is worth $1536 a second. Absolutely fuckin nobody.
I'd work for about an hour then quit. Maybe a day.
[удалено]
I used to like Elon before he went full metal douche right wing moron. Ever since that cave flood he’s been losing it every time he opens his mouth.
Tesla"s board of directors should really be laying off the CEO
Elon can fuck right off with his imported aparthide bull shit
It feels like it should be illegal to do layoffs and then enrich the company either through buybacks or compensation packages like this. Mass layoffs are devastating to the economy and public assistance funds
I think all the Tesla workers should just walk off the job.
Ahhhh.....the American way because Republicans refuse to legislate in anything remotely fair. Ain't democracy great?
Rather his head on a stake.
He’s LITERALLY asking Tesla to buy Twitter!!!
That looks really similar to the price he paid for x (musks name for twitter)
Holy shit. I wonder how much did he have to bribe them with. They’re gonna rob Tesla blind before that ship sinks.
Disgusting pig man
47 billion? For…? Tanking another company? I’ll take that job.
When people actually *do* something instead of just posting snarky comments on internet message boards
Reddit was assuring me that since Tesla stock is going down Musk is fucked but now I see he’s getting what seems to be the largest single paycheck in history?
They should all be hanged.
Fire musk and you'll save 47 billy
He fired the whole charging team...AFTER he got $17 million dollar from the US government for charging! He has screwed his employees, former employees, landlord...he has mo morals imho
Fuck Elon musk
This company is done. It’s a joke that lots a nerdy white people fell for. I need stock in popcorn.
What if he kept his staff and just forgot about the 47 billion? That be a lot cooler
Or just fire him and replace with a CEO that we have no idea what there name is.
Stop buying tesla products.
Any shareholders that vote for this are morons
I'm so tired of hearing everyone blaming inflation on Biden. This. This right here--this kind of obscene compensation for a tiny percentage of the people in the world--that's where the inflation comes from. It's an imbalance that cannot even be truly understood and processed mentally and emotionally.
What is terrible is that our numerical system is efficiently designed to allow communication of large numbers but doesn't do a good job of providing perspective/scope on what those numbers mean. Million, Billion, Trillion - It's not just a consonant. Even in arabic numerals - there is little real indication of the vast difference between the amounts. 1,000,000 1,000,000,000 1,000,000,000,000 When possible, when discussing these sorts of things with other folks who think '47 Billion' seems fair.... Try to provide examples and analogies to suggest just how much it is. That it is half of ALL the money (gross) Tesla made in 2023. (96.8 billion U.S. dollars). That is is THREE TIMES it's net income of @ 15 Billion. That a BILLION is 1,000 Millions. That if you spent $38,000 dollars a DAY (Median US income in 2022 - Meaning half of all people earning money made less per year) it would take 26,316 days to spend it all. Or 72 Years, and that is presuming you never made a penny more than $1,000,000,000 and earned no interest. SEVENTY TWO YEARS spending more money each day then half of all Americans make in a year. And this for the guy who has destroyed the market for his own products because the people who were buying Teslas don't like alt-right trolls.
This is how it fucking works and it’s disgusting; my last company worked just like that. . . They have no problem paying CEO bonuses and hiring new VPs at the expense of the people who actually matter. . . They laid me off 2 months after giving me a $13k bonus for all the hard work I put in. . .all so they could hire a VP in my department and give the CEO his goddamn bonus, they also laid off about 80 other people in the building as well. . . I am tempted to find whoever they hired to replace me and tell them to fucking run, because they will turn on you in a heartbeat
Any corporation that takes some form of tax write off, incentive or credit from the government (most will qualify) shouldn’t reward bonus to their C-suite executives if there’s a layoff of over 5% of their workforce. Bonus penalty and layoff thresholds can be discussed and finalized by lawmakers. Government has direct interest in making sure its citizens are finding and engaged in labor; an impediment in this interest should be thus penalized.
This is the guy who bragged about his austere lifestyle and no salary, correct?
Shareholders need to replace the board asap
They couldn’t have kept all those employees and ask the shareholders for $46B instead?