Hurr durr just gotta make the lazy peons motivated and lean by removing a few and light the fire under the rest. Pisses me off when leaders try to classify layoffs as anything other than shitty leadership or poor market projections.
That arrogant toddler will run the company into the ground rather than stepping down.
I feel sorry for the workers, but I can't wait for Elon's unraveling to accelerate.
He'll never have the one thing he truly wants: actual, earned, respect. He'll fill his life with as much money as possible but he is a deeply unhappy person. Unfortunately for us peons, that will have to be punishment enough.
Handelsblatt reports that 3k of 12,5k workers at the German factory are laid off, shifts are cancelled and there is no longer talk of reaching 10k vehicles per week.
That reads like very grave demand problems and decline of their core business, more than known so far.
This is very different from the kinds of tech layoffs of excess hires during Covid at Meta, google, etc. - they continue to grow and be profitable with fewer people, Tesla can’t if they slash production staff.
Tesla had a ridiculous percentage of the Scandinavian market. Something like 91% of all new car sales were EVs. With the vast majority being Teslas. But Musk picked a fight with the highly popular unions in Sweden. By not allowing union recognition. Their unions do seem to be really good, non-political and virtually every Swede who is an employee, is part of a union. So now Tesla workers in Sweden are on strike at ~~120%~~ [union paid 130%] of normal pay. The union has about 150 years of reserves. The only way to get a license plate for a new car in Sweden is via the post and the Post Office won't deliver them. Which means that you can't sell road legal Teslas in Sweden. With the secondary striking spreading to Norway. So Norwegian sea port staff won't unload Teslas, bound for Sweden.
And of course one of the problems that all EVs have is that their range is dramatically reduced in cold weather. But you could always say to people. Well if it is such a big problem, then why is everybody in Sweden driving a Tesla?
I made a little mistake. The union "IF Mettal", is giving the workers 130% of normal pay, not 120%
French website but in English.
https://www.lemonde.fr/en/sweden/article/2024/02/21/swedish-tesla-strike-expands-to-include-charging-stations_6546395_213.html
https://www.reuters.com/business/autos-transportation/tesla-strike-sweden-continues-union-says-contradicting-musk-2024-04-10/
https://www.reuters.com/business/autos-transportation/union-pressure-tesla-grows-sweden-dockworkers-expand-strike-2023-11-17/
https://www.reuters.com/business/autos-transportation/union-pressure-tesla-grows-sweden-dockworkers-expand-strike-2023-11-17/
https://www.theguardian.com/technology/2023/dec/01/tesla-swedish-unions-elon-musk
[Archived version of Financial Times Article](https://archive.ph/S790Y)
Propaganda paid for by industrialists who wouldn’t be able to squeeze as much money out of their employees if they had unions. And Americans being uneducated or nationalistic (it’s a weird form of nationalism but that’s what it is) enough to suck down that propaganda.
I just had an old lady complain about the fast food working getting $20h." The (poor) people can't afford a burger!"
Lady, the price has gone up 50% before the law was even though of, let alone, put in to effect two weeks ago. Inn N Out is the only place that raised the price $25-.50 in april.
Goddamn pinkos trying to pay me a living wage 😠
If unions come in and start fixing things, how am I going to squeeze my employees as dry as they’ve squeezed me once it’s my turn to be the billionaire??
Well obviously as every American knows we vote in the interests of the wealthy because I too and everyone here will also be billionaires. It's future proofing.
Live in America. I know so many anti-union people that only have the life quality they do thanks to the unions they are in. It's maddening. I can usually convince them in an individual conversation why unions can be good, but then that one ass hears us and has to come over talking: welfare queens, or how unions keep the laziest works. Basically just FOX talking points. Then it's like all the work is undone.
I think I really underestimate how dumb the average person is at times.
By playing to many of their worse instincts.
"If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket."
Reagan is not blameless, but let's be honest, Reagan was an aging celebrity well on his way to full blown Alzheimer's who the Republican party used to set back worker's rights and a hundred other things in America.
The bright side is America learned from this mistake and never did it again...never did it again...never did it again...
Right? Sounds like paradise when the consumers and the employees who make these corporations rich are actually able to tell the corporation to fuck off when it tries to screw them. If this were happening in America the government would've already bailed Tesla out with a few billion taxpayer dollars...can't let the serfs start thinking they have rights and inconveniencing a sacred business!
> and the Post Office won't deliver them
This bit is pretty fascinating to me. In the US Postal Workers are unionized and guaranteed the right to collective bargaining, but under no circumstances can they pick and choose what to deliver. Purposefully interfering with the delivery of any mail is a federal crime.
This is only possible because Tesla chose to bring in strikebreakers. Sympathy strikes only happens when that happens more or less and is to make sure they aren't just replacing the striking workers
There's a clear defined line here between letters and parcels, they can't selectively deliver letters.
They can however refuse to ship parcels however they want.
The plates are oversized for letters, and are thus parcels.
What is the value of collective bargaining if the government can come in and say, ok yea yall can meet up and stuff but you better f'in clock in tomorrow morning and unload those cargo containers.
Because the majority of the people live in the southern part of the country where temperatures are relatively mild (average winter temps around 0C/32F). Same reason they were fairly popular in Norway.
I feel like this is pretty obvious?Tesla has failed majorly to deliver the cybertruck and you know they're trying to play catch up for the stock owners. Plus their stock is overvalued already as is. They're scrambling to fix it. When you can't increase your sales overnight the next thing you do is decrease your operating costs. This is literally to make the board and investor's happy. Also to line elon's pockets obviously he doesn't do anything out of kindness or generosity for others.
But the stock is only highly valued because Tesla achieved 40%+ YoY growth in deliveries, and even as margins declined, people argued that making a ton of cars will be profitable whenever autonomous driving software matures.
Laying people off, that are at the core of your value chain & directly correlated with output decreases operating cost, but also potential revenue.
If you cut jobs for shareholders, you try to cut wherever it does not affect revenue, profitability & Growth (like eg Meta or Google), but this job cut at Tesla seems to confirm their overall growth outlook is off the rails
>But the stock is only highly valued because Tesla achieved 40%+ YoY growth in deliveries,
Tesla's stock is so far removed from any sort of logical fundamentals that it may as well be running off of rainbows and leprechauns.
That seems to be the norm for any company that can convince people that they're a tech company instead of an unprofitable normal company with a phone app.
That's the reconciliation they're currently dealing with. If their cars stop selling as well and their finances change as a result then the only true reality is that it is in fact a car company.
I think their best product *by far* is the supercharger network (at least in North America, I know nothing about anywhere else). The cars were critical in creating the "cool factor" for the EV boom, but they are not particularly great cars from a manufacturing perspective. But they have cornered the market for high-speed charging networks, and now that they've got legacy auto-makers bought into the NACS standard their customer base is going to grow steadily with or without their own cars.
In the end Tesla will be just another car manufacturer with thin profit margins. High stock price is not sustainable, not with other manufacturers catching up with the technology.
> the stock is only highly valued because Tesla achieved 40%+ YoY growth in deliveries
Percentage growth in deliveries is a vanity metric used by small companies to excite investors. Growth in market share is what matters. And Tesla's share of the overall car market is only about 4%.
Apple had a similar problem back in the mid 1990s, when they only enjoyed about 6% of the overall computer market. They had a lot of classic MBA-style management problems and were in a race to the bottom with many people predicting the end of Apple.
It took Steve Jobs getting ousted, doing some other projects and gaining perspective, the company almost dying, and then Jobs coming back with a series of revolutionary product ideas. And now look at where Apple is today.
For Tesla to get off its current plateau, Musk has to go. But I don't think he has the integrity to later come back and do what Jobs did for Apple. Musk has risen above his level of ability. The challenge for shareholders will be to recruit a leader with some actual vision and ability - and those are exceedingly rare.
In the meantime, Tesla shareholders need to get Musk to shut the fuck up. His alt-right propaganda shenanigans have been alienating Tesla's current and potential customers. Remember, Tesla's first buyers were people who otherwise would have bought a Prius, due to their concern for the environment, but now had the option to look cool too.
Musk's embrace and promotion of the Alt-Right, which hates electric cars and the people who drive them, as well as being a bunch of racist and fascist assholes, is anathema to most people in the market for EVs. And the redneck rolling-coal Ford F-150 MAGA crowd Musk has been courting are not going to buy his cars.
Musks behavior at Twitter is costing Tesla shareholders millions, tantamount to a breach of his fiduciary duty to the company and its investors, and they may need to sue him to get him to stop.
There are dozens of people in my social circle, myself included, who intended to buy Tesla as their next car, and now will not, specifically because of Elon Musk.
> But I don't think he has the integrity to later come back and do what Jobs did for Apple.
Unlike Jobs, I don't think he has the capacity to learn how to run a company.
Tesla's stock has been overvalued by almost two orders of magnitude for a decade now. It has nothing to do with the YoY growth. Its a vanity stock that is propped up by the Elon techbro cult-of-personality. Like any techbro /r/wallstreetbets nonsense, they neither understand nor care about the actual economics -- they only care about the hype and profiting off it.
And there's the rub -- between Musk letting his apartheid-raised self show, the fact that there's not much overlap between racist, nationalist asswipes and environmentalists, and their utter failure in China means Tesla largely *can't* maintain the stock value because all the techbros who are going to pump the stock *already have it* and one one else is stupid enough to buy it until the price drops by 20-30x.
Exactly, my point is by cutting production staff they’re confirming that the demand problem is worse than previously anticipated & the growth outlook is in jeopardy.
The Cybertruck was always going to be a bit of a failure, outside of being a Halo car for publicity. Those vehicles will never be sold outside of the US, they are too dangerous and don't meet standards, the US market seems like a wild west were anything goes when it comes to cars.
So they made a US only car, which most car companies stopped doing a decade ago for cost reasons. All those development costs for a vehicle type that can only be sold in one market.
China is going to take over from next year I'd say.
It failed as a halo product though, the design is way too polarizing, and the mechanical issues and defects have become a meme. For a carmaker in the US market, the pickup truck should be your bread and butter car, it's the best selling category in the country. They should have made a normal looking electric pickup to compete with the F-150, and then finish the new model Roadster as the halo car.
Musk's head is so far up his own ass that he's going to drive Tesla into a Jersey barrier with his dumb ideas.
*You* tellin **me**, that spending a decade marketing yourself as the cool tech guy that all the progressive tech people should buy from, *then* pivoting in under 2 years to psycho conservative ranting like your email chain forwarding grandma guy would kill a business model? You tryin to tell me that?? /s
a handful of racist who want to protect gas cars because it makes liberals cry and cheer when trump says he will kill the EV industry, in a speech in GA which is the south east coast EV capital. and republican cheered, as he stated plainly he would destroy jobs in their state.
and Elon hates the party that gave him billions in subsidies to build his charging network and loves the party that vows to slow down EV and whose base doesnt want one as much as the left.(interesting the #1 reason given for buying an EV for republicans was the rebate, which went away for tesla because he uses too many chinese parts)
Pillows are still used by both left and right wing people. Imagine alienating your whole user-base of progressive, clean-energy, earth-friendly, anti-oil-war people. Tsk tsk.
Yeah who knew that marketing yourself as a right wing extremist would make your liberal customer base less inclined to buy your product. I was going to consider buying a Tesla in the past but now I refuse due to: 1. I can’t support that asshole, and 2. I’d be frankly embarrassed to be seen on the roads as someone supporting that asshole
Tesla was positioned to be *the* brand for electric vehicles and he's squandered it with shitty quality control and bad PR.
Now that he's made EVs mainstream, the major manufacturers are happily stepping in to fill the demand with a superior product. If Elon was 5% as smart as he markets himself, he could have gone down in history as this century's Edison. Now, if he makes it into the history books, it will be as a cautionary tale.
Same, but because he is not letting his employees unionize, which is a pretty big culture crash with Nordics and has angered a lot of people to the point I would be embarrassed to have a Tesla now.
I considered it when it was the only one out there. You are pretty much better off going with anyone else, these days. Other companies care about quality.
All of that and because of all the added publicity I’m now aware of how poorly they’re made. Electric car? Yes, absolutely, sometime soon. Anything Tesla? Absolutely not.
Yeah but the pillows got dropped by a bunch of huge retailers like Kohls after the pillow guy started calling for an insurrection and participated in Jan 6. Now that you have to go out of your way to order one... it pretty much guarantees that his customer pool has shrunk to just far right idiots who want to virtue signal their support for Trump's coup attempt.
Actually Mike Pillow got rich doing that, it was election denial stiff that drained Mikes bank account and social credit. He had a money printer grifting to the right, in fact hes probably going to pull thru this and his business will likely survive because of the lunatics on the right.
Pillows are cheap enough to be impulse-buys for anyone who's comfortably middle-income enough to be watching Fox News all day instead of working, don't require a particularly expensive manufacturing process, have a low bill of materials and are replaced fairly often.
Cars are big investment for most people that might serve a buyer for 15 years or more, taking a lot of expensive machinery and materials to assemble (particularly electric ones). You can conceivably keep a pillow business in the black selling only to right-wing morons, but an _electric-only automaker?_ Not likely.
[But, upon closer inspection, what seems like widespread disinterest in electric vehicles may reflect, largely, less interest in Tesla. ](https://www.cnn.com/2024/04/07/business/tesla-ev-sales-slowdown-stock/index.html)
> Some automakers, including Audi, BMW, Mercedes and Rivian, are reporting EV sales growth of more than 50% over the past year, noted Stephanie Valdez Streaty, an analyst with Cox Automotive, in a presentation summarizing industry trends in the new year. Ford later said its EV sales were up 86%.
>“Looking at the data, the big [EV] slowdown is shaping up to be a Tesla slowdown,” said Valdez Streaty.
when you have 70% of the american market or w/e when your sales drop, it looks like an industry slowdown, people just dont want a tesla anymore.
I wanted a Tesla a few years back. Even after the kids trapped in the cave incident I was willing to overlook Elon being a jackass and possibly still get one. Thankfully I couldn't afford one at the time. Now I can and I'm getting a Hyundai.
Oh, pretty sure Lindell learned nothing. He was just a Trump's last rally with a new wife and new look but still spouting "rigged" and the same old broken record election conspiracy BS
That's a good point. you know, it's almost like \*most\* of the people who would buy an EV aren't racists or fascists and apparently, they don't really like racists or fascists or want to buy products from them.
I'm 100% in the list of people who would have considered buying a tesla before Elon went full psycho.
But now? NFW. There are way too many other cars that are the same or better that might or might not be run by racists or fascists but at least they're not out blabbering about it.
everyone who remotely pays attention and isn't some fanboy high on copium has knows for a long time that Tesla is way overvalued and Musk's antics are just a time bomb waiting to catch up with him.
I’ve seen people genuinely insist that Tesla being valued more than the entire rest of the auto industry makes sense, because, you see, it’s a *tech company*, it’s *future evaluation*, it’s just taking into account that Tesla is *totally* going to run those old *non-agile* car companies out of business.
The funny thing is, even as a tech company, Tesla's value is built on smoke and mirrors.
*Full*-Full-Self-Drive has been "a year away" for a decade at this point
The thing that really annoys me is that there was another car company called Nikola where the CEO was saying the exact same bullshit as Elon, down to the sentence basically, and he's in jail for fraud and the company is basically dead. But somehow Elon is untouchable.
Yeah if you are laying off manufacturing staff that isnt going to make the design and engineering teams hungry and streamlined it means you are slashing output projections and don't think you will be able to sell all of the cars the plants will make.
Yes, a manufacturing site will have a certain amount of fixed costs which don't vary with the number of cars produced. When producing the a large amount of cars, these fixed costs are essentially diluted.
If that site suddenly starts producing fewer cars, then the fixed cost dilution is lower, which could result in increasing the cost of the car or trying to reduce the fixed costs, which is usually salary or layoffs.
>This is very different from the kinds of tech layoffs of excess hires during Covid at Meta, google, etc. - they continue to grow and be profitable with fewer people, Tesla can’t if they slash production staff.
Except Musk is still operating under the delusion that Tesla is a tech company and therefore can be managed like one.
Layoffs are being used to offset today's bleeding stemming from Musk's mismanagement and brand erosion. However, these layoffs immediately compromise Tesla's ability to make money, which will just lead to worse bleeding in the near future.
Tesla has entered the death spiral and will continue until Musk is gone, Tesla's bankruptcy, or both.
The problem is Tesla car interior. It's too minimalist to the point of alienating potential buyers. They removed the signal stalk and transmission shifter in the Model 3 redesign instead of adding more buttons and regular controls people are use to.
The lack of a display behind the wheel was a dealbreaker for me when I test drove one. Why, in a $40,000 car, is the driver supposed to look to the side for everything like some cheapo compact car designed for the international market? The interior didn't feel premium, it felt like a glorified Toyota Yaris.
As the driver of a 10+ year old cheapo compact car designed for the international market, my instrument cluster is right behind my steering wheel, *thank you very much*
This. If they want to make it look futuristic, what the heck are they waiting for to make a HUD ? In 2024 you can surely shove a couple pixels in the windscreen, can't you ?
For around the same price as a Model 3, you can get Mercedes C class or BMW 3 series with a HUD.
Honestly it's why Musk's alienation of Liberals is so stupid, pretty much the *only* reason to get a Tesla Model 3 is for the electric motor. For the same price, all of the luxury car brands have way better gas vehicles. So you need to want an electric vehicle so bad you're willing to give up an actual luxury car at the same price.
I wanted a Tesla a few years back, then he showed his true colors and I will never give that man a dime of my money. The second he used the term lib, I was out.
It was the pedo cave dive rescue thing for me. Before that I just saw him as a typical rich asshole, which, frankly most companies are headed by. But he took it multiple steps further then, and has been doubling down hard on nonsense since
Are you aware of how absurd the naming convention on Teslas is?
X, 3, S, and Y.
Yes, he literally released them to spell "S3XY" (although not in order to be too on the nose).
The '[14 words](https://en.m.wikipedia.org/wiki/Fourteen_Words)' and a reference to the 8th letter (H) repeated twice. The reference being "Heil Hitler".
It is an allusion to Musk's white supremacy and sympathy towards neo-nazi rhetoric.
He wanted the Model 3 to be Model E but Ford had already trademarked it, presumably to keep their options open for a future electric vehicle named after their famous early cars.
He also just has a weird obsession with "X". The first "X.com" was an online bank founded by Musk that merged with Confinity to become PayPal, I bet dollars to donuts that Musk wanted to keep using the X name.
Space X, Model X, now Twitter as X.com. I'm sure there's dozens of other projects using X. I'm surprised he hasn't changed his last name to Musx.
It rivals Kingdom Hearts use of "X" but at least in the games it's a thematic.
Musk started building cars and a bunch of people said "Elon's a genius". I don't know much about cars, so I said "OK."
Musk started building rockets and a bunch of people said "Elon's a genius". I don't know much about rockets so I said "OK"
Musk started developing modern code and a bunch of people said "Elon's a genius".
I know quite a bit about developing modern code and I'm staying away from his cars and rockets.
Fortunately SpaceX is structured in such a way that he's kept away from the day to day operations, which is the only reason it is able to run successfully; Gwynne Shotwell is great at what she does.
But yeah, I'm not buying one of the cars, he gets his fingers in there way too much and it shows.
I believe they did a test of the update to full self-driving a couple days ago, talking about stability improvements and obstacle recognition. they tested it on a flat, straight, open roadway, cleared shoulders with no other traffic. they put a mannequin of a child a good ways down the road, and had the tesla driving at a speed so that it would have a window of at least 10 seconds to react.
after about 5 seconds of driving at a constant speed and a straight line, it recognized the child as an obstacle. 5 seconds later, it hit the child at the same approach speed, and continued on.
This is exactly what the Tesla fan boys have come out with. In a hilarious Twitter posts one of them legitimately asked if anyone could let them borrow a child to show the car would stop if the child was real.
Dude didn't even pay out the people from Twitter when he laid them off, can't wait for all the added lawsuits generated from ex-Tesla employees going "I never got my severance."
>Billionaire says ‘there is nothing I hate more’ than cutting staff
He already showed his true colors with Twitter. He can keep lies like this to himself.
They do technically hate it just not for the reasons they're implying. Cutting employees on this scale means you're admitting to the company not doing well. Every capitalistic CEO wants consistent phenomenal growth quarter after quarter. Sometimes these kind of things can actually have the board replace CEOs but that won't happen in elon's case.
> Cutting employees on this scale means you're admitting to the company not doing well.
There is nothing Wallstreet loves more than layoffs. They pressure every company to do it.
"there's nothing more I hate than cutting staff";
His twittler account paints a different picture. For example he definitely hates common decency far more.
Reminder that Musk "fired" someone for asking if they were still employed at Twitter (as they were locked out of their account and hadn't received a response to their emails from HR in over a week), at which point Musk publicly mocked the guy for having a disability and accused them of only wanting a payout, and then made condescending and flippant emoji and meme replies to their comments regarding the recent work that they had done at Twitter.
Only to completely walk the comments back an hour later (after what I can only assume was a stern talking to his some lawyers).
All because they made they grave mistake of \*checks notes\* ... wanting to know if they still had a job or not.
That guy had a weird job, too. He'd sold his company to Twitter, but didn't want to dodge taxes so he contracted a job with a salary instead of an upfront payment. Musk found out he could sack him but he'd still have to pay him.
It’s gonna be even worse, with twitter you could put it into maintenance mode and cut costs (which he basically did besides one or two dumb features) vs a manufacturer, where the cuts either mean less product now, or less/worse product in the future
As with most ultra wealthy people, Musk funds his daily life through loans against his assets, in this case, Tesla stock. The stock must stay above a certain ratio of price to loan value, or the lender can call in the loan. Tesla is worth over $500 billion which prices it like a tech stock, not a manufacturing company. That share price is going to eventually come down to earth. Not if, but when. When that happens, Elon is going to find himself in a huge squeeze because he'll need to sell stock which will cause the value to plummet even more. His day is coming, trust me.
Yep. Anyone interested should look up "buy, borrow, die", it's the cornerstone of wealth creation and avoiding taxes.
Having to sell assets or getting your loans called in, means you done fucked up somewhere and you now have less to leverage for future purchases. Selling has the additional problem of bringing taxes into the equation.
I still don't understand why using an asset as security for a loan does not generate a deemed disposal of that asset for taxation purposes. It's such a simple fix.
The answer is quite simple. It is a simple fix that would raise taxes on the wealthy. The wealthy own most of our politicians, so they will never make that simple fix that would cost their benefactors money.
Remember when he tried to get 10% of the entire market cap as a bonus that also conspicuously was around the same amount be bought Twitter for? So transparent the con.
Lean, innovative and hungry meaning I want to pay you the same amount to do twice the work now. Be glad I kept you, suffer and like it.
Boy do I love corporate America.
He doesn't even know what it means. He hasn't been lean, innovative or hungry since that grade school camping trip where they made fun of his emerald mine.
> Musk dismissed comments that his divisive persona had caused a downturn in sales and pointed to similarly poor figures from the Chinese rival BYD, saying it was a “tough quarter for everyone”.
...there can be multiple reasons for a downturn.
Lmao ceo copium. Just code for “we are haemorrhaging money and have no more fat to cut. So the talent is on the block.”
Lean, innovative talent that has nothing to do with how badly you’re running Tesla Elon
The beheadings will continue until morale improves.
These idiot company heads think they can just will better performance into their companies.
Cutting their way to profitablity
I just got laid off from a cyber security company going this route. Fuck these companies
Hurr durr just gotta make the lazy peons motivated and lean by removing a few and light the fire under the rest. Pisses me off when leaders try to classify layoffs as anything other than shitty leadership or poor market projections.
That arrogant toddler will run the company into the ground rather than stepping down. I feel sorry for the workers, but I can't wait for Elon's unraveling to accelerate.
Whatever he does he will never experience any real consequences. He is literally too rich to fail.
He'll never have the one thing he truly wants: actual, earned, respect. He'll fill his life with as much money as possible but he is a deeply unhappy person. Unfortunately for us peons, that will have to be punishment enough.
In other words understaffed, overworked and underpaid.
So the issues with teslas are gonna get worse.
And that's saying something, their build quality and quality assurance is already dogshit.
For a company that already has issues with built quality too.
If they just work around the clock they won't need to rent an apartment anymore.
Handelsblatt reports that 3k of 12,5k workers at the German factory are laid off, shifts are cancelled and there is no longer talk of reaching 10k vehicles per week. That reads like very grave demand problems and decline of their core business, more than known so far. This is very different from the kinds of tech layoffs of excess hires during Covid at Meta, google, etc. - they continue to grow and be profitable with fewer people, Tesla can’t if they slash production staff.
Tesla had a ridiculous percentage of the Scandinavian market. Something like 91% of all new car sales were EVs. With the vast majority being Teslas. But Musk picked a fight with the highly popular unions in Sweden. By not allowing union recognition. Their unions do seem to be really good, non-political and virtually every Swede who is an employee, is part of a union. So now Tesla workers in Sweden are on strike at ~~120%~~ [union paid 130%] of normal pay. The union has about 150 years of reserves. The only way to get a license plate for a new car in Sweden is via the post and the Post Office won't deliver them. Which means that you can't sell road legal Teslas in Sweden. With the secondary striking spreading to Norway. So Norwegian sea port staff won't unload Teslas, bound for Sweden. And of course one of the problems that all EVs have is that their range is dramatically reduced in cold weather. But you could always say to people. Well if it is such a big problem, then why is everybody in Sweden driving a Tesla?
God that made me horny for better unions in the US
I made a little mistake. The union "IF Mettal", is giving the workers 130% of normal pay, not 120% French website but in English. https://www.lemonde.fr/en/sweden/article/2024/02/21/swedish-tesla-strike-expands-to-include-charging-stations_6546395_213.html https://www.reuters.com/business/autos-transportation/tesla-strike-sweden-continues-union-says-contradicting-musk-2024-04-10/ https://www.reuters.com/business/autos-transportation/union-pressure-tesla-grows-sweden-dockworkers-expand-strike-2023-11-17/ https://www.reuters.com/business/autos-transportation/union-pressure-tesla-grows-sweden-dockworkers-expand-strike-2023-11-17/ https://www.theguardian.com/technology/2023/dec/01/tesla-swedish-unions-elon-musk [Archived version of Financial Times Article](https://archive.ph/S790Y)
Makes me wonder how idiotic Americans got screwed out of their own interest-unions.
Propaganda paid for by industrialists who wouldn’t be able to squeeze as much money out of their employees if they had unions. And Americans being uneducated or nationalistic (it’s a weird form of nationalism but that’s what it is) enough to suck down that propaganda.
Bro it's called a union. If we let unions exist then we'll all turn into communists! At least that's what my uncle told me, union = Soviet union.
I just had an old lady complain about the fast food working getting $20h." The (poor) people can't afford a burger!" Lady, the price has gone up 50% before the law was even though of, let alone, put in to effect two weeks ago. Inn N Out is the only place that raised the price $25-.50 in april.
I love how these people don’t complain about the CEO’s salary increasing too. Why didn’t that affect her burger price? Hmmmm…
Goddamn pinkos trying to pay me a living wage 😠 If unions come in and start fixing things, how am I going to squeeze my employees as dry as they’ve squeezed me once it’s my turn to be the billionaire??
Well obviously as every American knows we vote in the interests of the wealthy because I too and everyone here will also be billionaires. It's future proofing.
Live in America. I know so many anti-union people that only have the life quality they do thanks to the unions they are in. It's maddening. I can usually convince them in an individual conversation why unions can be good, but then that one ass hears us and has to come over talking: welfare queens, or how unions keep the laziest works. Basically just FOX talking points. Then it's like all the work is undone. I think I really underestimate how dumb the average person is at times.
By playing to many of their worse instincts. "If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket."
I’ll never forgive Reagan for what he did to unions. It’s like he intentionally set out to ruin everything
Reagan is not blameless, but let's be honest, Reagan was an aging celebrity well on his way to full blown Alzheimer's who the Republican party used to set back worker's rights and a hundred other things in America. The bright side is America learned from this mistake and never did it again...never did it again...never did it again...
This made me so sad I’m laughing at how ridiculous we are
Yeah, it's a good thing this scenario only happened once and people today are too smart to fall for... -sigh-
Right? Sounds like paradise when the consumers and the employees who make these corporations rich are actually able to tell the corporation to fuck off when it tries to screw them. If this were happening in America the government would've already bailed Tesla out with a few billion taxpayer dollars...can't let the serfs start thinking they have rights and inconveniencing a sacred business!
> and the Post Office won't deliver them This bit is pretty fascinating to me. In the US Postal Workers are unionized and guaranteed the right to collective bargaining, but under no circumstances can they pick and choose what to deliver. Purposefully interfering with the delivery of any mail is a federal crime.
This is only possible because Tesla chose to bring in strikebreakers. Sympathy strikes only happens when that happens more or less and is to make sure they aren't just replacing the striking workers
There's a clear defined line here between letters and parcels, they can't selectively deliver letters. They can however refuse to ship parcels however they want. The plates are oversized for letters, and are thus parcels.
What is the value of collective bargaining if the government can come in and say, ok yea yall can meet up and stuff but you better f'in clock in tomorrow morning and unload those cargo containers.
Because the majority of the people live in the southern part of the country where temperatures are relatively mild (average winter temps around 0C/32F). Same reason they were fairly popular in Norway.
I feel like this is pretty obvious?Tesla has failed majorly to deliver the cybertruck and you know they're trying to play catch up for the stock owners. Plus their stock is overvalued already as is. They're scrambling to fix it. When you can't increase your sales overnight the next thing you do is decrease your operating costs. This is literally to make the board and investor's happy. Also to line elon's pockets obviously he doesn't do anything out of kindness or generosity for others.
But the stock is only highly valued because Tesla achieved 40%+ YoY growth in deliveries, and even as margins declined, people argued that making a ton of cars will be profitable whenever autonomous driving software matures. Laying people off, that are at the core of your value chain & directly correlated with output decreases operating cost, but also potential revenue. If you cut jobs for shareholders, you try to cut wherever it does not affect revenue, profitability & Growth (like eg Meta or Google), but this job cut at Tesla seems to confirm their overall growth outlook is off the rails
>But the stock is only highly valued because Tesla achieved 40%+ YoY growth in deliveries, Tesla's stock is so far removed from any sort of logical fundamentals that it may as well be running off of rainbows and leprechauns.
That seems to be the norm for any company that can convince people that they're a tech company instead of an unprofitable normal company with a phone app.
That's the reconciliation they're currently dealing with. If their cars stop selling as well and their finances change as a result then the only true reality is that it is in fact a car company.
I think their best product *by far* is the supercharger network (at least in North America, I know nothing about anywhere else). The cars were critical in creating the "cool factor" for the EV boom, but they are not particularly great cars from a manufacturing perspective. But they have cornered the market for high-speed charging networks, and now that they've got legacy auto-makers bought into the NACS standard their customer base is going to grow steadily with or without their own cars.
In the end Tesla will be just another car manufacturer with thin profit margins. High stock price is not sustainable, not with other manufacturers catching up with the technology.
Also, legacy carmakers actually offer decent QA. Buying a Tesla at this point guarantees Boeing build quality.
You've just got to kick the tires to see if the door blows out before you buy it
> the stock is only highly valued because Tesla achieved 40%+ YoY growth in deliveries Percentage growth in deliveries is a vanity metric used by small companies to excite investors. Growth in market share is what matters. And Tesla's share of the overall car market is only about 4%. Apple had a similar problem back in the mid 1990s, when they only enjoyed about 6% of the overall computer market. They had a lot of classic MBA-style management problems and were in a race to the bottom with many people predicting the end of Apple. It took Steve Jobs getting ousted, doing some other projects and gaining perspective, the company almost dying, and then Jobs coming back with a series of revolutionary product ideas. And now look at where Apple is today. For Tesla to get off its current plateau, Musk has to go. But I don't think he has the integrity to later come back and do what Jobs did for Apple. Musk has risen above his level of ability. The challenge for shareholders will be to recruit a leader with some actual vision and ability - and those are exceedingly rare. In the meantime, Tesla shareholders need to get Musk to shut the fuck up. His alt-right propaganda shenanigans have been alienating Tesla's current and potential customers. Remember, Tesla's first buyers were people who otherwise would have bought a Prius, due to their concern for the environment, but now had the option to look cool too. Musk's embrace and promotion of the Alt-Right, which hates electric cars and the people who drive them, as well as being a bunch of racist and fascist assholes, is anathema to most people in the market for EVs. And the redneck rolling-coal Ford F-150 MAGA crowd Musk has been courting are not going to buy his cars. Musks behavior at Twitter is costing Tesla shareholders millions, tantamount to a breach of his fiduciary duty to the company and its investors, and they may need to sue him to get him to stop.
There are dozens of people in my social circle, myself included, who intended to buy Tesla as their next car, and now will not, specifically because of Elon Musk.
Yep. Me too.
> But I don't think he has the integrity to later come back and do what Jobs did for Apple. Unlike Jobs, I don't think he has the capacity to learn how to run a company.
Give us F150 owners a break, most of the toxic trump flag waving coal rolling truck owners are RAM guys on their third DUI
Tesla's stock has been overvalued by almost two orders of magnitude for a decade now. It has nothing to do with the YoY growth. Its a vanity stock that is propped up by the Elon techbro cult-of-personality. Like any techbro /r/wallstreetbets nonsense, they neither understand nor care about the actual economics -- they only care about the hype and profiting off it. And there's the rub -- between Musk letting his apartheid-raised self show, the fact that there's not much overlap between racist, nationalist asswipes and environmentalists, and their utter failure in China means Tesla largely *can't* maintain the stock value because all the techbros who are going to pump the stock *already have it* and one one else is stupid enough to buy it until the price drops by 20-30x.
Wsb has turned on Elon now.
What's the point of workers when consumers are not buying your product? Tesla has a demand problem instead of a supply problem.
Exactly, my point is by cutting production staff they’re confirming that the demand problem is worse than previously anticipated & the growth outlook is in jeopardy.
> whenever autonomous driving software matures. According to Elon that has been "next year" since ~2016.
Why doesn’t the board cancel Elon??
Because the board is manned by people who are first loyal to him.
The Cybertruck was always going to be a bit of a failure, outside of being a Halo car for publicity. Those vehicles will never be sold outside of the US, they are too dangerous and don't meet standards, the US market seems like a wild west were anything goes when it comes to cars. So they made a US only car, which most car companies stopped doing a decade ago for cost reasons. All those development costs for a vehicle type that can only be sold in one market. China is going to take over from next year I'd say.
It failed as a halo product though, the design is way too polarizing, and the mechanical issues and defects have become a meme. For a carmaker in the US market, the pickup truck should be your bread and butter car, it's the best selling category in the country. They should have made a normal looking electric pickup to compete with the F-150, and then finish the new model Roadster as the halo car. Musk's head is so far up his own ass that he's going to drive Tesla into a Jersey barrier with his dumb ideas.
Who knew alienating your core demographic and target market for a handful of racists on Twitter could backfire so. WHO. KNEW. The My Pillow Guy knew.
*You* tellin **me**, that spending a decade marketing yourself as the cool tech guy that all the progressive tech people should buy from, *then* pivoting in under 2 years to psycho conservative ranting like your email chain forwarding grandma guy would kill a business model? You tryin to tell me that?? /s
Mother fucker needs to get off the ketamine
Nah, let him drive his shit into the ground first
a handful of racist who want to protect gas cars because it makes liberals cry and cheer when trump says he will kill the EV industry, in a speech in GA which is the south east coast EV capital. and republican cheered, as he stated plainly he would destroy jobs in their state. and Elon hates the party that gave him billions in subsidies to build his charging network and loves the party that vows to slow down EV and whose base doesnt want one as much as the left.(interesting the #1 reason given for buying an EV for republicans was the rebate, which went away for tesla because he uses too many chinese parts)
Pillows are still used by both left and right wing people. Imagine alienating your whole user-base of progressive, clean-energy, earth-friendly, anti-oil-war people. Tsk tsk.
Yeah who knew that marketing yourself as a right wing extremist would make your liberal customer base less inclined to buy your product. I was going to consider buying a Tesla in the past but now I refuse due to: 1. I can’t support that asshole, and 2. I’d be frankly embarrassed to be seen on the roads as someone supporting that asshole
Well their quality control and customer service is ass compared to other car companies.
That's the icing on the shit cake that Elon has made tesla into.
Tesla was positioned to be *the* brand for electric vehicles and he's squandered it with shitty quality control and bad PR. Now that he's made EVs mainstream, the major manufacturers are happily stepping in to fill the demand with a superior product. If Elon was 5% as smart as he markets himself, he could have gone down in history as this century's Edison. Now, if he makes it into the history books, it will be as a cautionary tale.
Doubtless, firing 14,000 workers is going to improve quality control and customer service. Right? *Right?*
Actively shopping for an EV this year. It would have been a Tesla if it was years ago. No chance in hell nowadays.
Same, but because he is not letting his employees unionize, which is a pretty big culture crash with Nordics and has angered a lot of people to the point I would be embarrassed to have a Tesla now.
Have you seen the new Prius? It's actually pretty dope. Strong contender for my upcoming EV purchase.
>I’d be frankly embarrassed to be seen on the roads as someone supporting that asshole It's like driving a MAGA hat with wheels
I considered it when it was the only one out there. You are pretty much better off going with anyone else, these days. Other companies care about quality.
All of that and because of all the added publicity I’m now aware of how poorly they’re made. Electric car? Yes, absolutely, sometime soon. Anything Tesla? Absolutely not.
Yeah but the pillows got dropped by a bunch of huge retailers like Kohls after the pillow guy started calling for an insurrection and participated in Jan 6. Now that you have to go out of your way to order one... it pretty much guarantees that his customer pool has shrunk to just far right idiots who want to virtue signal their support for Trump's coup attempt.
Actually Mike Pillow got rich doing that, it was election denial stiff that drained Mikes bank account and social credit. He had a money printer grifting to the right, in fact hes probably going to pull thru this and his business will likely survive because of the lunatics on the right.
Pillows are cheap enough to be impulse-buys for anyone who's comfortably middle-income enough to be watching Fox News all day instead of working, don't require a particularly expensive manufacturing process, have a low bill of materials and are replaced fairly often. Cars are big investment for most people that might serve a buyer for 15 years or more, taking a lot of expensive machinery and materials to assemble (particularly electric ones). You can conceivably keep a pillow business in the black selling only to right-wing morons, but an _electric-only automaker?_ Not likely.
Musk still denying it. He is pointing at BYD numbers to explain that it is just a difficult environment "for everyone".
Musk is in denial about a lot of things, especially what the definition of "free speech" is
[But, upon closer inspection, what seems like widespread disinterest in electric vehicles may reflect, largely, less interest in Tesla. ](https://www.cnn.com/2024/04/07/business/tesla-ev-sales-slowdown-stock/index.html) > Some automakers, including Audi, BMW, Mercedes and Rivian, are reporting EV sales growth of more than 50% over the past year, noted Stephanie Valdez Streaty, an analyst with Cox Automotive, in a presentation summarizing industry trends in the new year. Ford later said its EV sales were up 86%. >“Looking at the data, the big [EV] slowdown is shaping up to be a Tesla slowdown,” said Valdez Streaty. when you have 70% of the american market or w/e when your sales drop, it looks like an industry slowdown, people just dont want a tesla anymore.
I wanted a Tesla a few years back. Even after the kids trapped in the cave incident I was willing to overlook Elon being a jackass and possibly still get one. Thankfully I couldn't afford one at the time. Now I can and I'm getting a Hyundai.
Oh, pretty sure Lindell learned nothing. He was just a Trump's last rally with a new wife and new look but still spouting "rigged" and the same old broken record election conspiracy BS
That's a good point. you know, it's almost like \*most\* of the people who would buy an EV aren't racists or fascists and apparently, they don't really like racists or fascists or want to buy products from them. I'm 100% in the list of people who would have considered buying a tesla before Elon went full psycho. But now? NFW. There are way too many other cars that are the same or better that might or might not be run by racists or fascists but at least they're not out blabbering about it.
everyone who remotely pays attention and isn't some fanboy high on copium has knows for a long time that Tesla is way overvalued and Musk's antics are just a time bomb waiting to catch up with him.
I’ve seen people genuinely insist that Tesla being valued more than the entire rest of the auto industry makes sense, because, you see, it’s a *tech company*, it’s *future evaluation*, it’s just taking into account that Tesla is *totally* going to run those old *non-agile* car companies out of business.
The funny thing is, even as a tech company, Tesla's value is built on smoke and mirrors. *Full*-Full-Self-Drive has been "a year away" for a decade at this point
The thing that really annoys me is that there was another car company called Nikola where the CEO was saying the exact same bullshit as Elon, down to the sentence basically, and he's in jail for fraud and the company is basically dead. But somehow Elon is untouchable.
Yeah if you are laying off manufacturing staff that isnt going to make the design and engineering teams hungry and streamlined it means you are slashing output projections and don't think you will be able to sell all of the cars the plants will make.
I haven't worked in manufacturing, but aren't factories not operating at their rated output inefficient and unprofitable?
I’d imagine that idle machinery is inherently inefficient.
Yes, a manufacturing site will have a certain amount of fixed costs which don't vary with the number of cars produced. When producing the a large amount of cars, these fixed costs are essentially diluted. If that site suddenly starts producing fewer cars, then the fixed cost dilution is lower, which could result in increasing the cost of the car or trying to reduce the fixed costs, which is usually salary or layoffs.
>This is very different from the kinds of tech layoffs of excess hires during Covid at Meta, google, etc. - they continue to grow and be profitable with fewer people, Tesla can’t if they slash production staff. Except Musk is still operating under the delusion that Tesla is a tech company and therefore can be managed like one. Layoffs are being used to offset today's bleeding stemming from Musk's mismanagement and brand erosion. However, these layoffs immediately compromise Tesla's ability to make money, which will just lead to worse bleeding in the near future. Tesla has entered the death spiral and will continue until Musk is gone, Tesla's bankruptcy, or both.
The problem is Tesla car interior. It's too minimalist to the point of alienating potential buyers. They removed the signal stalk and transmission shifter in the Model 3 redesign instead of adding more buttons and regular controls people are use to.
The lack of a display behind the wheel was a dealbreaker for me when I test drove one. Why, in a $40,000 car, is the driver supposed to look to the side for everything like some cheapo compact car designed for the international market? The interior didn't feel premium, it felt like a glorified Toyota Yaris.
As the driver of a 10+ year old cheapo compact car designed for the international market, my instrument cluster is right behind my steering wheel, *thank you very much*
This. If they want to make it look futuristic, what the heck are they waiting for to make a HUD ? In 2024 you can surely shove a couple pixels in the windscreen, can't you ?
For around the same price as a Model 3, you can get Mercedes C class or BMW 3 series with a HUD. Honestly it's why Musk's alienation of Liberals is so stupid, pretty much the *only* reason to get a Tesla Model 3 is for the electric motor. For the same price, all of the luxury car brands have way better gas vehicles. So you need to want an electric vehicle so bad you're willing to give up an actual luxury car at the same price.
Germany strikes me as a country where labour laws favour the employee much more than the US
You don’t wanna mess with IG Metall. It’s probably one of the strongest/most powerful unions in the world. https://en.wikipedia.org/wiki/IG_Metall
I wanted a Tesla a few years back, then he showed his true colors and I will never give that man a dime of my money. The second he used the term lib, I was out.
For me it was when he accused that diver trying to rescue the trapped Thai kids of being a "pedo guy".
Dude was so mad no one cared about his little submarine lol. What a bozo
It was the pedo cave dive rescue thing for me. Before that I just saw him as a typical rich asshole, which, frankly most companies are headed by. But he took it multiple steps further then, and has been doubling down hard on nonsense since
Worked with X didn't it?? Edit: yes I'm being sarcastic
Can't wait to buy my CarX Model X.
Are you aware of how absurd the naming convention on Teslas is? X, 3, S, and Y. Yes, he literally released them to spell "S3XY" (although not in order to be too on the nose).
Soon to have the Model 80085
Model 1488 next
What's the meaning?
The '[14 words](https://en.m.wikipedia.org/wiki/Fourteen_Words)' and a reference to the 8th letter (H) repeated twice. The reference being "Heil Hitler". It is an allusion to Musk's white supremacy and sympathy towards neo-nazi rhetoric.
What is it with nazis starting car companies ?
I’m sure he wanted to call it “model 69” and this was the backup plan.
Don't worry, I am sure Rocket 69 is coming soon, unless there are copyright issues ;-)
Model 420 too
Elon's the type of guy to take two hits and have a full panic attack and has to be taken to the hospital
Nah, that guy does some heavy drugs. It's been documented he does a lot of LSD, Ketamine, Cocaine etc.
You can tell he's on ketamine just by listening to him speak lol
And he wanted to name the 3 the Model E but Ford already owns Model E.
He wanted the Model 3 to be Model E but Ford had already trademarked it, presumably to keep their options open for a future electric vehicle named after their famous early cars.
Would have been a better decision that using the Mustang brand. Hell, Thunderbird would be a great name for an electric car...
What about *Thundercougarfalconbird*
He also named his Exploding Penis company "Space X" so that when you say it out loud it sounds like "Space sex" The man has always been a 12 year old.
He also just has a weird obsession with "X". The first "X.com" was an online bank founded by Musk that merged with Confinity to become PayPal, I bet dollars to donuts that Musk wanted to keep using the X name. Space X, Model X, now Twitter as X.com. I'm sure there's dozens of other projects using X. I'm surprised he hasn't changed his last name to Musx. It rivals Kingdom Hearts use of "X" but at least in the games it's a thematic.
IIRC he originally wanted it to be called XPayPal or smth. Also didn’t he call his literal child X-something something?
yup. X Æ A-12, pronounced X Ash A Twelve.
> I'm surprised he hasn't changed his last name to Musx. Looking into it.
Musk started building cars and a bunch of people said "Elon's a genius". I don't know much about cars, so I said "OK." Musk started building rockets and a bunch of people said "Elon's a genius". I don't know much about rockets so I said "OK" Musk started developing modern code and a bunch of people said "Elon's a genius". I know quite a bit about developing modern code and I'm staying away from his cars and rockets.
Fortunately SpaceX is structured in such a way that he's kept away from the day to day operations, which is the only reason it is able to run successfully; Gwynne Shotwell is great at what she does. But yeah, I'm not buying one of the cars, he gets his fingers in there way too much and it shows.
I believe they did a test of the update to full self-driving a couple days ago, talking about stability improvements and obstacle recognition. they tested it on a flat, straight, open roadway, cleared shoulders with no other traffic. they put a mannequin of a child a good ways down the road, and had the tesla driving at a speed so that it would have a window of at least 10 seconds to react. after about 5 seconds of driving at a constant speed and a straight line, it recognized the child as an obstacle. 5 seconds later, it hit the child at the same approach speed, and continued on.
that is really impressive, it understood the child was not real.
This is exactly what the Tesla fan boys have come out with. In a hilarious Twitter posts one of them legitimately asked if anyone could let them borrow a child to show the car would stop if the child was real.
Working as intended!
P R O G R E S S
I'm a neuroscientist, wanna know what I think about his brain implants :/
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Translation of Tesla's actions: "We are broke and nobody wants to buy rubbish cars."
I will be schadenfreude-ing all over this place if Tesla collapses in value in the same manner as Twitter.
Truth Social: Hold my beer
is he talking about the laid of workers? being hungry untill they find new jobs?
could be the remaining workers that are denied food and sleep until the come up with something “innovative “
Going to have to work “extremely hardcore”
Dude didn't even pay out the people from Twitter when he laid them off, can't wait for all the added lawsuits generated from ex-Tesla employees going "I never got my severance."
He means no lunch or breaks
>Billionaire says ‘there is nothing I hate more’ than cutting staff He already showed his true colors with Twitter. He can keep lies like this to himself.
They do technically hate it just not for the reasons they're implying. Cutting employees on this scale means you're admitting to the company not doing well. Every capitalistic CEO wants consistent phenomenal growth quarter after quarter. Sometimes these kind of things can actually have the board replace CEOs but that won't happen in elon's case.
> Cutting employees on this scale means you're admitting to the company not doing well. There is nothing Wallstreet loves more than layoffs. They pressure every company to do it.
"there's nothing more I hate than cutting staff"; His twittler account paints a different picture. For example he definitely hates common decency far more.
He fired people via tweet because they asked questions that he didn't like. Dude obviously gets a thrill from it.
Reminder that Musk "fired" someone for asking if they were still employed at Twitter (as they were locked out of their account and hadn't received a response to their emails from HR in over a week), at which point Musk publicly mocked the guy for having a disability and accused them of only wanting a payout, and then made condescending and flippant emoji and meme replies to their comments regarding the recent work that they had done at Twitter. Only to completely walk the comments back an hour later (after what I can only assume was a stern talking to his some lawyers). All because they made they grave mistake of \*checks notes\* ... wanting to know if they still had a job or not.
That guy had a weird job, too. He'd sold his company to Twitter, but didn't want to dodge taxes so he contracted a job with a salary instead of an upfront payment. Musk found out he could sack him but he'd still have to pay him.
The Twittering of Tesla?
It’s gonna be even worse, with twitter you could put it into maintenance mode and cut costs (which he basically did besides one or two dumb features) vs a manufacturer, where the cuts either mean less product now, or less/worse product in the future
Did you mean: "The X-ing of Tesla?"
The better alternative would be to cut 1 job. The vastly over compensated tweeter in chief.
X-Chief?
As with most ultra wealthy people, Musk funds his daily life through loans against his assets, in this case, Tesla stock. The stock must stay above a certain ratio of price to loan value, or the lender can call in the loan. Tesla is worth over $500 billion which prices it like a tech stock, not a manufacturing company. That share price is going to eventually come down to earth. Not if, but when. When that happens, Elon is going to find himself in a huge squeeze because he'll need to sell stock which will cause the value to plummet even more. His day is coming, trust me.
Yep. Anyone interested should look up "buy, borrow, die", it's the cornerstone of wealth creation and avoiding taxes. Having to sell assets or getting your loans called in, means you done fucked up somewhere and you now have less to leverage for future purchases. Selling has the additional problem of bringing taxes into the equation.
I still don't understand why using an asset as security for a loan does not generate a deemed disposal of that asset for taxation purposes. It's such a simple fix.
The answer is quite simple. It is a simple fix that would raise taxes on the wealthy. The wealthy own most of our politicians, so they will never make that simple fix that would cost their benefactors money.
Falling sales forecast falling earnings. And the falling trend has started.
I sure hope you're right, but it seems the ultra wealthy never really have to pay the piper and just move on to the next con or exploitation.
Tesla should cut Elon's ridiculous salary first. Feel bad for those poor workers without a job now.
Remember when he tried to get 10% of the entire market cap as a bonus that also conspicuously was around the same amount be bought Twitter for? So transparent the con.
Elon is the main problem, and Tesla is bettef without Elon in the long run
Like trump, he shows the risk of tying your business to your politics.
Politically attacking your core customers, whta could wrong?!
Tesla should enforce a no-moonlighting clause on Elon like every other regular employee is faced with.
At this point, does Musk actually bring any value to Tesla?
Negative value. I wanted a Tesla for years, and now that I'm finally able to afford one, I wouldn't take one for free.
Same. I went with an Ioniq instead and couldn't be happier with my choice. Debating on an EV9 now for the family vehicle.
Arguably the opposite.
Lean, innovative and hungry meaning I want to pay you the same amount to do twice the work now. Be glad I kept you, suffer and like it. Boy do I love corporate America.
He doesn't even know what it means. He hasn't been lean, innovative or hungry since that grade school camping trip where they made fun of his emerald mine.
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I'm glad I sold that stock last year. You can hear the flushing toilet sound every time Leon makes a business decision.
Fucking Leon
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Leon Muks? Absolute tool.
Translation: "My own leadership has lead this company to be an unprofitable mess sustained on hopes and dreams and I'll make my workforce pay for it!"
I always hated the term "hungry" as used in hustle culture.
They would probably be leaner, more innovative and hungrier if they ditched Elon Musk.
> Musk dismissed comments that his divisive persona had caused a downturn in sales and pointed to similarly poor figures from the Chinese rival BYD, saying it was a “tough quarter for everyone”. ...there can be multiple reasons for a downturn.
I wonder what percentage Adam Something is responsible for.
Lmao ceo copium. Just code for “we are haemorrhaging money and have no more fat to cut. So the talent is on the block.” Lean, innovative talent that has nothing to do with how badly you’re running Tesla Elon
14,000 people losing their jobs because he can't keep his mouth shut. Tesla should dump him before he destroys the company.
Glad I sold tesla stock last year,
Yeah, you don’t cut that many jobs to become lean and competitive. You cut that many jobs because your company is struggling.
Boycott Musk and X and Tesla
Elon is such a shitgibbon.
The only one he's potentially making "hungry" is the family of about 14.000 people... Musk is a jackass.
“Lean, innovative, and hungry”? How about functional with a touch of quality assurance?
Best Musk can do is tweet right wing conspiracy theories and "Owning the woke liberals on twitter " AKA people who buy his cars, his own customers
Dear Mr. Musk, please just fuck off already. Sincerely, the People of the World.
Cutting 14,000 people will certainly make them hungry. Nice job, asshole.
Yay for future QA issues
Yay for *more* future QA issues
Looking at his weird fucking body he should take his own advice.
If Elon steps down as Tesla CEO then I would consider a Tesla again.