Tesla is awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion, just six months after a judge ordered the company to revoke his massive pay package.
The electric vehicle maker said in a regulatory filing on Monday that Musk must first pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package that was awarded to the company’s CEO.
“Hey, you know that asshole who tanked our brand? Let’s give him a ton of unearned money to stick around!”
Pretty reasonable when the board consists of your family and friends.
I’m also pretty certain that the stock would absolutely tank if he left.
He’s a fucking idiot, but the current valuation has zero basis in reality outside of his personality-cult. If that’s gone, all they are is a struggling mid-sized car company.
“While we recognize Elon’s business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging … we are confident that this award will incentivize Elon to remain at Tesla,” the committee said in a regulatory filing on Monday.
But… that moron is the reason the stock is tanking and people shifting to other manufacturers. Why in the flying fuck would they PAY to keep him. What kind of a cult are they running.
a cult where he entirely controls the board, which is contrary to how large corporations are supposed to work
But he only hold 13% of the stock. Any of the other stock holders could pretty easily group up and remove him, if they wanted to. It’s not like the Zuck who is a permanent 51% vote owner.
I suppose it’s possible that he has more voting rights that owning rights, but still. A 37 point difference would be massive.
One of the board members is Elon’s brother Kimbal…
Kimbal
Can I mount a gopro on him?
Blackmail is a hell of a thing to have to hold power over people.
Removed by mod
They “ran the numbers” and decided he was still more valuable as the genius face of the company (that continually shits on the name of Nikola Tesla… which is actually saying a lot since homeboy clearly drank a lot of lead paint) than as someone actively trying to destroy the company. Err, actively trying to destroy the company he no longer has a financial interest in.
Increasingly, the teslacorp consumerbase is just nazis and tech bros who don’t want to admit they are nazis. If musk were to get up on stage and start reading /r/cyberstuck or whatever, it would very much zero out that stock.
The fealty vibes are fucking comical at this point
other potential demands on his time and attention
Musk has claimed to work 100 hours a week. But: he’s the CEO of five companies. If his hours claim is true (lol), that means being the CEO of just one company is a 20-hour-a-week job. CEO is a part-time gig!
He probably has dirt on them. He posted to Twitter as if he had personally read the Epstein Files. In addition, he’s pawed through the most private of our government data.
If anyone could have dirt on Tesla shareholders, it would be Elon after his walk through all of America’s data. And, possibly, the Epstein Files.
Exactly, a cult.
He wants to be Jerome Blake.
Tesla stock is not tanking. Their cars are still selling all over the world.
Except they are not. Their car sales revenue is falling. Their plan to reverse it is to make their cars cheaper (crappier).
That is true, but a million cars per year is still not quite nothing even if it’s much worse than last year.
Like I said, the valuation of the stock is very weird and even though I’ve made money on the stock earlier, I wouldn’t currently touch it with a long pole.
Image of being a low wage worker in Tesla, and learning this… They could have given around $230k in stock to every single one of their employees.
Yeah but these workers are making sales possible, not driving them down with public nazi stunts.
Damn for a community so knowledgeable on tech, ya’ll sure got a lot to learn about stocks lol.
So this is a power move by the rest of the board member of Tesla. RSUs arent considered tangible assets by the IRS. Meaning Tesla will be forcing Elon to pay the full value of the shares as income tax the year they were vested.
Plus the company issuing the RSUs have a security blanket where a company can defer issuing shares until the vesting schedule is complete, which helps delay the dilution of its shares. On top of any scenario where the employee/person holding the RSUs leave the company before the conclusion of their vesting schedule, they forfeit the remaining shares to the company.
They’re usually used as incentive to keep employees at a company so here’s where I hit the logical brick wall… what fuckin incentive do they have to keep must around unless theyre just betting that captain adhd jumps ship before the stocks are vested.
To be clear, Elon Musk is the specific reason that people will not buy a Tesla. He’s the kiss of death to the brand.
And Tesla wants to reward him?
He controls the company. This is him “rewarding” himself. He’s desperately trying to cash out before the stock price tumbles because he knows their valuation is way out of hand.
It’s not just him. Teslas are some of the most unreliable, unsafe, and recalled vehicles in the industry. And the company has a long history of labor and safety violations. The rot may start at the top, but it sure doesn’t end there.
About that…
The highest fatal accident rate among all car brands…
So you have real world data vs crash test data. I know which one I would pay attention to.
In fairness this is largely based on how drivers use them, but we have seen people over trust the system and get into trouble. We also have seen autopilot make some serious mistakes. We also seem to have a cover up to shift blame back to the driver.
It is also noteworthy that Musk silenced the NHTSA investigation into Tesla safety. There was a lot of information and research towards how unsafe they are but it’s all gone now.
The discrepancy is certainly interesting. I guess that would imply that Tesla drivers tend to drive like assholes.
Or the technology is not as robust as they market it to be and gets those drivers in trouble. Or maybe both.
Safety ratings made in lab conditions don’t mean shit if the car is a safety nightmare in the real world.
- Teslas have the highest rate of deadly accidents.
- Tesla recalled more vehicles than any other brand in 2024.
- Tesla’s “autonomous” driving uses outdated, unsafe technology, with only camera sensors vs. the industry standard of redundant cameras + LiDAR + radar.
- Tesla also has a high worker injury rate and conceals worker injuries.
Well the real business is political bribery right in the open.
Billionaires watch out for billionaires.
I too would love to receive 29 billion dollars for running a company off a cliff but I’m not corrupt to the bone
If this isn’t the best signal to you that nothing fucking matters at all and the share market is totally and utterly only some random imagination thing then i dont know what is.
Tesla sale goes down but stock price still up. CEO is one of the reasons it does and he gets rewarded for it.
Clownshow for sure
Must be an amazing feeling to know you’re on the spectrum, be called “retarded” by your own father, then find a politician dumber than you who needs your money, and constantly fail upward thinking you’re the smartestest person ever. An actual IQ test would put him somewhere in the lukewarm category but he would buy the testing company to change the result.
Without his money he’d be the most random, grubby, conspiracy theory loving pot head from high school. But when you’re rich everything is seen as “genius” and “innovative”.
Yes, and being an asshole is being “quirky”.
It’s a cult.
The meritocracy at work.
Musk needs to be rewarded with a few holes in his back.
Suicide by 3 shots to the back of the head.
Around $232,000 per employee, and all of it went to him…
Stock is not cash.
More money than any person should ever have
Sounds fair for turning the brand to shit. That’s the corruption. Filthy evil rich.
Aristocracy never went away.
Yeah, the guy that single-handedly dropped the company’s stock value by ~20% should get a nice big bonus.
