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.
Musk needs to be rewarded with a few holes in his back.
Suicide by 3 shots to the back of the head.
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?
Billionaires watch out for billionaires.
they have the class solidarity we lack
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.
Idk it’s pretty smart, but how is he going to sell $29b of Tesla without crashing Tesla?
Rich folk don’t sell their stocks for daily spending money. They use the stock as collateral to take out loans at low rates then just pay the service fees on the loans. He’s got to be leveraged to the tits in his current stocks so he’s just giving himself more.
Yeah, but the issue with that is that when the Stock starts coming down the banks will come for their money, though I guess aa the saying goes if you owe the bank a 100 million the bank is in trouble not you
If you owe the bank $100 dollars, you have a problem. If you owe the bank $100 million dollars, the bank has a problem.
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.
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- Tesla’s “autonomous” driving uses outdated, unsafe technology, with only camera sensors vs. the industry standard of redundant cameras + LiDAR + radar.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.
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.
Well the real business is political bribery right in the open.
These image generators are good for one thing!
Makes sense honestly. The only thing holding the stock price aloft of his lunatic followers’ unwaivering belief in his greatness.
This proves that “free market capitalism” and “competition” is a scam. I’d be happy to fuck up a company that badly for a mere $15 billion. But they won’t even take my calls…
If you work hard and keep your head down… 😭
if you work hard and keep your head down you will get cronic neck pain and fatigue because of course everybody sacrifices a good night’s sleep at the altar of hustle.
It’s “free market capitalism” for you and me, bail outs and welfare for them.
well you see, one of the stipulations for getting this much is doing a Seig heil. Which I am sure your moral conscience wouldn’t allow you to do. Or even if it did, I am sure there are a bunch of other criteria that is basically the inverse of whatever test for psychopathy they make people take at mental health institution that you must pass.
So be glad you’re not like him and don’t lament that he gets a bag of money.
Sounds fair for turning the brand to shit. That’s the corruption. Filthy evil rich.
Aristocracy never went away.
Car makers, here’s your chance to prepare to take over the EV market when this meth lab finally explodes
As far as I can tell from test driving a handful of EVs, they’re not doing a very good job at it yet.
I’m on my second EV. My sister has an EV. My mother is getting an EV. A friend is on his second EV. A coworker has an EV. My ex and another friend have plug in hybrids and plan to move to EVs.
Not Tesla anywhere to be seen. None of us had ever even considered a Tesla.
As a Tesla owner I’d say that’s a good idea. After getting a Tesla it’s very difficult to move to an inferior model and due to obvious reasons I’d love to. So far everything else I’ve tried sucks in various subtle ways – usually in the way that the other manufacturers are obviously trying to make their EVs feel like legacy petrol cars instead of doing everything better like Tesla did.
It just feels incredibly awkward after getting used to a Tesla.
Perhaps Polestars will be good. I haven’t test driven those yet.
They already are, Tesla’s sales are stagnating in a Growing market, their market share is disappearing.
Yeah, Ford has been trying to hype up an event coming next week. I assume it is going to be a new line of EV’s. They keep trying to call it a “model T moment.”.
I assume they’ll launch a smaller EV truck, small SUV, and hopefully an actual car. If Ford actually launches 3 EVs sub $30,000 before any kind of rebates it would be great. A 20,000EV would be better, but I just don’t see it happening with the lack of support or rather opposition our government has put forth.
”We believe the only way to compete effectively with the Chinese over the globe on EVs is to go and really push ourselves to radically re-engineer and transform our engineering supply chain and manufacturing process.”
before any kind of rebates
Someone correct me if I’m wrong, but I believe Trump did away with any EV incentives that may have existed.
Heil, Shitler!
How is the company possibly worth that much when no one wants the cars? This economy is complete fucking made up bullshit.
The shareholders, who are not starving by any means, dont mind lower earnings per share as long as their political machinations are being carried out. The world’s largest capital equity firms have all gotten onto the musk bandwagon believing that his vision for the future is good for their funds.
The overvaluation is more designed to fund the schemes of musk, who wants to break the US up into fiefdoms.
If you mentioned that Tesla is losing its competitive edge as EV manufacturer, most Tesla stock fans would quickly correct you that the company isn’t just about that, it’s also an AI company. I think the company is leveraging other competencies to future proof itself to market shocks; which makes sense since Musk stole personal information from the federal government to train his AI.
“no one wants the cars” is “complete fucking bullshit”. The deal was made even before Tesla became a household name. It just took years to go through some lawsuits. The pay package is high because from 2018-2024, the world did in fact want the cars. What happened since Elon installed Trump doesn’t affect the deal.
Saudis keep dumping money into the stock. Its almost like a combo of money laundering + destabilizing the US government.
I’m sick of this make believe economy where things aren’t worth their actual value but however much they’re being propped up by bullshit and wealthy investors. I just can’t take anything seriously anymore.
My half-baked theory is that the Saudis backed Musk’s takeover of Tesla with the idea that he would fuck the company up and completely discredit electric cars. And despite his best efforts, Teslas became incredibly popular anyway.
…Springtime for Tesla!
“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.
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.
Tesla is a dictatorship. When the world’s richest dickhead invested so heavily in Tesla after Martin Eberhard and Marc Tarpenning founded it, what he bought was control over Tesla’s entire future. He, in that moment, became Tesla’s board of directors. This payout of shares to incentivize him to stay isn’t what that really is. It’s himself, god emperor of Tesla, giving himself a higher percentage of control over the company. He’s making it harder for any other ownership group of the company to oust him. He’s entrenching himself deeper to ensure the enrichment machine continues to benefit him specifically.
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!
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.
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.
The meritocracy at work.
It’s a cult.
“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.
Yeah, the guy that single-handedly dropped the company’s stock value by ~20% should get a nice big bonus.
Real question because I don’t know stocks: Would this be where you’d short it?
Normally I’d say yes, but I’ve been saying people should short Tesla for 7 years now, and if I’d stuck with that I’d be flat broke.
