In a series of posts on X Monday night, Musk said that he would not want to grow Tesla to become a leader in artificial intelligence and robotics without a compensation plan that would give him ownership of around 25% of the company’s stock. That would be about double the roughly 13% stake he currently owns.
Just casually asking for a roughly 80 Billion dollar pay raise. But at this point would Tesla be better off without him?
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Guy is probably getting scared of his board members and is wanting to secure himself from being outed. There’s a reason why we are now hearing about his drug problem, and those stories are likely coming from his board members.
I think Tesla would do better if he walked away. The whole fake Iron Man shtick was hardly believable a decade ago
I don’t think his ego will allow him to do that
He sold 10% to buy twitter. Maybe he shouldn’t have made himself legally obligated to buy it?
As opposed to dunking on him, I am going to outline why he can’t do anything but cry about it:
- Once you IPO in Delaware like Tesla did, you can’t issue a second class stock
- At least not without liquidating your assets and re-incorporating, which means all shareholders have to agree and this certainly means shareholders will hold a smaller bag, this will go to court (probably in Delaware, a state Elon has little chance of winning given how Twitter/X turned out), and the process will be impeded. This is not an overnight process.
This is compounded by the fact that Tesla’s stock value pretty much comes from Elon’s manipulation and grandstanding, so anything that reveals this will cause the boat to rock, so anything he does will impact the stock price, which impacts his wealth.
Nobody will loan him money to buy more stock. If he could, he wouldn’t be crying about it. Or, more than likely, he could get it, but it means coming from MBS or similarly questionable sources and he’s on such good footing with them over how Twitter/X is going. This will increase the scrutiny he’s getting from the DOJ or the people at CIA who may drop a sword on his head.
He has at least two loyalists on his board: Kimbal Musk and JB Straubel. James Murdoch can no longer be considered one since its his other publication, the Wall Street Journal, that went to press about his drug issues.
Long and short, Elon has been reduced to begging. We could be watching the end of his tenure at Tesla, but this fucker is full of surprises.
I mean he “can do nothing but cry about it” in the same way anyone can do nothing about a request for a raise. He can say he will quit if they don’t give it to him.
And their reply? “Oh no! Anyway…”
If I made a demand like this I’d be fired
Yeah but you’re not the CEO of the company.
If I made a threat like this as CEO when I also work two other jobs with a now clearly defined conflict of interest, I would ABSOLUTELY be fired by the board!
If the board wasn’t made up of asskissers.
What do you mean by this? CEOs are fired from companies all the time.
Maybe he shouldn’t have spent all that money on
avocado toastbuying a failing social media platformIf I was a shareholder or board member and heard “I don’t want to grow the company in ways you want with out a raise” I’d hear it as “he’s no longer doing the job we hired him for. Publicly going against our wishes.” Which is a short cut to getting fired in any other job on the planet.
This is the best summary I could come up with:
In a series of posts on X Monday night, Musk said that he would not want to grow Tesla to become a leader in artificial intelligence and robotics without a compensation plan that would give him ownership of around 25% of the company’s stock.
Notably, Musk held a stake of more than 20% in Tesla before he sold a large number of shares to buy X, the social media company he purchased over a year ago for $44 billion.
In January 2022, he said on a call with Wall Street analysts that he believes the company’s goal of building a humanoid robot is the most important technology it’s developing.
Nevertheless, Tesla believes in a robot-led future, and investors have sent the stock surging over the past year in the hopes that Musk & Co. can deliver innovations that propel the company to new heights.
The deal was so large that Musk and Tesla faced a shareholder lawsuit over the package last year, and they continue to await a Delaware Chancery Court ruling on whether the pay was excessive.
Musk and the Tesla board of directors were accused of breaching their fiduciary duties for waste and unjust enrichment.
The original article contains 743 words, the summary contains 197 words. Saved 73%. I’m a bot and I’m open source!
Just fire the cunt ! Into space !
As someone who still drives a Tesla vehicle I bought years ago, well before Musk totally went off the rails, can he please just leave?
You could always trade it in.
I hate to be that guy, but no one is forcing you to keep owning it and keep dumping money in Musk’s pockets every time you need it serviced.
You want him to go away but you keep handing him money. Curious.
Interest rates and depreciation make that a losing bargain, better to get the utility out of it now that the trade in is low and interest rates are high
There’s all these things that people say about how he’s garbage and does nothing right, but the guy has managed to be involved with the project that made it easy to make payments over the internet, and then went on to be behind the most successful electric car and, of course, there’s also SpaceX…
I have no idea about the details behind this other than what a Redditor coworker who totally negs on Elon has told me - all this inside baseball at PayPal that seems unflattering, and, of course, the persistent accusations that he brings nothing to the table…
But does lightening really strike thrice like that? IDK. Plus I am sympathetic to his desire to make X more free speech friendly - he isn’t completely consistent in this, but it is better than what came before.
I am just going to give him the benefit of the doubt on this - not in saying that he absolutely deserves this raise, but in saying that he has a right to ask for it without being laughed out of the room.
