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.
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.
The meritocracy at work.
It’s a cult.
I too would love to receive 29 billion dollars for running a company off a cliff but I’m not corrupt to the bone
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.
“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.
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!
The fealty vibes are fucking comical at this point
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.
Shhh. Let the shareholders award musk the shares. I look forward to Tesla going bankrupt.
Exactly, a cult.
He wants to be Jerome Blake.
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.
Tesla stock is not tanking. Their cars are still selling all over the world.
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.
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.
Gradually. But he can’t sell until he has possession of the shares, so that was the first step.
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.
Billionaires watch out for billionaires.
they have the class solidarity we lack
Well the real business is political bribery right in the open.
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.
Saudis keep dumping money into the stock. Its almost like a combo of money laundering + destabilizing the US government.
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!
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.
Almost?
https://worldpopulationreview.com/country-rankings/tesla-sales-by-country
Quite many people still want their cars. Tesla’s valuation sure is odd though.
Because idiots look at other automakers valued in the 30-50$ range and still ape into clearly overvalued Tesla stock
“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.
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.
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”.
Around $232,000 per employee, and all of it went to him…
Stock is not cash.
Musk needs to be rewarded with a few holes in his back.
Suicide by 3 shots to the back of the head.
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…
It’s “free market capitalism” for you and me, bailouts 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.
I could do the Nixon victory pose, but yeah, best I can do.
29b for sinking the company? If any of us sinks a company, it’s usually way worse.
