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.
“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
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.
Exactly, a cult.
He wants to be Jerome Blake.
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!
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.
Billionaires watch out for billionaires.
they have the class solidarity we lack
Well the real business is political bribery right in the open.
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”.
Around $232,000 per employee, and all of it went to him…
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.
They’ve sealed their fate. They could have pivoted, given musk the ax and said he doesn’t align with their core values, saved some face and maybe regained trust of their core demographic. Doubling down on someone who pissed off nearly everyone who cared about buying their cars is fucking idiotic.
Could they, though? It’s another cult, and if Glorious Leader leaves, so do the simps and therefore the profits.
There are definitely a lot of culty fanboys out there, but I doubt they account for anywhere near the majority of Tesla customers. They’re going to see a huge sales dip this year as a result of musk’s political fuckery. Hopefully people don’t forget who he is and that sales dip continues until they go out of business. Stupid decisions should be punished.
Maybe they’re afraid of the dirt that he has on the company. He could potentially do more damage than it costs to keep him such as revealing that tests were faked or the Cyber truck was a friend of Epstein’s
Car makers, here’s your chance to prepare to take over the EV market when this meth lab finally explodes
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.
There are state based insensitives as well. The federal I believe he killed.
https://electrek.co/ev-tax-credit-rebate-states-electric-vehicles/
E.g. you may be able to get 9,500 back on a car and charging station in California according to that.
More money than any person should ever have
Musk needs to be rewarded with a few holes in his back.
Suicide by 3 shots to the back of the head.
This stupidity aside, Tesla is falling behind, and they don’t seem willing to admit it.
I think that they are afraid that his cult following is all they have left. Tesla’s record of late is very poor. The self driving software, something they have been pushing as a major feature, is buggy as hell and they’ve now been found liable for at least one death because of it. Plus, their manufacturing and QC is very low from everything I’ve seen about their cybertrucks. Anyone remember when that guy blew up himself and his cybertruck in Vegas? People literally didn’t know at first if it was an attack or if it just blew up because that’s what Teslas do.
In its most recent quarter, Tesla reported that quarterly profits plunged from $1.39 billion to $409 million. Revenue also fell and the company fell short of even the lowered expectations on Wall Street.
Quarterly profits dropped by more than two thirds? That is a huge hit and the shareholders must be screaming. On the one hand, between his DOGE bullshit and his general incompetence as a leader, I have to think that Musk is the cause of nearly all of this. On the other hand, it’s very probably his cult following that is fueling the sales that they still have.
If Musk were to be fired or quit Tesla, I could see his cult ditching all their EVs and going back to rolling coal in their gas powered cars. And I don’t think regular EV shoppers would forget about all the flaws in Teslas and start buying them just because Musk was out. Tesla sales would probably tank even further. That’s my guess as to why they are so desperate to keep him around.
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.
So he has to pay them for the stock first. The article doesn’t say how many millions of shares, but at that price Tesla is getting a cash infusion of at least $50 million dollars, possibly much more, and they get to keep their figurehead and his cult followers for a while longer. This might be the best move they can manage considering the damage he’s done to the brand.
EU EV sales are falling, Tesla used to dominate sales, now they don’t even make it to top 5 in europe.
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.
pats himself in the back
good job buddy, you earned this.
I wonder if he can ingest 29 billion worth of ketamine in the next year?
I fucking wish he’d try. Just do it all in one night.
Failing his way to greater riches. Only in America.
The money aspect doesn’t mean much to him. What he wanted is more control of Tesla, so he can do even stupider shit with the company.
