Tesla shareholders re-approve Elon Musk's 2018 pay package
washingtonpost.comNot good for Tesla's future as a whole, but not entirely unexpected.
Now we can all watch the business slowly being run into the ground by Elon's increasingly bizarre decisions.
The last 25 years were a bad sign so far for Tesla under his leadership. /s
Love him or hate him, I think it's clear Musk has lost the focus on Tesla he once had. He was good for the company for quite some time, but I would argue that at this stage he's more of a hindrance than a help.
People need to stop giving Musk credit for the macro economic conditions of 2019, 2020, 2021, and 2022.
A lot of the stock gains had nothing to do with Teslas executive decisions during that time frame.
Musk’s compensation package did not only have goals related to the stock but also profit and production
"It's a car company": https://youtu.be/_pCi5f2CEHI
I wouldn’t want this person managing my pension fund.
Yeah, ever since they brought him on in 2004 the company has done nothing but lose revenue and shrink.
Oh, will it get cancelled like the last time, from the same reasons? Board is still more-less the same. And last time it got cancelled because board was not independent.
Based on what I've read in the news about this, this vote to reaffirm the same deal has little or no practical effect: It isn't a replacement of the deal that was struck down. The deal and the board have the same defects. None of the other shenanigans like moving the state of incorporation to Texas has an effect on the Delaware court case and any appeals etc. that are being filed. In other words we just witnessed a shareholder vote that was drafted and promoted as key to Tesla's future in AI, but, in fact, has no effect.
Yes.
No. The disclosure statements this time are VERY different.
Their options are an appeal to the Delaware Supreme Court, maybe months to years...
I hope this lights a fire under the naysayers (Gerber etc) to actually start setting up a truly independent board.... or sell off their shares and let Tesla sink/swim with Elon's eccentricities.
I get such a laugh out of the negative sentiment about Tesla and Musk on HN. Such a predictable crowd.
#MuskDerangementSyndrome.
When Trump left office, leftwing folk needed a replacement boogeyman for their Two Minutes Hate.
Musk hate is entirely political.
Or maybe it's because Musk runs around calling people pedophiles: https://edition.cnn.com/2019/12/03/media/elon-musk-testifies...
Maybe it's because his behavior is increasingly erratic and he doesn't seem to care about Tesla anymore: https://www.forbes.com/sites/alanohnsman/2024/06/11/elon-doe...
Maybe it's because Tesla employees describe him as a pigeon CEO because "he comes in, shits all over us, and then leaves.": https://electrek.co/2024/04/22/elon-musk-pigeon-ceo-former-t...
Maybe it's because he advocates for the submission of Taiwan to China: https://www.theguardian.com/technology/2022/oct/08/elon-musk...
And for the submission of Ukraine to Russia: https://www.cbsnews.com/news/elon-musk-russian-war-plan-infu...
Maybe it's because he says "China rocks" while the US is full of "complacency and entitlement": https://www.cnbc.com/2020/07/31/tesla-ceo-elon-musk-china-ro...
Maybe it's because he pledged his commitment to China's core socialist values: https://www.mediaite.com/news/elon-musk-signs-letter-pledgin...
Maybe it's because he called California's covid measures "fascist": https://www.theverge.com/2020/4/29/21242102/elon-musk-corona...
But praised China because "Shanghai's COVID-19 measures helped lay the foundation for the city's future development": https://www.reuters.com/business/autos-transportation/tesla-...
Maybe it's because in 2016 Tesla claimed "that, as of today, all Tesla vehicles produced in our factory – including Model 3 – will have the hardware needed for full self-driving capability at a safety level substantially greater than that of a human driver". That was a lie: https://www.tesla.com/blog/all-tesla-cars-being-produced-now...
Maybe it's because Tesla lies about things as dumb as quarter mile times. There's simply no need to lie about it, but lying is just too much a part of the company culture:
https://www.motortrend.com/reviews/tesla-cybertruck-beast-vs...
https://www.youtube.com/watch?v=5J3H8--CQRE
https://insideevs.com/news/699260/tesla-cybertruck-porsche-r...
And so on and so forth. There's a lot not to like.
You make some very sinophobic arguments in your posts. While I think it's right for the West to be cautious about China, I don't think wanting to cooperate with China makes a man a bad person.
Your post also quotes a number of opinion pieces that are politically partisan against Musk. It's easy to compile a list of hit pieces against a popular individual if you go looking in sources like Electrek, whose editor Fred Lambert spends most of his time bashing Elon on Twitter (usually without much substance, and certainly without any semblance of balance)
> You make some very sinophobic arguments in your posts
There is nothing sinophobic in seeing China as it is. There's nothing russophobic in seeing Russia as it is. There's nothing Muskophobic in seeing Musk as he is.
> I don't think wanting to cooperate with China makes a man a bad person.
Musk offers up plenty of criticisms of the US government. Here's a fun exercise for you: show me a single criticism of the Chinese government from Musk.
> It's easy to compile a list of hit pieces
Uh huh. Tell me, have you (like Musk) pledged your commitment to China's core socialist values?
I thought the vote was happening today?
It’s been happening for a month now. The voting is now closed. The shareholders meeting is today.
Will (institutional) shareholders who voted against the package divest from Tesla?
Some were also invested in 2018, voted no and still stayed (watching their shares 10x). They will probably stay again this time.
They should put their money where their mouth is and start divesting.
dilute your shares by 10% or have them come crashing down, easy decision. The question is for how long Elon can pump the price with ludicrous claims.
Their P/E is around 75 - a bit high, but nowhere close to being "pumped".
Their main problem is not the ludicrous claims, it's the damage Musk's reputation does to the Tesla's brand.
only if you assume that Tesla is not a car company as Musk claims, otherwise it's very high
The dilution was taken into account in the stock long ago. The stock is up 8% today. Seems like a good day for the shareholders.
WOW. https://www.google.com/finance/quote/TSLA:NASDAQ that's a Huge move on this news