Tesla Shareholders Approve Musk's $56 Billion Pay Package in Early Voting
Early voting results suggest Tesla shareholders approve Musk's controversial $56 billion pay package.
What a complete joke that company is
I'm glad to hear he won't "lose interest" in working now. I can't wait to see his next big plan after the industry dominating cyber truck.
I should ask my boss for $56 billion so I don't lose interest in working
He'll start a recycling company to recycle the shitty cyber trucks when they break down or when people get rid of them because they're shit.
I think if you read between the line, Tesla people aren’t just worried that he will stop working as hard for them, but also worried that he will flip and become an active detractor of theirs. Look at what he’s done with OpenAI. You can say he owns too many shares of Tesla but he could do quite a bit of damage to their stock price merely by selling them.
To be clear this isn't official results, this is what musk is projecting.
But the only think the big holders care about is their return rates. And they know Tesla is waaaaaaay overvalued. It's all based on hype.
So would Tesla be a better company free of musk?
Undoubtedly.
But they don't care about that. Musk hype drove the stock price up, no real company would be so overvalued. Without continued hype, the price goes down, which might cause a run on the stock and might end the company.
musk is Tesla. And it's why the company will be nothing but hype. Doesn't matter if the company loses money as long as stock price keeps going up.
Making quality vehicles isnt their business model, it's keeping the stock price up.
Yeah at this point it's a question of when the hype ends and it all comes tumbling down. There's nothing but investor sentiment holding the price where it's at.
Year over year revenue is down 50%, consistently for several quarters. Three missed quarterly estimates in a row.
The smart money is moving to catch the Nvidia bubble.
No but you see he is a visionary! A real life Tony Stark!! He'll do great things with that money like... Making Twitter X likes private for some reason...? I'm sure that cost a lot of money somehow /s
It has been cringe in the extreme to watch them debate whether they are giving their babyman chieftain enough billions to appease him.
according to a social media post by Musk himself
Very few in the comments seems to have noticed this pretty crucial part.
Let's wait and see the actual result.
Edit:
Ah well, they actually went ahead and did it. Good for Musk I guess, I doubt it's good for anybody else.
I'd love to hear from anyone at all who can give me a reason why the shareholders would vote for this. The stock value has been going down for both the 1 year and 3 year time frames, so he's not doing great things today. The company only made a profit of $18B last year, so this is like wiping out 3 years of profitability in one step. This package is over half of the company's total revenue!! In what world do investors think it's a good idea to say one guy deserves almost as much as the entire company brings in for a year?
Nepo babies understand each other's need to suck money from people who produce the value.
I'll wait for the financial analysts that I both trust, and I know hate Musk, before I have any confidence in answering that question.
But... my best uninformed guess is that it's less fanboy worship, and more fear that Musk is the only thing propping up the insane stock valuation.
I'm assuming that Musk has a complex web of possibly illegal and highly engineered financial instruments that keep that stock pumping, or at least, not crashing - yet.
Maybe those who voted to approve might be aware, or involved, in that house of cards and believe removing Musk would be akin to blowing on it.
But I'm just pulling all of this out of my ass, so who knows...
It might be as simple as the majority of Tesla shareholders who voted to approve, including the institutional ones, are really just submental morons.
This is probably the right answer.
As the holder of roughly $45 worth of Tesla stock, I voted against his pay package and every other shady, bullshit proposal on the ballot. My vote counted for almost nothing and I’d probably be considered an “activist shareholder” anyway, but it was worth the money I’ve lost to get to click that button anyway.
Because it makes the line go up?
Sustainability doesn't matter. Musk's hype holds the market value up (in the short term), and kicking him out could tank it from the controversy alone. That's all that matters.
I like to think many investors are buy and hold, long term institutional, Warren acolytes or whatever, but in reality the outlook is just so short for so many people now. What matters is the next day and the next quarter, and they can just bail out after that.
Imagine if they had instead hired 500,000 people on $100,000 each. They could have bought the entire city of Detroit and had it making Teslas, instead they've got one coked up narcissist.
Musk is not getting billions worth salary. You can't hire 500,000 people using his package. Unless you believe that these workers should be eating shares instead of food.
I've read that all they're doing is diluting the current shares, so in essence the current shareholders are screwing themselves over by devaluing their own shares.
Pretty dumb
Insane. No one person should have, or deserve, 56 billion dollars. And especially this piece of shit.
is it his yearly bonus? I can't seem to understand it because of so he is leeching and crippling the shit out of tesla
I don’t think so. I think it’s a one-time compensation package at present, but I could be wrong.
I don’t understand it because that money could go to the actual people doing the actual work — and I’m quite sure they deserve it and could use it far more than Musk.
You're acting like this was his standard salary. It wasn't. His contact, approved by shareholders at the time, basically offered him a King's ransom for an impossible miracle, defined with metrics like sales and stock price. Elon delivered the miracle. Love him or hate him, the conditions were met.
I never once said it was his standard salary nor did I allude to such.
Elon did nothing. The workers at Tesla did everything. Such a sad state of the world when people like him are so revered for one thing — having money. And it’s even sadder that people equate that to having intelligence or actually producing anything. The reason the shareholders approved this is because they see him as a way for themselves to make more money. It’s pure greed all around.
So I reiterate just in case it was confusing the first time around — Insane. No one person should have, or deserve, 56 billion dollars. And especially this piece of shit.
Every bit of that is completely insane whether accurate or not. Musk is 100% fraud and gas no accomplished anything. All he did was put up money and name himself founder, and all this dies is further prove that stocks are a complete fucking sham amd have nothing at all to do with company performance.
How is this company still so valuable.
I would buy literally any other electric car than a Tesla.
They have a huge head start. And their battery tech is top notch even if the rest of the vehicle is poorly build.
I'd personally never buy one either, for multiple reasons, but most people don't care/know about the shitty build quality, the shitty ai and the scummy locking features down remotely when you sell the car.
Is the battery tech that good though? Genuinely don’t know.
Seems other manufacturers have a huge head start in every other area of manufacturing cars and even if they still lag behind on battery tech, it won’t be long before they catch up on this one metric, whereas Tesla would have to catch up on every other metric.
They have the premier charging network in the United States.
Unfortunately, nothing else comes close and probably won't for a few years... Like 10 years at least. The US is probably a decade behind Europe's electrification at this point, and about 75 years behind it's rail electrification.
I've never even seen a Tesla Supercharger in the same state they build these things in, other than around the plant in Fremont when I worked there. Plenty of non-Tesla ones, though.
There's a big difference between the market capitalization and book value. Tesla's stock is probably way overvalued but I can't say for sure since I don't own any of their stock and haven't looked into their financials.
Tesla "shareholders" clearly don't have the interests of their company in mind if they're approving a 56 billion dollar compensation package for their "CEO."
We’re living in a new age of personality cults.
We really are
Tesla shareholders are preparing for a big short or something.
Wait...when did it go from 46 to 56?
And also...do the "shareholders" think this will improve the value of the company? Isn't it more than half of their revenue? Wouldn't this actually be a really bad thing for Tesla's value? Isn't Tesla one of the few EV producers with quickly dropping sales figures? Are the shareholders actually just Mlon Eusk? Enquiring minds want to know!
Those idiots decided to throw away their money to a grifter, who are we to judge? Let them drive the company to the ground, plenty of EV producers actually making good cars.
Yes.
That's the kinda attitude that takes you places, yer gonna go far kid!
I mean, this is actually probably the "right" decision from a shareholder perspective.
Delaware is still going to stop that bribe any time soon. But this way the stock won't tank when musk guts the company out of spite and they can sell off their shares over the next few weeks/months.
Horrible for the company but... that company was already fucked.
That's like, a million people's wages. Absurd.
It's far, far more money than all the people he just laid off because he "had no other choice"
I like to compare these amounts as time.
1 million seconds is about 11 days. 1 billion seconds is almost 32 years.
The equivalent of 3+ years of tesla profits? Sounds totally reasonable and sustainable lmao.
It's dat dem dere one of dem market corrections acomin?
When a dragon hoards the people's gold, the solution isn't to give it more gold.
I think I'd calculated this out to $34000 per unit sold last year.
That's nucking futs.
Then they are completely retarded idiots. I look forward to seeing them lose more money
I can only assume they are somehow expecting a cut or kickback from this, I can't think of anything he's done in the last 10 years that was actually good for the company. You have to live under a rock, or more accurately in an echo chamber, to believe someone like this is good for the profitability of a company, let alone deserves that many zeros.
The stupid shareholders are financing Musk’s Twitter-disaster.
Why would anyone need that much money.
Elon provides invaluable support to the company and deserves to be compensated for . . . hahaha, no I can't write that with a straight face.
To buy the next website that people are making fun of him on.
Don’t worry, it will trickle down.
This company is doomed lol. Fucking dimwits.
German & Chinese car makers will be happy.
What a farce.
he has so much money that he needs more money….
That’s how the rich operate.
Actually speculation is that twitter and general poor decision making may be overextending him.
He still has more "worth" than any of us can ever dream of. But he doesn't have the liquidity to do anything with it. And considering the strong indications that it is the Saudis and possibly the Russians who bankrolled a lot of the twitter shit...
A good way to think about it is this: Your friend from college who actually managed to buy a house a couple years back? They have more "money" than most people you know. But, unless they are willing to sell that house, they can't do anything with it. So they are still living based on their paychecks and savings in the bank.
I def voted no with my three shares.
You mean your 1.5 shares. Wait, no, it'll still be three shares, they'll just be worth 1.5 current shares.
Facts!
Dumber than a bag of wet bags.
Dumber than a box of rocks.
Stupid fucks must share in his assholian philosophy
Musk owns more than 20% of Tesla stock.
While some investors remained silent on their voting position, Tesla's largest shareholders, including Vanguard Group, BlackRock, and State Street, collectively holding roughly 17% of Tesla's stock, abstained from public comment. The full voting breakdown will be revealed during a Tesla shareholder meeting in Austin.
One, what an AI-written paragraph: "While some ... remained silent ... [others] abstained from public comment." Aren't those the same thing?
Two, this is all just a bunch of rich motherfuckers deciding how much of an insane amount of wealth to give to one of them. Where'd they get that money? Customers.
Imagine how competitive an electric car company could be if it wasn't just a front for shuffling vast sums of money around between people who already have more money than they could ever spend.
One, what an AI-written paragraph: "While some ... remained silent ... [others] abstained from public comment." Aren't those the same thing?
Yes, but it works. The emphasis is that all of the richest were silent instead of just some, which was the case for the rest of the shareholders. We hate repeating words in general English (which is why we have such a ridiculous amount of vocabulary), so “silent” was replaced the second time.
Still awkwardly worded, though, so you might be right with the AI thing.
It depends if "public comment" is akin to going on the record. Then staying silent means they didn't say anything, and not making a public comment means they said something to us that we promised not to make public.
Saying something not on the record is actually pretty common. And is most of what private sources are about and for. They might be able to point a reporter to someone or something that would be able to be reported on. Trust is a super important difference between an established reporter and a new reporter.
I mean you have to be pretty stupid to believe in Tesla at this point. When was the last time they came out with a new car? Not counting the Cyberrust.
I think they would have a decent future if they dropped this guy. His personal "brand" used to bring a lot of value and attention but now it's just an anchor weighing all these companies down.
Yup. Get someone who can get production more consistent, invest in battery R&D, and expand the charging network. Don't do whatever it is Musk is doing recently.
Dumb fucks do dumb fuck thing.
Billionaires shouldn't exist... but it's ok since moving out of Delaware to Texas is going to destroy the company anyway.
Just curious why it would destroy it by moving it to Texas?
Tessa was in San francisco, not delaware. Delaware was only for incorporation and tax purposes.
one of the things the board voted on, along with the pay, was to reincorporate in texas from delaware.
Ketamine is a hell of a drug yo.
Mothergodfuckingdammit what is wrong with people
his followers are a celebrity cult. same ones who used to worship steve jobs balls
He's already tanked their credibility with normal people, keeping the musk fanclub onboard is all they have left.
"early" voting implies theres another round of voting. Correct?
At this point it may as well be a ritual sacrifice of money
Great thing to do when they have to fire people, because the company goes to shit.
What are the performance targets? And does the value of the package depend on share price?
A terrible choice by investors, but it is their money they are wasting and they are welcome to do so.
Let's hope it's hush money too.
Is he getting fucked by Donald, too?
Don't think Donny could afford that
The primary purpose of a company is to make the shareholders happy if he's doing that then i guess what's there to complain about