Tesla pushes for $56bn pay deal for Elon Musk
Tesla pushes for $56bn pay deal for Elon Musk
The deal, if approved by shareholders and judges, would be the largest in corporate America.
Laid off 10% of workforce for the raise he doesn't deserve. What a piece of shit.
167Assuming a salary of $200,000/year, this $56B bonus could pay the salaries of 280,000 employees.
The actual layoff was around 14,000 employees. Assuming the same $200k salary, he could have asked for a bonus of $53B instead of $56B and paid for them.
75But laying people off is the thing he hates most in the world
13
But how can he survive on only $178.3 billion? He's living paycheck-to-paycheck!
17They should ship him back to SA so they can put a tyre around his head and light it.
4
Tesla should seek to oust Elon from the company. He’s ruining it. Cybertruck, falling sales, and important people heading for the exits.
111Tesla should seek to oust Elon from the company.
They can't. The only thing propping up the ludicrous stock price is the myth of "Elon Musk, Super genius" and the legions of Musk fanboys. If they kick Musk out they lose both and the stock will tank. So they've got to keep him in place, even as he runs the company into the ground.
51They also won't because they are hand selected by Musk. 2 out of 3 board members share his last name.
The other is the alleged director of the board after Musk was forced to vacate the position. All indications are that she is his puppet.
13What’s that you say? The stock will tank?
2
Ousting him would be hard. He owns a significant amount of stock. I like the cybetruck
That said they need to talk him into a less visible role. Hire a real cto and put him in charge of secret projects
The board is all his buddies. That will prevent any real change.
-40I like the cybetruck
20
Oh so that's why he laid off all those people.
102Yuuuup
32$56 billion could pay 56 thousand workers $100k per year for ten years straight.
Instead they laid of thousands of workers not making anywhere near that sum.
Yet this one man deserves all that "value" he personally surely generated.
9Ah, I see you have studied and understand the complexities of corporate finance. Well done, let's give our CEO a 2,000% raise to celebrate!
-Corporate board somewhere, probably
4
there was nothing he hated more, "but it must be done".
sure. he's in agony. pure pain. insurmountable suffering
Maybe the board can buy him out of the company at some point. It might actually safe the company without him at the top
73If he weren't involved, I'd go back to considering a Tesla
26
Elon Musk pushes for $56bn pay deal for Elin Musk.
ThereIFixedIt
62How many employees could still have their jobs if that pay package was reserved for salaries instead of bonuses to this guy who spends all day, every day, fucking around with a completely different company he's running into the ground.
40All of them. They could have hired 20x as many as they laid off, and gave them all raises.
23
Who the fuck is Tesla in this context?
34I’d have to assume it's their board?
If you haven’t seen it, it’s full of sycophants and family members. https://ir.tesla.com/corporate
2
This news is frustrating:
- I am put off by the judge ruling against it because "it's unfair to shareholders". It's unfair to a lot of people, especially in the wake of layoffs. If the law does not protect the basic necessities for working Americans, then the law needs changing.
- How many of Elon's workers could get paid a living wage for that $56bn? If he passed it up could he stop trying to oppose unions and make some life-changing concessions for his employees?
- Even putting that aside, how is that money going to change Elon's life? As in the daily experience of what he eats, vacation opportunities, housing, etc? Because money is kind of like water - it's incredibly important if you don't have enough, but once you have more than you could use the only reason to keep hoarding it is restricting others' access for pride, greed, or leverage (i.e. purchasing influence).
I'm not even as far left of center as I probably sound. I believe that different economic classes should exist or people aren't motivated - you need to pay surgeons well in order to get enough surgeons. However, "the floor" should be raised to ensure housing/food/utilities security at the cost of "the ceiling" being lowered (or existing at all). Oxfam says a wealth tax of 5% on multi-millionaires/billionaires would solve world hunger in 10 years, lift 2 billion out of poverty, and much more. As of 2023 the bottom half of the USA, as in about 170ish million citizens, only have access to 3% of America's wealth while the top 10% control just over 66% of wealth. Deals like this, coupled with the mass layoffs across multiple industries, is only making that obscene inequality worse.
31I don't know how many employees Tesla has, but that literally could turn 56,000 employees into millionaires. Well, not literally, because taxes, but you get the idea.
21Exactly, or put it in a fund collecting even low-level interest and give that many a raise of 50 grand/year for 20 years.
8They have 140,000 employees, so they could make $400k/year.
3
Raise the floor too high and suddenly nobody needs to sign up to be a murderer for hire to go to college. Suddenly people who actually know how the sector functions can create their own firms. Suddenly the idea of an industry being to big to fail and getting a bailout every decade isn't as necessary. Suddenly your carefully protected tax shields aren't quite so effective.
18Edit: Holy crap, I need to confess I misread your post and replied as if you were making a completely different point. That is my mistake, full stop, and after re-reading your reply I can only assume I likely confused you and others.
Any extreme is bad, that's true. But there's a lot of room in between current affairs and
the situation you're describingI should have read that more carefully. Many of the happiest, healthiest nations on Earth (prime example being Nordic nations) have a model featuring government intervention in the economy and strong social nets while still being capitalist.1
How many of Elon’s workers could get paid a living wage for that $56bn?
There are 140,000 employees, so each one could get $400,000. That is WAY more than a liveable wage. He could give every single person in his company $200,000 and STILL have $28B leftover for his bonus. I can't imagine what it would be like to have a billion, and I'm a pretty imaginative person who makes a lot of money. If someone said to me, "I can give you $56B, or I can give you $28B and 140,000 other people $200,000. You choose." I would gladly give all of those 140,000 people handjobs by me personally along with that $200k. It might take awhile to give all those handjobs, but I'd commit to it for $28B.
It would take 972 days of 12 hours per day giving 5 minute long handjobs. Roughly 3 years of indentured servitude to get $28B. Worth it.
16
Absolutely nuts. That's about what Tesla's fair market value should be in total.
28Well ok now let's tax the fuck out of that.
25A bonus that high needs to be taxed at 99%. That would leave $56M, which is more than 99.9% of the world will make in their entire lifetime.
421% of $56B is actually $560M. That's how astronomically stupid this package is.
49
how long until shareholders revolt considering elon has cost the company billions.
23I always thought that maybe if Musk was gone someday, it would be ok to like Tesla's again... Fuck Tesla Forever.
18He should be paying the company $56 billion in damages for the dumb cybertruck he pushed through.
18However, the deal was rejected by a US judge in January who described it as "an unfathomable sum".
16I wouldn't invest in a company elon runs. Way too roller-coaster-ish to me.
10