Shareholders, would you vote to reinstate Elon's pay package

[Crissa]

When a company like Tesla is a massive disrupter, all manner of vested interests pull every dirty trick available in order to protect their billion dollar cash cows. In Tesla's case it's the fossil fuel conglomerates, legacy automobile, large unions, government actors (on both sides of the aisle) and the courts they influence, MSM and the dealership networks (among others). Unfortunately the majority seems to fall for the misinformation spewed. It's always the same.

While this is true, it doesn't help when people pretend that the corporate system is not without its flaws and pit traps.

Elon was the shareholder that elected the board originally. Who then voted for him to get more shares. And only the board selects who we vote on.

Hauling Ass's description leaves out all of this, intentionally, to wash out the basic corruption of having buddies on the board and then more buddies on more boards voting themselves into more and more of the share of the profits.

There's nothing wrong with a shareholder challenging the information the board provided - that's what the court is for, after all, to keep this already incestuous system from being worse.

The only harm here is that we vote again. Elon only needs a small fraction of other shareholders to vote with him to get his pay back.

-Crissa

 

[Beyond]

While this is true, it doesn't help when people pretend that the corporate system is not without its flaws and pit traps.

Of course it has flaws. Everything and everyone that deals with money has flaws, including pretty much every elected official regardless of affiliation.

There's nothing wrong with a shareholder challenging the information the board provided - that's what the court is for, after all, to keep this already incestuous system from being worse.

The only harm here is that we vote again. Elon only needs a small fraction of other shareholders to vote with him to get his pay back.

I disagree that a shareholder with 9 shares who is simply a foil for a money grabbing law firm is able to turn upside down a contract years after the fact. I disagree with the same sleezy law firm being able to collect billions of dollars of shareholder money. If they took the suit pro bono it would have some credibility. In this case the judicial system is far more flawed than the corporate system. I also feel that this Judge is politically motivated and has jumped through ridiculous hoops to make a ridiculous judgement. So we disagree. You're still a nice person. ;-)

 

[HaulingAss]

Again, I've spent more time defending Elon on various platforms than most people ever will, I'm just not a blind fan boy who supports every thing he does no matter what.

I don't support everything Elon does either, but I do support his right to do it. I support his right to speak freely and share his ideas however he sees fit. It doesn't mean I agree with everything he says and does, and I'm sure he doesn't agree with everything I say and do either. That's normal. I look at the sum total of his words and deeds and support the change he is bringing.

The growing negative sentiment will affect the company and the stock price which I believe we are seeing in recent years. Some of the downward pressure is certainly due to outside factors but I don't approve of the damage being done by the CEO, I'm weird like that.

Naw, it's mostly an illusion created by negative yellow journalism (look it up, it's powerful stuff), most of the negative sentiment is from people who have lost the ability to discriminate right from wrong and blindly follow what people have told them to believe. Like the guy in the oncoming car yesterday who gave me the finger, simply because I bought a Cybertruck. He's an idiot and you can't fix that.

The alleged damage being done by the CEO is largely a grand work of fiction, most of the damage is the result of yellow journalism and how gullible some people are, not what Elon actually says or does.

 

[HaulingAss]

Elon was the shareholder that elected the board originally. Who then voted for him to get more shares. And only the board selects who we vote on.

You are sadly misinformed. Any shareholder can get their name on the ballot.

The only harm here is that we vote again. Elon only needs a small fraction of other shareholders to vote with him to get his pay back.

Who is "we"?

Were you even a shareholder when Elon's pay package was proposed and did you vote against it?

Elon needs a large fraction of the vote to get the pay he already earned, about 40% by my calculation.

 

[Snlass]

Yes The shareholders need to pay the man, The single person judge in delaware basically said all the shareholders were stupid and didn't what they were voting on, but all the goals and compensation were insanely difficult to reach that no one thought would be attained and he made it all happend so/ he deserves every bit of it and more. He started guded a startup company through innovation and thinking outside the established norms to outperform all the big three legacy auto makers that have a hundred year head start. He deserves every bit and more in my opinion.

 

[Smokehouse Brown]

Im all for Elon getting his fair share. But to say he hasn't been paid in years is not correct. Im sure that EVERYTHING in his life is provided by Tesla. His pay should reflect the current stock value. This stock value will always have ties to Twitter. If Twitter tanks. So will your shares. Giving him a large amount of highly discounted shares to sell for Twitter makes my me nervous. Especially when Elon tells advertisers to F themselves.

 

[BannedByTMC]

The alleged damage being done by the CEO is largely a grand work of fiction, most of the damage is the result of yellow journalism and how gullible some people are, not what Elon actually says or does.

That's the narrative you are sticking with but there is plenty of real evidence that proves otherwise. The press has always attacked Tesla and Elon, that's not anything new. What is new is more of those attacks are valid and fueled by ammunition Elon is providing. I know it's more fun to pretend I and others are just "haters" because it's easier than trying to face what has changed that has turned long time supporters more critical.

 

[Beyond]

Before making further comments on this it may be wise to watch the Earnings Call discussion:



BTW, TSLA is up over 9% after hours at the moment.

 

[Pops]

55% decline in profit for the first quarter. Yeah he deserves to dilute our shares by $50+ billion for working a part-time job.

 

[Beyond]

Before making further comments on this it may be wise to watch the Earnings Call discussion.

TSLA finished up 13.38% after hours.
Here's the earnings call with Rob Mauer commentary:

 

[BannedByTMC]

Now TSLA is up over 11.5% after hours.

Wake me when we're up at least 100%, where we belong

Overall a pretty good call, very glad to hear the focus on accelerating the next gen platform separate from and ahead of robotaxi, that was a huge concern of mine. Semi seems dead for the next year or so, not clear on why, maybe I missed it.

 

[Crissa]

...If they took the suit pro bono it would...

Pro bono means they're not being paid during the case. It doesn't mean they might not get paid costs later.

And no, that would be even more suspicious, because who was paying them to do the work?

Were you even a shareholder when Elon's pay package was proposed and did you vote against it?

Elon needs a large fraction of the vote to get the pay he already earned, about 40% by my calculation.

So you admit he only needs a minority of the vote.

https://electrek.co/2024/04/19/tesl...-voting-against-elon-musk-55-billion-package/

-Crissa

 

[BannedByTMC]

A Tesla investor who successfully sued to void CEO Elon Musk's $56 billion pay package asked a Delaware judge on Wednesday to prevent the electric carmaker from bucking the court's authority by moving its legal home to Texas.

Richard Tornetta's legal team asked Delaware Chancellor Kathaleen McCormick to rule on his request before Tesla's June 13 annual meeting, where shareholders will vote on reincorporating in Texas and approving Musk's 2018 pay package.

https://www.yahoo.com/finance/news/tesla-shareholder-seeks-block-musk-144102832.html

 

[Pops]

Just saw these stats and they blew me away.
The salary of all 140,000 Tesla employees combined is $10 billion.
Musk is asking for $50 billion for himself. That is $10,000 for every Tesla ever sold.
Tesla is the 2nd worst performing stock in the S&P 500.

How can a board with a fiduciary duty to its stock holders approve this proposal? The fact that its an incomprehensibly large number is the only reason anyone would vote yes. I'm a shareholder, but only the institutional investors will have a vote that matters.

 

[jerhenderson]

What a crappy response. It's a yes or no question. Our opinion was asked on how we'd vote, I gave it. It's unsettling how many people are "attacking" others because they don't like the opposite of their opinion. This is why voting is anonymous. I get it, you'd vote yes. That's great, welcome to the land of the free.

The response about business had to do with people not seeming to understand that businesses require profit, businesses can become inefficient, and businesses do need to lay off people in order to stay in business, circling back to profits and inefficiencies. Could you imagine keeping a payroll extra of $1 billion if it wasn't needed?