This is a most excellent place for technology news and articles.
It comes just days after Musk announced plans to cut more than 10% of its global workforce.
In a memo issued to staff Musk said there was nothing he hated more, "but it must be done".
I am speechless, are his employees and shareholders buying this ****?
No, most shareholder don't have voice in big corp. Only a handful of shareholder who invest ton of cash can speak
I've voted in quite a few board elections as a retail investor.
Employees on the other hand ...
your votes don't make any impact or just to look good on paper work (that they actually let retail investor vote).
There is, to my knowledge, not a single public company out there where retail investor votes outweigh the sum total of corporate/rich people investment. There are some rare outliers where retail investors hold as much or more weight than any individual company invested but as soon as you even just add 2nd place on the corporate investment ladder that sliver of relevance fades away again.
Not to mention getting a few million retail investors to pull in the same direction is a lot harder than getting 6 corporations to agree on the same matter.
if they didn't matter the big money running the campaign against the incumbent board wouldn't have been soliciting votes.
also the biggest vote you have is taking your ball and going home.
I did that after the Cybertruck was shown the first time.
Unless you have to mention that you're a significant shareholder when making trades of the stocks, you have zero influence on what the company is doing.
Protip: Your shareholder votes are not secret, so if you're voting based on your holdings from an employee stock program, you might experience retaliation if you vote the "wrong way."
People like Ron Baron
Most of TSLA is held by retail. Institutional investors are around 13%, Elon is around the same. (From memory)
Elon said he and his brother will abstain from the vote. They're also going to spend millions to influence the vote.
It'd be pretty stupid for the shareholders to approve either. They also want to move the incorporation from Delaware to Texas, because apparently Delaware isn't corporation friendly enough.
It'll be interesting to see whether common sense or propaganda is more effective on TSLA retail shareholders.
https://www.macrotrends.net/stocks/charts/TSLA/tesla/number-of-employees
Tesla total number of employees in 2023 was 140,473
56.000.000.000 / 14.000 = 4.000.000
That's 4 million per fired employee.
Sounds like one hell of a severance should have been given 😘
*Elon Musk seeks to award Elon Musk $56 billion
Conveniently covering the amount of principal + interest on his purchase of his latest nazi propaganda outlet.
I guess we are going to find out exactly how stupid the remaining Teslas stockholders are.
Well I own it through my SP500 index fund. I'm trying to determine how to best contact the fund managers. I have a well thought out and reasoned rationale why Elon shouldn't remain CEO and I will be heard:
Over half their revenue
😂 Tesla 📉
Board chair Robyn Denholm wrote in a letter included in the regulatory filing: "Elon has not been paid for any of his work for Tesla for the past six years... That strikes us, and the many stockholders from whom we already have heard, as fundamentally unfair."
Musk's compensation for 2023 was $0, the filing showed, as the billionaire does not take a salary from the company and is compensated through stock options.
it's so unfair that elon hasnt gotten a single pay check and has instead had to settle for making billions off of his stock options. think of all the mega yachts and social media companies he could've bought if only he had been paid a salary.
What bullshit it is to throw stock at someone that ends up being worth billions and turn around and say they never got paid.
He received compensation via stocks in lieu of cash. It’s business pay and compensation 101…this is how you get can get paid.
She’s saying “he got paid, just not cash pay, so we didn’t really pay him, and now we want to pay him again differently.”
completely agree. and it's even more insidious when you take into account how he's spent the past 6 years bragging about how he has a salary of $0 because he's "only working for the betterment of humanity" or some nonsense like that.
I’ll offer this up, too:
Jeff Bezos, the richest person in the world, has made the same $81,840 salary for two decades.
Yeah, it’s an older article, but it demonstrates the same principle. Cash pay doesn’t indicate what someone’s worth. One could get paid more than Bezos, but obviously never approach his total compensation or net worth.
So why Musk is trying to pillage Tesla for such a huge pay package is beyond me. However, on the Tesla c/, some speculate that Tesla is showing some of the same symptoms as other big automakers did before declaring bankruptcy. Total uneducated guess that musk is cashing out some of his chips before Tesla “officially” declares financial issues in the next few years?
Not really news that Tesla has a lot of headwinds, even before Elon’s peculiarities and ‘leadership’ is factored:
We all know the stock is massively overvalued. The question is will it correct and level off, or fall so fast from that height that Tesla ends up like Lucid, Rivian, or Polestar etc as a low-mid manufacturer, or go so far that the short sellers bring the knives out until delisting
Make sure to tip your CEO
*tip over
*guillotine
it goes
You have to hand it to him. He's managed to figure out how to milk US government subsidies whilst being a royal cunt.
Figured it out? All you need is money. You hire a lobbyist and that's it, it's not a genius move, the system is just designed for people like him
They already started saving for his payout by firing 10% of the workforce. Well done!
The man has to pay off his Twitter debt somehow, have some sympathy with him. Making a bad purchase totaling a few dozen billions could happen to anyone. Plus he has to keep up with inflation you know, that ranking on the "Top richest people in the world" isn't going to maintain itself, better abuse some more workers to make sure he stays with the 0.0000001% of wealthy people. Not like those outdated bio robots are people anyway, really you have to own at least 1B to qualify for that status.
yo, make sure pay everyone their salary before pay your ceo
He deserves that. After all he works 4 000 000 hours a day... Right?
He'd have to work 3.7 million years of 40 hour work weeks at US minimum wage, $7.25.
Pretty well highlights the insanity of $56 billion.
It would if people had any tangible idea of how long 3.7 million years is.
Well it's slightly longer than the genus Homo first appeared, so yeah longer than the lifetime of all human like "animals".
It's the length of the combined total working lives of an entire football stadium full of people.
It's based on an increased company value. I suppose he will gladly pay it back when the company loses value too. Right?
What increase?
That's the joke
It's only fair.
It's only fair.
https://www.supportteslavalue.com/
Come on guys, just give up your legal rights and money. Elon needs control.
Fuck me, that site is like a parody of itself.
Thanks to Elon Musk’s vision and leadership, Tesla has created tremendous value for you, the owners of the Company, all while advancing its mission to accelerate the transition to sustainable energy.
It's 1984 levels of brainwashing.
