Tesla is awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion, just six months after a judge ordered the company to revoke his massive pay package.
The electric vehicle maker said in a regulatory filing on Monday that Musk must first pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package that was awarded to the company’s CEO.
“While we recognize Elon’s business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging … we are confident that this award will incentivize Elon to remain at Tesla,” the committee said in a regulatory filing on Monday.
But… that moron is the reason the stock is tanking and people shifting to other manufacturers. Why in the flying fuck would they PAY to keep him. What kind of a cult are they running.
a cult where he entirely controls the board, which is contrary to how large corporations are supposed to work
But he only hold 13% of the stock. Any of the other stock holders could pretty easily group up and remove him, if they wanted to. It’s not like the Zuck who is a permanent 51% vote owner.
I suppose it’s possible that he has more voting rights that owning rights, but still. A 37 point difference would be massive.
Blackmail is a hell of a thing to have to hold power over people.
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One of the board members is Elon’s brother Kimbal…
Kimbal
Can I mount a gopro on him?
Tesla is a dictatorship. When the world’s richest dickhead invested so heavily in Tesla after Martin Eberhard and Marc Tarpenning founded it, what he bought was control over Tesla’s entire future. He, in that moment, became Tesla’s board of directors. This payout of shares to incentivize him to stay isn’t what that really is. It’s himself, god emperor of Tesla, giving himself a higher percentage of control over the company. He’s making it harder for any other ownership group of the company to oust him. He’s entrenching himself deeper to ensure the enrichment machine continues to benefit him specifically.
They “ran the numbers” and decided he was still more valuable as the genius face of the company (that continually shits on the name of Nikola Tesla… which is actually saying a lot since homeboy clearly drank a lot of lead paint) than as someone actively trying to destroy the company. Err, actively trying to destroy the company he no longer has a financial interest in.
Increasingly, the teslacorp consumerbase is just nazis and tech bros who don’t want to admit they are nazis. If musk were to get up on stage and start reading /r/cyberstuck or whatever, it would very much zero out that stock.
He probably has dirt on them. He posted to Twitter as if he had personally read the Epstein Files. In addition, he’s pawed through the most private of our government data.
If anyone could have dirt on Tesla shareholders, it would be Elon after his walk through all of America’s data. And, possibly, the Epstein Files.
The fealty vibes are fucking comical at this point
Shhh. Let the shareholders award musk the shares. I look forward to Tesla going bankrupt.
other potential demands on his time and attention
Musk has claimed to work 100 hours a week. But: he’s the CEO of five companies. If his hours claim is true (lol), that means being the CEO of just one company is a 20-hour-a-week job. CEO is a part-time gig!
Tesla stock is not tanking. Their cars are still selling all over the world.
Except they are not. Their car sales revenue is falling. Their plan to reverse it is to make their cars cheaper (crappier).
That is true, but a million cars per year is still not quite nothing even if it’s much worse than last year.
Like I said, the valuation of the stock is very weird and even though I’ve made money on the stock earlier, I wouldn’t currently touch it with a long pole.
Exactly, a cult.
He wants to be Jerome Blake.
To be clear, Elon Musk is the specific reason that people will not buy a Tesla. He’s the kiss of death to the brand.
And Tesla wants to reward him?
It’s not just him. Teslas are some of the most unreliable, unsafe, and recalled vehicles in the industry. And the company has a long history of labor and safety violations. The rot may start at the top, but it sure doesn’t end there.
About that…
The highest fatal accident rate among all car brands…
So you have real world data vs crash test data. I know which one I would pay attention to.
In fairness this is largely based on how drivers use them, but we have seen people over trust the system and get into trouble. We also have seen autopilot make some serious mistakes. We also seem to have a cover up to shift blame back to the driver.
It is also noteworthy that Musk silenced the NHTSA investigation into Tesla safety. There was a lot of information and research towards how unsafe they are but it’s all gone now.
The discrepancy is certainly interesting. I guess that would imply that Tesla drivers tend to drive like assholes.
Or the technology is not as robust as they market it to be and gets those drivers in trouble. Or maybe both.
Safety ratings made in lab conditions don’t mean shit if the car is a safety nightmare in the real world.
- Teslas have the highest rate of deadly accidents.
- Tesla recalled more vehicles than any other brand in 2024.
- Tesla’s “autonomous” driving uses outdated, unsafe technology, with only camera sensors vs. the industry standard of redundant cameras + LiDAR + radar.
- Tesla also has a high worker injury rate and conceals worker injuries.
He controls the company. This is him “rewarding” himself. He’s desperately trying to cash out before the stock price tumbles because he knows their valuation is way out of hand.
Idk it’s pretty smart, but how is he going to sell $29b of Tesla without crashing Tesla?
Rich folk don’t sell their stocks for daily spending money. They use the stock as collateral to take out loans at low rates then just pay the service fees on the loans. He’s got to be leveraged to the tits in his current stocks so he’s just giving himself more.
Yeah, but the issue with that is that when the Stock starts coming down the banks will come for their money, though I guess aa the saying goes if you owe the bank a 100 million the bank is in trouble not you
If you owe the bank $100 dollars, you have a problem. If you owe the bank $100 million dollars, the bank has a problem.
Gradually. But he can’t sell until he has possession of the shares, so that was the first step.
Well the real business is political bribery right in the open.
Billionaires watch out for billionaires.
they have the class solidarity we lack
They’ve sealed their fate. They could have pivoted, given musk the ax and said he doesn’t align with their core values, saved some face and maybe regained trust of their core demographic. Doubling down on someone who pissed off nearly everyone who cared about buying their cars is fucking idiotic.
Maybe they’re afraid of the dirt that he has on the company. He could potentially do more damage than it costs to keep him such as revealing that tests were faked or the Cyber truck was a friend of Epstein’s
Every now and again I’ll browse through some used Teslas, and occasionally see one that looks like a great deal.
Even justifying it by saying “Buying a used Tesla, no money goes to Elon”, I just can’t bring myself to seriously consider owning one. It just feels icky, and I don’t want to even be remotely associated.
He still makes money off the monthly subscription fees, especially from the idiots stupid enough to pay for FSD
Be careful. You may suddenly need to drop 20k+ on a failing battery if you buy them used.
Yeah this is a huge reason I haven’t considered buying an electric car; I want to keep it for over ten years, but don’t want to deal with that huge expense.
Agreed, I’ve been waiting for the next leap in battery technology. Ideally solid state batteries.
I’ll run my car into the ground while I wait.
Could they, though? It’s another cult, and if Glorious Leader leaves, so do the simps and therefore the profits.
Yes?
There are definitely a lot of culty fanboys out there, but I doubt they account for anywhere near the majority of Tesla customers. They’re going to see a huge sales dip this year as a result of musk’s political fuckery. Hopefully people don’t forget who he is and that sales dip continues until they go out of business. Stupid decisions should be punished.
If this isn’t the best signal to you that nothing fucking matters at all and the share market is totally and utterly only some random imagination thing then i dont know what is.
Tesla sale goes down but stock price still up. CEO is one of the reasons it does and he gets rewarded for it.
Clownshow for sure
Car makers, here’s your chance to prepare to take over the EV market when this meth lab finally explodes
They already are, Tesla’s sales are stagnating in a Growing market, their market share is disappearing.
Yeah, Ford has been trying to hype up an event coming next week. I assume it is going to be a new line of EV’s. They keep trying to call it a “model T moment.”.
I assume they’ll launch a smaller EV truck, small SUV, and hopefully an actual car. If Ford actually launches 3 EVs sub $30,000 before any kind of rebates it would be great. A 20,000EV would be better, but I just don’t see it happening with the lack of support or rather opposition our government has put forth.
”We believe the only way to compete effectively with the Chinese over the globe on EVs is to go and really push ourselves to radically re-engineer and transform our engineering supply chain and manufacturing process.”
before any kind of rebates
Someone correct me if I’m wrong, but I believe Trump did away with any EV incentives that may have existed.
There are state based insensitives as well. The federal I believe he killed.
https://electrek.co/ev-tax-credit-rebate-states-electric-vehicles/
E.g. you may be able to get 9,500 back on a car and charging station in California according to that.
As far as I can tell from test driving a handful of EVs, they’re not doing a very good job at it yet.
I’m on my second EV. My sister has an EV. My mother is getting an EV. A friend is on his second EV. A coworker has an EV. My ex and another friend have plug in hybrids and plan to move to EVs.
Not Tesla anywhere to be seen. None of us had ever even considered a Tesla.
As a Tesla owner I’d say that’s a good idea. After getting a Tesla it’s very difficult to move to an inferior model and due to obvious reasons I’d love to. So far everything else I’ve tried sucks in various subtle ways – usually in the way that the other manufacturers are obviously trying to make their EVs feel like legacy petrol cars instead of doing everything better like Tesla did.
It just feels incredibly awkward after getting used to a Tesla.
Perhaps Polestars will be good. I haven’t test driven those yet.
Tesla is trying to be the apple of cars and that’s good for initial sales but bad for literally everything else in the long run. These are supposed to be greener options but that conflicts with tesla’s approach
This stupidity aside, Tesla is falling behind, and they don’t seem willing to admit it.
The money aspect doesn’t mean much to him. What he wanted is more control of Tesla, so he can do even stupider shit with the company.
Damn for a community so knowledgeable on tech, ya’ll sure got a lot to learn about stocks lol.
So this is a power move by the rest of the board member of Tesla. RSUs arent considered tangible assets by the IRS. Meaning Tesla will be forcing Elon to pay the full value of the shares as income tax the year they were vested.
Plus the company issuing the RSUs have a security blanket where a company can defer issuing shares until the vesting schedule is complete, which helps delay the dilution of its shares. On top of any scenario where the employee/person holding the RSUs leave the company before the conclusion of their vesting schedule, they forfeit the remaining shares to the company.
They’re usually used as incentive to keep employees at a company so here’s where I hit the logical brick wall… what fuckin incentive do they have to keep must around unless theyre just betting that captain adhd jumps ship before the stocks are vested.
Musk needs to be rewarded with a few holes in his back.
Suicide by 3 shots to the back of the head.
I think that they are afraid that his cult following is all they have left. Tesla’s record of late is very poor. The self driving software, something they have been pushing as a major feature, is buggy as hell and they’ve now been found liable for at least one death because of it. Plus, their manufacturing and QC is very low from everything I’ve seen about their cybertrucks. Anyone remember when that guy blew up himself and his cybertruck in Vegas? People literally didn’t know at first if it was an attack or if it just blew up because that’s what Teslas do.
In its most recent quarter, Tesla reported that quarterly profits plunged from $1.39 billion to $409 million. Revenue also fell and the company fell short of even the lowered expectations on Wall Street.
Quarterly profits dropped by more than two thirds? That is a huge hit and the shareholders must be screaming. On the one hand, between his DOGE bullshit and his general incompetence as a leader, I have to think that Musk is the cause of nearly all of this. On the other hand, it’s very probably his cult following that is fueling the sales that they still have.
If Musk were to be fired or quit Tesla, I could see his cult ditching all their EVs and going back to rolling coal in their gas powered cars. And I don’t think regular EV shoppers would forget about all the flaws in Teslas and start buying them just because Musk was out. Tesla sales would probably tank even further. That’s my guess as to why they are so desperate to keep him around.
The electric vehicle maker said in a regulatory filing on Monday that Musk must first pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package that was awarded to the company’s CEO.
So he has to pay them for the stock first. The article doesn’t say how many millions of shares, but at that price Tesla is getting a cash infusion of at least $50 million dollars, possibly much more, and they get to keep their figurehead and his cult followers for a while longer. This might be the best move they can manage considering the damage he’s done to the brand.
The company will not survive if Musk doesn’t leave.
It may not survive if he does leave, either. The damage is done. Who’s going to buy Tesla now?
Plenty of people would in a heartbeat if Elon Musk was publicly and thoroughly excommunicated from the power structure of the company. They would have to rebuild the brand but heres the thing people hate Elon Musk not Tesla.
Personally, I can’t help but see them as junkers these days. You could be right, of course, but I wouldn’t buy one. Not for a very long time after Musk was gone and no longer screwing everything up, anyway.
Is the charger infrastructure maybe more valuable to a potential buyer than the cars at this point?
Tesla will go bankrupt either way and will be bought up for pennies by competitors
EU EV sales are falling, Tesla used to dominate sales, now they don’t even make it to top 5 in europe.
pats himself in the back
good job buddy, you earned this.
I wonder if he can ingest 29 billion worth of ketamine in the next year?
I fucking wish he’d try. Just do it all in one night.
How is the company possibly worth that much when no one wants the cars? This economy is complete fucking made up bullshit.
Saudis keep dumping money into the stock. Its almost like a combo of money laundering + destabilizing the US government.
I’m sick of this make believe economy where things aren’t worth their actual value but however much they’re being propped up by bullshit and wealthy investors. I just can’t take anything seriously anymore.
My half-baked theory is that the Saudis backed Musk’s takeover of Tesla with the idea that he would fuck the company up and completely discredit electric cars. And despite his best efforts, Teslas became incredibly popular anyway.
…Springtime for Tesla!
Almost?
The shareholders, who are not starving by any means, dont mind lower earnings per share as long as their political machinations are being carried out. The world’s largest capital equity firms have all gotten onto the musk bandwagon believing that his vision for the future is good for their funds.
The overvaluation is more designed to fund the schemes of musk, who wants to break the US up into fiefdoms.
https://worldpopulationreview.com/country-rankings/tesla-sales-by-country
Quite many people still want their cars. Tesla’s valuation sure is odd though.
Because idiots look at other automakers valued in the 30-50$ range and still ape into clearly overvalued Tesla stock
“no one wants the cars” is “complete fucking bullshit”. The deal was made even before Tesla became a household name. It just took years to go through some lawsuits. The pay package is high because from 2018-2024, the world did in fact want the cars. What happened since Elon installed Trump doesn’t affect the deal.
If you mentioned that Tesla is losing its competitive edge as EV manufacturer, most Tesla stock fans would quickly correct you that the company isn’t just about that, it’s also an AI company. I think the company is leveraging other competencies to future proof itself to market shocks; which makes sense since Musk stole personal information from the federal government to train his AI.
Was just thinking this morning how it’d been a week or two since I saw this dipshits face on here.
I’m imaging them gathered around him singing “For He’s A Jolly Good Fellow” and raising their glasses to him, before presenting him with an oversized stock certificate
You had it half right they did gather around him, but each one of them sucked him off.
Must be an amazing feeling to know you’re on the spectrum, be called “retarded” by your own father, then find a politician dumber than you who needs your money, and constantly fail upward thinking you’re the smartestest person ever. An actual IQ test would put him somewhere in the lukewarm category but he would buy the testing company to change the result.
Without his money he’d be the most random, grubby, conspiracy theory loving pot head from high school. But when you’re rich everything is seen as “genius” and “innovative”.
Yes, and being an asshole is being “quirky”.
