He’s already tanked their credibility with normal people, keeping the musk fanclub onboard is all they have left.
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.
What a complete joke that company is
It has been cringe in the extreme to watch them debate whether they are giving their babyman chieftain enough billions to appease him.
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.
Exactly that.
With the current ceo, it’s been hyped beyond value.
One day, the value will return to the actual value.
If the ceo is changed, it will happen pretty rapidly, then the company can grow from there.
If the ceo is not changed, the hype will continue until either a breaking point, or the ceo changing.
So the shareholders have voted for the thing that preserves the status quo a little longer. Road-runner as it is.
And the ceo seems to have managed to extract a large chunk of the current hype money, in exchange for not changing the status quo.
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.
Asking for another paycheck since they are so soft?
I could totally see Tesla reincorporation in Texas and then the board putting another pay package up for a vote out of spite.
Idk, 56 billion buckaroos would instantly make me “lose interest” in working. Permanently.
Hell, I’d permanently lose interest in working for a measly $55 billion.
Don’t undervalue yourself
It should eliminate your need to work, but Musk feeds on the attention and less so the money. There’s not a thrill left he can’t afford.
Running around and acting important is all he has left.
Approximately 4-6 million to live on the interest for the rest of my life. That’s all it would take and I’m out forever.
I should ask my boss for $56 billion so I don’t lose interest in working
Spoiler alert: it mostly involves shit-posting on Twitter, and sexually harassing his employees.
I’ll do that for them for the princely sum of $10 million. Bargain!
If you are looking to subcontract some of that workload, I only need 1 mil to talk shit online
I give dirty looks for $25k. Subcontract your subcontract.
For $10k, I will make vague sexual innuendos.
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.
Yeah that 500b company printing money and disrupting the entire transportation industry. What 👏 a 👏 joke 👏 lol.
They just gave a compensation package to their CEO that’s worth more than all the profit they’ve ever made. It’s absolutely a joke
If true, I wish I could give you more than my sad one up-vote.
Yeah they have like $30B all time profit, about half of which was last year though
Apparently it’s now 444B, lol
No but you see he is a visionary! A real life Tony Stark!! He’ll do great things with that money like… Making
TwitterX likes private for some reason…? I’m sure that cost a lot of money somehow /s
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.
plenty of EV producers actually making good cars.
Are there? I’m waiting. Maybe the Ionic 6.
Bolt owner here. Love my car very much.
It’s discontinued, lol. They now only make one sedan and it’s ICE.
I’d be fine with all them diamond handing their way to bankruptcy, if it didn’t help enrich that dickhead musk.
They turned on the fully automated self driving feature and now they cannot turn it off.
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.
I’m not super well versed with economics, could you eli5 how it’s a good decision for the shareholders? Not being snarky, I’d actually like to know.
…
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.
Shhhhh…I haven’t been up for 18hrs, and I certainly haven’t been drinking. Just…just shhhhhhh.
One of the votes is moving from Delaware to Texas. So enjoy that Texas judge.
The stupid shareholders are financing Musk’s Twitter-disaster.
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?
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.
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 guess is that it’s less fanboy worship, and more fear that Musk is the only thing propping up the insane stock price.
I’m assuming that Musk has a very 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, including the institutional one’s, are really just submental morons.
This is probably the right answer.
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.
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.
This company is doomed lol. Fucking dimwits.
German & Chinese car makers will be happy.
Dumb fucks do dumb fuck thing.
At this point it may as well be a ritual sacrifice of money
That’s like, a million people’s wages. Absurd.
I like to compare these amounts as time.
1 million seconds is about 11 days. 1 billion seconds is almost 32 years.
It’s far, far more money than all the people he just laid off because he “had no other choice”
It’s more money than the total amount of profit the company has EVER made across ALL years it’s been operating combined.
The company CANNOT liquidate all that money without literally killing itself. Tesla is walking dead.
It’s stock, not cash
Does it matter?
Elon sold the vast majority of his stock in tesla before. He’ll do it again. To him it is literally liquid cash and he will treat it like so.
So I’m going to say it again. This will literally kill tesla.
Is it mostly stock? That would just devalue all the existing shares.
It feels like musk needs this money desperately to pay off some debt he owes to some very unsavory people. As long as he bribes all the right people in sufficient amounts they’ll be happy enough to fold the company and hope for a massive government bailout.
Mothergodfuckingdammit what is wrong with people
his followers are a celebrity cult. same ones who used to worship steve jobs balls
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.Great thing to do when they have to fire people, because the company goes to shit.
