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Meanwhile the US government bipartisanly hates Tesla.
by roncesvalles 3y ago
Meanwhile the US government bipartisanly hates Tesla.
- dragontamer 3y agoSounds like a problem the CEO of Tesla should work on. Or is he too busy Tweeting?
- kibwen 3y agoHe's too busy schmoozing his hand-picked board to give him billions in bonuses for dutifully doing the job of--let me check my notes here--abusing ketamine all day while pretending to be CEO of multiple companies.
- qwerasdf5 3y agoA contractual agreement (that Elon met) is 'schmoozing'?
- dragontamer 3y agoA contract written by yourself (aka: Largest shareholder) given to a board you picked (aka: Chairman of the Board of Directors), giving yourself a payraise (aka: about the CEO's bonus pay) is obviously null and void. You can't just give yourself a pay-raise. Even if you're the largest shareholder, the controlling member of the board of directors, and CEO of a company. If you accept the public's money, then the _other_ shareholders, even small minority stakes, have a say in the matter. If you don't like the fact that Delaware looks out for smaller shareholders, you can I guess move out to other states or something. But for the most part, people accept the fact that public companies have rules that go above-and-beyond normal. Wanton acts of corporate corruption aren't tolerated in Delaware. -------------- The rule in play here is shareholder fiduciary duty. The Board of Directors failed to represent the needs of all of its shareholders like they are legally obligated to do. A large pay-bonus to a CEO who already controls a large stake in Tesla (who'd benefit from Tesla improving anyway) is obviously a bad move. No other CEO in history had such a large share-increase bonus. In any case, looking out for the little guy is a deeply American value. We understand the problems associated with Tyranny of the Majority. If you want to fully own a company, then stay a private-business (like the Mars family), don't come begging to the public for public money.
- riehwvfbk 3y agoLooking out for the little guy is an American value? Walmart and Amazon warehouse employees would like a word with those mythical Americans.
- PaywallBuster 3y agobig enough shareholders get to place their own board members you seem to have it backwards: > Typically, the board chooses one of its members to be the chairman (often now called the "chair" or "chairperson") https://en.wikipedia.org/wiki/Board_of_directors https://en.wikipedia.org/wiki/Board_of_directors
- dragontamer 3y agohttps://people.com/human-interest/elon-musk-steps-down-chairman-tesla/ https://people.com/human-interest/elon-musk-steps-down-chair... Elon Musk, IIRC, was Chairman, Largest Shareholder, and CEO when the deal in question / contract was written. Elon had a spat with SEC who removed him as chair, but Musk remained largest Shareholders and CEO after that.
- qwerasdf5 3y agoThis is incorrect. There is no "pay raise" if he doesn't meet his contractual obligations. He almost got 0 dollars. How is that a pay raise?
- cj 3y agoIt’s surprising how quickly the HN sentiment on individuals can change. What was the tipping point for musk? A couple years ago a comment like this would be [dead] in less than a couple minutes.
- dragontamer 3y agoWhen someone says bullshit about rocket science, its hard to argue because we aren't rocket scientists. When someone says bullshit about mass manufacturing of cars, its hard to argue because we aren't mechanical engineers. When someone says bullshit about running a website... guess what? Hacker News is full of programmers, venture capitalists, and website owners. Suddenly Elon Musk is speaking our language and what we see from Twitter is... uggghhhh.... Elon Musk hasn't changed much. All that's really happened is that he moved back into a proper technology discussion in a subject people around here are deeply familiar with. The standard levels of bullshit he spouts are insufficient when the audience here has a much deeper understanding of online advertisements, bots, user engagement, UI issues, and the like.
- qwerasdf5 3y agoIf they have a deeper understanding of these things, then why haven't they produced a real competitor?
- ambichook 3y agoprobably because of the classic "making twitter is easy, getting twitter to a billion people is hard"
- dragontamer 3y agoElon didn't build anything on Twitter. He paid $44 Billion for the website and then collapsed it.
- nebula8804 3y agoWell Threads is making pretty decent strides given that it was spun up in record time (by ex-Twitter employees that have an ax to grind for some reason)
- arandomusername 3y agoYou mean increasing the value of the company by 10x? What's your basis on pretending to be the CEO? Considering the unparalleled success of Tesla/SpaceX vs any other competitor?
- kibwen 3y agoElon Musk increased the stock price of Tesla by repeatedly lying about Tesla's ability to deliver FSD while egging on his cult of personality, a.k.a. Tesla's marketing department, to silence all criticism and produce an echo-chamber of terminally-online yes-men. As far as Elon Musk is concerned, you're a useful idiot. Both Tesla and SpaceX would be better off with almost anybody else on the planet at the helm.
- nebula8804 3y agoIts hard to see how Tesla would have survived without these efforts. Ditto SpaceX. If there was a viable competitor to SpaceX in the US it would have emerged in the last 15-20 years.
- omgwtfbyobbq 3y agoIf that was the case, almost anyone else would have already built another Tesla and SpaceX.
- dragontamer 3y agoThat's not how it works. There are limited amounts of money that investors can offer, even in a country as rich as the USA. If one lying company lies about their benchmarks, it prevents other companies from forming as one company sucks up the money. While the companies making realistic estimates fail to attract money. --------- EDIT consider this: we got to the point where investors were spending on MoviePass, GameStop and such companies. Talking about realistic or useful models wasn't really in the works anymore.
- omgwtfbyobbq 3y ago
- qwerasdf5 3y agoPerhaps the government should stop hating, and pushing others to hate?
- m2mdas2 3y agoDefense likes him that is enough I think. They understand Musk's value. I also think that he is having a parallel with Tony Stark persona as a visionary businessman who goes against establishment to achieve his goals.