5 ms·

Tesla shareholders re-approve Elon Musk's 2018 pay package

27 points by ahurmazda 2y ago

infotainment 2y ago
Not good for Tesla's future as a whole, but not entirely unexpected. Now we can all watch the business slowly being run into the ground by Elon's increasingly bizarre decisions.
- mgiannopoulos 2y ago
  The last 25 years were a bad sign so far for Tesla under his leadership. /s
  - belter 2y ago
    "It's a car company": https://youtu.be/_pCi5f2CEHI https://youtu.be/_pCi5f2CEHI
    - mgiannopoulos 2y ago
      I wouldn’t want this person managing my pension fund.
  - infotainment 2y ago
    Love him or hate him, I think it's clear Musk has lost the focus on Tesla he once had. He was good for the company for quite some time, but I would argue that at this stage he's more of a hindrance than a help.
  - indoordin0saur 2y ago
    Yeah, ever since they brought him on in 2004 the company has done nothing but lose revenue and shrink.
  - ben_jones 2y ago
    People need to stop giving Musk credit for the macro economic conditions of 2019, 2020, 2021, and 2022. A lot of the stock gains had nothing to do with Teslas executive decisions during that time frame.
    - mgiannopoulos 2y ago
      Musk’s compensation package did not only have goals related to the stock but also profit and production
skilled 2y ago
https://archive.is/bTll2 https://archive.is/bTll2
givemeethekeys 2y ago
Will (institutional) shareholders who voted against the package divest from Tesla?
- ryzvonusef 2y ago
  They should put their money where their mouth is and start divesting.
- mgiannopoulos 2y ago
  Some were also invested in 2018, voted no and still stayed (watching their shares 10x). They will probably stay again this time.
__m 2y ago
dilute your shares by 10% or have them come crashing down, easy decision. The question is for how long Elon can pump the price with ludicrous claims.
- eps 2y ago
  Their P/E is around 75 - a bit high, but nowhere close to being "pumped". Their main problem is not the ludicrous claims, it's the damage Musk's reputation does to the Tesla's brand.
  - __m 2y ago
    only if you assume that Tesla is not a car company as Musk claims, otherwise it's very high
- mgiannopoulos 2y ago
  The dilution was taken into account in the stock long ago. The stock is up 8% today. Seems like a good day for the shareholders.
ryzvonusef 2y ago
I hope this lights a fire under the naysayers (Gerber etc) to actually start setting up a truly independent board.... or sell off their shares and let Tesla sink/swim with Elon's eccentricities.
brtkdotse 2y ago
I thought the vote was happening today?
- mgiannopoulos 2y ago
  It’s been happening for a month now. The voting is now closed. The shareholders meeting is today.
amitrip 2y ago
[dead]
TheLoafOfBread 2y ago
Oh, will it get cancelled like the last time, from the same reasons? Board is still more-less the same. And last time it got cancelled because board was not independent.
- belter 2y ago
  Yes.
  - LanceJones 2y ago
    No. The disclosure statements this time are VERY different.
    - belter 2y ago
      Their options are an appeal to the Delaware Supreme Court, maybe months to years...
- Zigurd 2y ago
  Based on what I've read in the news about this, this vote to reaffirm the same deal has little or no practical effect: It isn't a replacement of the deal that was struck down. The deal and the board have the same defects. None of the other shenanigans like moving the state of incorporation to Texas has an effect on the Delaware court case and any appeals etc. that are being filed. In other words we just witnessed a shareholder vote that was drafted and promoted as key to Tesla's future in AI, but, in fact, has no effect.
LanceJones 2y ago
I get such a laugh out of the negative sentiment about Tesla and Musk on HN. Such a predictable crowd.
- amitrip 2y ago
  [dead]
- cbeach 2y ago
  #MuskDerangementSyndrome. When Trump left office, leftwing folk needed a replacement boogeyman for their Two Minutes Hate. Musk hate is entirely political.
  - peutetre 2y ago
    Or maybe it's because Musk runs around calling people pedophiles: https://edition.cnn.com/2019/12/03/media/elon-musk-testifies/index.html https://edition.cnn.com/2019/12/03/media/elon-musk-testifies... Maybe it's because his behavior is increasingly erratic and he doesn't seem to care about Tesla anymore: https://www.forbes.com/sites/alanohnsman/2024/06/11/elon-doesnt-care-about-tesla-anymore-musks-biggest-fans-are-turning-on-him/ https://www.forbes.com/sites/alanohnsman/2024/06/11/elon-doe... Maybe it's because Tesla employees describe him as a pigeon CEO because "he comes in, shits all over us, and then leaves.": https://electrek.co/2024/04/22/elon-musk-pigeon-ceo-former-tesla-manager/ https://electrek.co/2024/04/22/elon-musk-pigeon-ceo-former-t... Maybe it's because he advocates for the submission of Taiwan to China: https://www.theguardian.com/technology/2022/oct/08/elon-musk-taiwan-china-special-administrative-zone-hong-kong https://www.theguardian.com/technology/2022/oct/08/elon-musk... And for the submission of Ukraine to Russia: https://www.cbsnews.com/news/elon-musk-russian-war-plan-infuriates-ukraine-on-twitter-volodymyr-zelenskyy/ https://www.cbsnews.com/news/elon-musk-russian-war-plan-infu... Maybe it's because he says "China rocks" while the US is full of "complacency and entitlement": https://www.cnbc.com/2020/07/31/tesla-ceo-elon-musk-china-rocks-us-full-of-entitlement.html https://www.cnbc.com/2020/07/31/tesla-ceo-elon-musk-china-ro... Maybe it's because he pledged his commitment to China's core socialist values: https://www.mediaite.com/news/elon-musk-signs-letter-pledging-teslas-commitment-to-chinas-core-socialist-values/ https://www.mediaite.com/news/elon-musk-signs-letter-pledgin... Maybe it's because he called California's covid measures "fascist": https://www.theverge.com/2020/4/29/21242102/elon-musk-coronavirus-fascist-shelter-in-place-tesla-covid-19-safety-science https://www.theverge.com/2020/4/29/21242102/elon-musk-corona... But praised China because "Shanghai's COVID-19 measures helped lay the foundation for the city's future development": https://www.reuters.com/business/autos-transportation/tesla-suspends-production-shanghai-factory-4-days-comply-with-covid-curbs-2022-03-28/ https://www.reuters.com/business/autos-transportation/tesla-... Maybe it's because in 2016 Tesla claimed "that, as of today, all Tesla vehicles produced in our factory – including Model 3 – will have the hardware needed for full self-driving capability at a safety level substantially greater than that of a human driver". That was a lie: https://www.tesla.com/blog/all-tesla-cars-being-produced-now-have-full-self-driving-hardware https://www.tesla.com/blog/all-tesla-cars-being-produced-now... Maybe it's because Tesla lies about things as dumb as quarter mile times. There's simply no need to lie about it, but lying is just too much a part of the company culture: https://www.motortrend.com/reviews/tesla-cybertruck-beast-vs-porsche-911-carrera-t-drag-race-towing-rematch/ https://www.motortrend.com/reviews/tesla-cybertruck-beast-vs... https://www.youtube.com/watch?v=5J3H8--CQRE https://www.youtube.com/watch?v=5J3H8--CQRE https://insideevs.com/news/699260/tesla-cybertruck-porsche-race/ https://insideevs.com/news/699260/tesla-cybertruck-porsche-r... And so on and so forth. There's a lot not to like.
riow 2y ago
WOW. https://www.google.com/finance/quote/TSLA:NASDAQ https://www.google.com/finance/quote/TSLA:NASDAQ that's a Huge move on this news

27 points by ahurmazda 2y ago

Not good for Tesla's future as a whole, but not entirely unexpected. Now we can all watch the business slowly being run into the ground by Elon's increasingly bizarre decisions.

mgiannopoulos 2y ago
The last 25 years were a bad sign so far for Tesla under his leadership. /s
- belter 2y ago
  "It's a car company": https://youtu.be/_pCi5f2CEHI https://youtu.be/_pCi5f2CEHI
  - mgiannopoulos 2y ago
    I wouldn’t want this person managing my pension fund.
- infotainment 2y ago
  Love him or hate him, I think it's clear Musk has lost the focus on Tesla he once had. He was good for the company for quite some time, but I would argue that at this stage he's more of a hindrance than a help.
- indoordin0saur 2y ago
  Yeah, ever since they brought him on in 2004 the company has done nothing but lose revenue and shrink.
- ben_jones 2y ago
  People need to stop giving Musk credit for the macro economic conditions of 2019, 2020, 2021, and 2022. A lot of the stock gains had nothing to do with Teslas executive decisions during that time frame.
  - mgiannopoulos 2y ago
    Musk’s compensation package did not only have goals related to the stock but also profit and production

skilled 2y ago

https://archive.is/bTll2 https://archive.is/bTll2

givemeethekeys 2y ago

Will (institutional) shareholders who voted against the package divest from Tesla?

ryzvonusef 2y ago
They should put their money where their mouth is and start divesting.
mgiannopoulos 2y ago
Some were also invested in 2018, voted no and still stayed (watching their shares 10x). They will probably stay again this time.

__m 2y ago

dilute your shares by 10% or have them come crashing down, easy decision. The question is for how long Elon can pump the price with ludicrous claims.

eps 2y ago
Their P/E is around 75 - a bit high, but nowhere close to being "pumped". Their main problem is not the ludicrous claims, it's the damage Musk's reputation does to the Tesla's brand.
- __m 2y ago
  only if you assume that Tesla is not a car company as Musk claims, otherwise it's very high
mgiannopoulos 2y ago
The dilution was taken into account in the stock long ago. The stock is up 8% today. Seems like a good day for the shareholders.

ryzvonusef 2y ago

I hope this lights a fire under the naysayers (Gerber etc) to actually start setting up a truly independent board.... or sell off their shares and let Tesla sink/swim with Elon's eccentricities.

brtkdotse 2y ago

I thought the vote was happening today?

mgiannopoulos 2y ago
It’s been happening for a month now. The voting is now closed. The shareholders meeting is today.

amitrip 2y ago

[dead]

TheLoafOfBread 2y ago

Oh, will it get cancelled like the last time, from the same reasons? Board is still more-less the same. And last time it got cancelled because board was not independent.

belter 2y ago
Yes.
- LanceJones 2y ago
  No. The disclosure statements this time are VERY different.
  - belter 2y ago
    Their options are an appeal to the Delaware Supreme Court, maybe months to years...
Zigurd 2y ago
Based on what I've read in the news about this, this vote to reaffirm the same deal has little or no practical effect: It isn't a replacement of the deal that was struck down. The deal and the board have the same defects. None of the other shenanigans like moving the state of incorporation to Texas has an effect on the Delaware court case and any appeals etc. that are being filed. In other words we just witnessed a shareholder vote that was drafted and promoted as key to Tesla's future in AI, but, in fact, has no effect.

LanceJones 2y ago

I get such a laugh out of the negative sentiment about Tesla and Musk on HN. Such a predictable crowd.

amitrip 2y ago
[dead]
cbeach 2y ago
#MuskDerangementSyndrome. When Trump left office, leftwing folk needed a replacement boogeyman for their Two Minutes Hate. Musk hate is entirely political.
- peutetre 2y ago
  Or maybe it's because Musk runs around calling people pedophiles: https://edition.cnn.com/2019/12/03/media/elon-musk-testifies/index.html https://edition.cnn.com/2019/12/03/media/elon-musk-testifies... Maybe it's because his behavior is increasingly erratic and he doesn't seem to care about Tesla anymore: https://www.forbes.com/sites/alanohnsman/2024/06/11/elon-doesnt-care-about-tesla-anymore-musks-biggest-fans-are-turning-on-him/ https://www.forbes.com/sites/alanohnsman/2024/06/11/elon-doe... Maybe it's because Tesla employees describe him as a pigeon CEO because "he comes in, shits all over us, and then leaves.": https://electrek.co/2024/04/22/elon-musk-pigeon-ceo-former-tesla-manager/ https://electrek.co/2024/04/22/elon-musk-pigeon-ceo-former-t... Maybe it's because he advocates for the submission of Taiwan to China: https://www.theguardian.com/technology/2022/oct/08/elon-musk-taiwan-china-special-administrative-zone-hong-kong https://www.theguardian.com/technology/2022/oct/08/elon-musk... And for the submission of Ukraine to Russia: https://www.cbsnews.com/news/elon-musk-russian-war-plan-infuriates-ukraine-on-twitter-volodymyr-zelenskyy/ https://www.cbsnews.com/news/elon-musk-russian-war-plan-infu... Maybe it's because he says "China rocks" while the US is full of "complacency and entitlement": https://www.cnbc.com/2020/07/31/tesla-ceo-elon-musk-china-rocks-us-full-of-entitlement.html https://www.cnbc.com/2020/07/31/tesla-ceo-elon-musk-china-ro... Maybe it's because he pledged his commitment to China's core socialist values: https://www.mediaite.com/news/elon-musk-signs-letter-pledging-teslas-commitment-to-chinas-core-socialist-values/ https://www.mediaite.com/news/elon-musk-signs-letter-pledgin... Maybe it's because he called California's covid measures "fascist": https://www.theverge.com/2020/4/29/21242102/elon-musk-coronavirus-fascist-shelter-in-place-tesla-covid-19-safety-science https://www.theverge.com/2020/4/29/21242102/elon-musk-corona... But praised China because "Shanghai's COVID-19 measures helped lay the foundation for the city's future development": https://www.reuters.com/business/autos-transportation/tesla-suspends-production-shanghai-factory-4-days-comply-with-covid-curbs-2022-03-28/ https://www.reuters.com/business/autos-transportation/tesla-... Maybe it's because in 2016 Tesla claimed "that, as of today, all Tesla vehicles produced in our factory – including Model 3 – will have the hardware needed for full self-driving capability at a safety level substantially greater than that of a human driver". That was a lie: https://www.tesla.com/blog/all-tesla-cars-being-produced-now-have-full-self-driving-hardware https://www.tesla.com/blog/all-tesla-cars-being-produced-now... Maybe it's because Tesla lies about things as dumb as quarter mile times. There's simply no need to lie about it, but lying is just too much a part of the company culture: https://www.motortrend.com/reviews/tesla-cybertruck-beast-vs-porsche-911-carrera-t-drag-race-towing-rematch/ https://www.motortrend.com/reviews/tesla-cybertruck-beast-vs... https://www.youtube.com/watch?v=5J3H8--CQRE https://www.youtube.com/watch?v=5J3H8--CQRE https://insideevs.com/news/699260/tesla-cybertruck-porsche-race/ https://insideevs.com/news/699260/tesla-cybertruck-porsche-r... And so on and so forth. There's a lot not to like.

riow 2y ago

WOW. https://www.google.com/finance/quote/TSLA:NASDAQ https://www.google.com/finance/quote/TSLA:NASDAQ that's a Huge move on this news