11 ms·
Tesla Releases Results of 2024 Annual Meeting of Stockholders
- deleted 2y ago[deleted]
- Ballas 2y agoWow, I really did not expect them to approve Elon's 2018 stock award. Does voting for it have any advantages for other share holders?
- Tankenstein 2y agoPresumably, Elon would leave otherwise. Looks like the majority of tesla shareholders would like Elon to stay.
- sigmoid10 2y agoYou can think of him whatever you want, but he's an investor money magnet like noone else. Everyone who owns stock of any company would want him. He could probably take over some fruit juice company and do nothing while it's valuation would still increase like crazy.
- retrocryptid 2y agoI own stock in several companies. I would not want him anywhere near them. I have this weird desire to see them increase in value.
- marticode 2y agoI own stocks of several companies and I definitely hope he stays as far away from them as possible. He is a man-child into alt-right and antivax conspiracy theories, this is toxic to any brand unless you are selling to the MAGA crowd.
- LeoPanthera 2y agoThe irony is, there are plenty of products and brands that absolutely would like to sell to the MAGA crowd, but you would not expect electric cars to be one of them, especially as their presidential candidate announced that he would ban them.
- vardump 2y agoWhat if Musk is just pretending all this to sell to the MAGA people? He has pretty much always supported democrats after all.
- red-iron-pine 2y agono he hasn't. like, he donates HEAVILY to anti-union causes and the GOP.
- robertlagrant 2y agoI really think people should stop saying "alt right" for anyone more conservative than Bernie Sanders. Alt right is an actual thing, and the trick of calling a mild thing an awful thing stopped working a few years ago.
- tsimionescu 2y agoElon has retweeted things about The Great Replacement and anti-vax conspiracies. He is very much on the alt right, not "slightly right of Bernie Sanders".
- defrost 2y agoHe did grow up with the original unexpurgated Ag Pleez Deddy *. Not that's any excuse but that was how the twig was bent. * Original being more or less contemporous with the novels Riotous Assembly and Indecent Exposure which lampooned the times.
- robertlagrant 2y ago
- troupo 2y ago> Everyone who owns stock of any company would want him. Of course they would: from financing his own private vendettas (using Tesla to finance his Twitter acquisition) to rerouting GPUs ordered by Tesla to Twitter, who wouldn't want Musk to do that?
- yardstick 2y agoI was curious, so looked up Tesla’s stock price over the last few years. Seems like it’s had a rough ride since it’s all time high around late 2021. Comparing today to just before the Twitter takeover, the Tesla valuation is majorly down. And this is adjusted for the stock splits.
- peutetre 2y agoHe already has left. He's a part-time CEO at best. Employees call him 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... The board seems to be working for Musk more than they're working for Tesla.
- Leherenn 2y agoIf you believe a significant amount of the stock value is due to Elon himself, and he's likely to leave the company if the stocks were not awarded it can make sense. So basically if current value - stock award > value without Elon.
- KingOfCoders 2y agoNo, also that Elon can't sell those is a red herring. This enables him to sell other shares but keep control.
- sourcecodeplz 2y agoYes, they get preferential treatment (chance to get in first) from Elon in other future IPOs.
- vasco 2y agoAnd go on a factory tour with Elon https://x.com/Tesla/status/1795410566099374251?t=xICSqi-3l1p6paqZwcrhgg&s=19 https://x.com/Tesla/status/1795410566099374251?t=xICSqi-3l1p... some of it is so ridiculous that it's funny.
- refurb 2y agoI’m entirely unsurprised. The deal was clear, the milestones were very high and it was done at a point in time when everyone expected Tesla was going to go bankrupt. He basically got 10% of the increased value of Tesla. He created $450B in value, and got $45B. Plus he can’t sell for 5 years.
- shafyy 2y agoHe didn not create $ 450B in value. What does that even mean. Maybe he helped to create $ 450B of hype-dollars, but this is not real money, and for certain not "value". And let's not forget that the people doing the real, hard work are not seeing any of this "value" while he cashes real hard cash.
- rapsey 2y agoMarket cap of the stock.
- shafyy 2y agoSure, but the market cap of the stock doesn't mean that this is some kind of real money or value (using value in the sense of value for society etc., not "valuation of the company). It's fictional. If everyone tried to cash out, that market cap would go to zero faster than Musk can whip out his dick on his G-5.
- rapsey 2y agoYou are projecting you own views and opinions on a metric and language that is completely standard in business and investing. You are free to do that but it will not make you win any arguments.
- refurb 2y agoIf ever traded their USD for another asset the value of USD would fall to zero too. Does that mean USD is not real money either?
- 2y ago
- yreg 2y agoFor some shareholders it might be a matter of keeping their word. Not sure if that holds a value for investors in publicly traded companies.
- belter 2y ago> For some shareholders it might be a matter of keeping their word. Well...There is at least the 21% majority "funding secured" shareholder, to which keeping his word was not so important...
- red-iron-pine 2y agoaren't have of those voting shareholders his cronies? or like literally his brother?
- yreg 2y agoHis brother owns 0.06% of the company.
- janaagaard 2y agoI should probably look this up somewhere on the net, but here goes anyway: What was the basis for Elon not receiving his stock award? As I understand it, he and the stock holders made an agreement some years ago, that entitled Elon to a certain amount depending on how the stock performed. It turns out the stock performed really well, entitling Elon him to a really, really big bonus. I get that this is somewhat weird given that people are being fired and that Tesla is currently not able to sell their cars at the same rate as they are being produced. But is this enough to withhold the bonus? Are there some aspects of the agreement that Elon did not adhere to? From my point of view it looks like Elon was simply able to make a really good deal with the shareholders.
- tsimionescu 2y agoA judge found that the bonus was awarded basically by Elon to himself, so it was invalidated. Technically it was awarded by the board, but at a time when Elon had extreme control over them.
- TheDong 2y agoTo quote from the judge's judgement: https://courts.delaware.gov/Opinions/Download.aspx?id=359340 https://courts.delaware.gov/Opinions/Download.aspx?id=359340 > Musk controlled only 21.9% of Tesla’s voting power, so he lacked mathematical voting control... > Defendants sought to prove otherwise, and they generally contend that the stockholder vote was fully informed because the most important facts about the Grant—the economic terms—were disclosed... Basically, the shareholders voted on the grant while having a full understanding of the economic terms. It was awarded by musk, to musk, with approval of the shareholders and (supposedly overly friendly) board. It really makes it sound like the judge might have been wrong based on the sequence of events we have now, which is: 1. The shareholders approve a stock grant on economic terms 2. A judge says "If the shareholders knew everything, they wouldn't have approved that" 3. The shareholders, now knowing everything, approve it again despite it having almost no benefit now That really really makes it sound like the shareholders did in fact want to approve it in 1, and so the information they didn't know wasn't all that important, was it? I know it's a different set of shareholders then and now, but still...
- belter 2y agoThey get a 10% dilution, so you will probably see many lawsuits. Specially connected and within the institutional investors and funds, that changed their mind at the last minute. What made them change their mind at the last minute? Any promises of stakes on xAI? Because Cathie Wood fund is a major shareholder, but has a stake on XAI, as she reluctantly admitted on CNBC. From the case details below, even if it romanticizes a little bit the Tesla journey, while forgetting the more than 5 Billion in government subsidies, his companies received until 2015, is pretty clear there is no Corporate Governance at Tesla. At least not as you learn about when studying for a MBA :-) The board and compensation committee are is long time friends, his accountant, his brother and so on. If Tesla shareholders are willing to invest in the company, it's their money. Delaware law exists to enforce shareholders protection for all shareholders, so they can continue to choose it as an ideal location to incorporate a company. This case also raises serious issues of what real companies governance means, and specially in public companies. Not only for Tesla but for many other companies. Explains why in general, CEO and Board Level compensation, continues to raise at a pace that obfuscates the raises of normal workers. It's governance by checklist. By it's not much different from a CEO, who would decide to blow 100 million on a Las Vegas party using corporate funds, or hire his family, under the the threat of leaving the company, or tanking the share price. If shareholders vote for it... https://courts.delaware.gov/Opinions/Download.aspx?id=359340 https://courts.delaware.gov/Opinions/Download.aspx?id=359340
- rapsey 2y ago> From the case details below, even if it romanticizes a little bit the Tesla journey, while forgetting the more than 5 Billion in government subsidies, his companies received until 2015, is pretty clear there is no Corporate Governance at Tesla. At least not as you learn about when studying for a MBA :-) Why do government subsidies get brought up so often as if those alone are to credit for the success of Tesla and SpaceX. As if the other companies in the same space do not get them.
- belter 2y agoBecause these companies simply would not exist without them?
- worstspotgain 2y agoAs CEO, I'm going to be making 1000 decisions this year. On average, each will be worth $58M. Specifically, 990 decisions will be worth $10K each, 5 will be losers worth -$20M each, and 4 will be worth $100M each. The decision to remain associated with the company will be worth $48700M per annum in goodwill, oohs and aahs.
- pintxo 2y agoSo, do the directors voted in under #1 now get a one year, or a 3 year period?
- pintxo 2y agoAlso, did anyone track actual voting results? What was the yes/no distribution for the compensation package? 51/49 or more 90/10?
- wtsnz 2y agoLooks at least 66% for yes if you go by Elon's post https://x.com/elonmusk/status/1801084780035154058/photo/1 https://x.com/elonmusk/status/1801084780035154058/photo/1
- Dalewyn 2y ago>Tesla will also file a Form 8-K with the Securities and Exchange Commission disclosing the vote tabulations certified by its inspector of election.
- camillomiller 2y agoHow do you explain, in a rational way, that stockholders decided to vote to confirm Elon’s massive pay-package? The only explanation I have is that these people believe that bending to Elon’s will means he will reward them by inflating TSLA with meme-stock level shenanigans. Is there any other rational explanation, as opposed to “whoever has voting shares is already part of the Elon cult?”
- choeger 2y agoRationally it's more like a "oh shit we're too late to exit now" situation. The stock would have crashed if they'd denied the package. So they voted for it and hope to sell afterwards for a better price.
- wtsnz 2y agoHe did what he said he would. It was a prearranged agreement many people thought was unreachable, and he did. I find it inspiring that he has long term visions and executes to implement, what people would consider, insane goals over decades. I feel this is what makes Elon stand out, and worthy of the pay day, especially when you pull off what you said you would.
- camillomiller 2y agoBut he did by almost committing securities fraud multiple times, plus pumping the price with boastful tweets and meme-stock tactics… the interest of the company would be to avoid that, not the opposite
- reisse 2y agoThe one and only interest of the for-profit company is earning money for shareholders. And Musk did earn a lot of money for them since the deal was signed. The tools do not matter as long as they are legal.
- rapsey 2y agoElon's pay package was contingent on an insane target that he needed to hit. No one in the world expected him to do it. Tell me what is better. A CEO that coasts and earns 10/100s millions a year to be average. Or a CEO that says I will take this company into the stratosphere but I want X% of the company to do it?
- hahla 2y agoThis one will be studied for ages. Let’s see if this will actually keep Elon motivated to continue focusing on Tesla over the next 5 years.
- andrewstuart 2y agoI wish I had a job that I could get $58 billion.
- ein0p 2y agoEasy, just start an automotive manufacturing company and make it profitable in a sector where nobody else can turn a profit.
- makepanic 2y agoDidn't Musk join them ~2 yrs after it was incorporated and didn't start the company?
- ein0p 2y agoSure, you can join something like that, too. That's not the important part. The important part is to get a sustainable business out of it. Just 5 years ago nobody believed this was doable.
- rapsey 2y agoWhen Musk joined the company was barely more than an idea and he joined 7 months after it was incorporated.
- bottlepalm 2y agolol Tesla was nothing before he joined.
- afinlayson 2y agoElon tweets roughly 30 times a day ... how much time is he really focusing on Tesla? Opportunity cost effects everyone even billionaires. I'd love to see a Tesla Employee with 5 other jobs and on social media that much not being fired by Elon.
- rapsey 2y agoA CEOs job is to find the right people to delegate the minutia to.
- vasco 2y agoTo focus on the real important things like sending memes.
- rapsey 2y agoIf memeing gets you a 500 billion market cap, then yes definitely.
- afinlayson 2y agoTesla was worth 1.01T when he announced the purchase and now worth 571B.. shouldn’t his salary be worth less cause my investments in Tesla are half of what they were.
- numpad0 2y agoIs this being duped to hell? I've seen at least two of siblings.
- yellow_postit 2y agoSo another data point of failed corporate governance. When the Board’s wealth is so directly tied to the CEO how can they function as expected? Or is this just a naive view.
- steelbrain 2y agoWait, what’s the board got to do with this? Wasn’t it shareholder vote this time?
- blendergeek 2y agoYes. It was a shareholder vote last time as well.
- ckastner 2y agoWhy on earth would people believe his veiled threats to abandon Tesla. That's where most of his net worth is. Nobody would stand to lose more from Musk leaving than Musk himself.
- tomp 2y ago[flagged]
- piva00 2y agoHe cares about free speech when it's convenient for his purposes, he has no qualms in shutting down speech when it goes against him. Even against governments, he publicly decried the Brazilian government while having no issues with abiding by India's censorship requests, nor Saudi Arabia's. If you really believe in that "free speech defender" shtick I'd recommend looking into it with more critical eyes, you're falling for his bullshit. The same way Apple fanatics would fall for the bullshit aura of Steve Jobs...
- tomp 2y ago[flagged]
- thewinnie 2y agoand you believe so, cause now you can go on twitter and freely spread disinformation which approved by Elon otherwise you'll be ban as before. Am I getting your defenition of freedom correctly or did I miss something?
- tomp 2y ago“Freedom of speech” by definition includes ”speech you don’t like”, including ”misinformation”. Otherwise anything can be suppressed by claiming it’s misinformation and then banned, such as “Hunter Biden’s laptop” or “Covid might have come from the lab” during previous Twitter regime.
- radoomi 2y agoIt's intriguing how people's opinions about Elon Musk's predictions remain unchanged, even when they come true. Take, for example, his 2016 prediction [1] that the Model Y would sell 500,000 to 1 million units annually, four years before its launch and even before the Model 3 was released. This would make it the world's best-selling vehicle, not just the top electric vehicle. How do people perceive such audacious forecasts? And how do they react when these predictions materialize? Similarly, when Musk accepted a compensation package based on Tesla's value increasing tenfold within ten years, the company was still unprofitable and losing money. Remarkably, Tesla achieved this goal in half that. How do people view these ambitious commitments and their successful outcomes? Recently, Musk claimed that Tesla's autonomous driving technology alone could elevate the company to a $5 trillion valuation, and with the addition of the Tesla Bot, this could rise to $30 trillion. What are people's thoughts on these projections? And will they ever reconsider their skepticism? Yes, some of his predictions are late (like FSD and the Roadster), but personally, I prefer someone who eventually delivers the seemingly impossible over someone who neither promises nor delivers. [1] - https://electrek.co/2016/08/04/tesla-anticipates-demand-for-the-model-y-to-land-between-500000-to-1-million-units-per-year/ https://electrek.co/2016/08/04/tesla-anticipates-demand-for-...
- bamboozled 2y ago30 Trillion dollars....