Elon Musk

[Meclazine for Israel]

Tesla Board approves his US$56 billion remuneration package.

https://www.abc.net.au/news/2024-06-14/tesla-shareholders-approve-elon-musk-billion-dollar-pay-package/103977172

"Tesla shareholders have approved CEO Elon Musk's record-breaking pay package in a show of approval for the billionaire's management.

The vote is a victory for Mr Musk, who had campaigned fiercely for the payout, which is worth up to $US56 billion ($84 billion) — the exact amount depends on the Tesla share price, according to the BBC."



Elon Musk received the record-breaking pay package as shareholders support his leadership of the vehicle company. (Reuters: Tingshu Wang)

[President Punxsutawney Phil]

That's larger than the GDP of Vermont.

[Progressive Pessimist]

Never understood why this guy is so popular.  Boggles my mind. 

I live in Arlington.  Every other vehicle I see is a Tesla, especially when I go to Potomac Yards Giant at like 6am in Monday morning to do my weekly shopping.  Because I hate Harris Teeter and Whole Foods.

Retards.

Just sayin.

The biggest problem in our current society is hero worship of men who exude confidence but leave nothing more than decay and disorder in their wake.

[Sir Mohamed]

Never understood why this guy is so popular.  Boggles my mind. 

I live in Arlington.  Every other vehicle I see is a Tesla, especially when I go to Potomac Yards Giant at like 6am in Monday morning to do my weekly shopping.  Because I hate Harris Teeter and Whole Foods.

Retards.

Just sayin.

The biggest problem in our current society is hero worship of men who exude confidence but leave nothing more than decay and disorder in their wake.

Not just that, I consider Musk a destructive force for democracy. Allowing far-right lunatics back on Twitter and modifiying the algorithms so that such content is disproportionally shown to users is a massive disservice to our society. Not to mention Musk in particular treats many of his employees like crap.

[GP270watch]

 It's really is a sickening pay package. Tesla has a shot to be the first $10 trillion dollar market cap company one day if they catch the tailwind of energy decarbonization, vehicle autonomy, and robotic intelligence and Musk isn't necessary at all to achieve this. So with either pay package Musk could realistically become the first trillionaire. The idea that he wouldn't be sufficiently motivated if he had 1 trillion dollars vs. 2 trillion dollars is crazy.

 It's also a scandal that Vanguard and BlackRock who hold virtually all investor wealth through index funds vote on your behalf instead of giving you a vote proportional to your holdings.

[Absentee Voting Ghost of Ruin]

They're paying him quite a bit more than Tesla's entire net profit over the course of its existence. That's insane.

[Person Man]

They're paying him quite a bit more than Tesla's entire net profit over the course of its existence. That's insane.

It’s pretty much fraud at this point.

[TechbroMBA]

I see that a bunch of people are “sickened” by something they barely understand.

Musk negotiated a pay package in 2018, which was subsequently approved by the shareholders, that had significant performance hurdles to unlock his share rewards. He cleared all of those hurdles, but a Delaware judge this year invalidated the pay package. This reauthorizes it and grants Tesla the right to move their state of incorporation to Texas.

In 2018 Tesla was worth $50-60Bn. Today it is worth nearly $600Bn, if you don’t think Elon had something to do with that and shouldn’t have been compensated for the last five years, I can see why you’re not in business.

[GP270watch]

I see that a bunch of people are “sickened” by something they barely understand.

Musk negotiated a pay package in 2018, which was subsequently approved by the shareholders, that had significant performance hurdles to unlock his share rewards. He cleared all of those hurdles, but a Delaware judge this year invalidated the pay package. This reauthorizes it and grants Tesla the right to move their state of incorporation to Texas.

In 2018 Tesla was worth $50-60Bn. Today it is worth nearly $600Bn, if you don’t think Elon had something to do with that and shouldn’t have been compensated for the last five years, I can see why you’re not in business.

 The Delaware judge struck it down because Tesla's board which is mostly made up of Musk cronies and family members did not do their due diligence. I've been an investor in Tesla for more than 10 years, it's been a great investment but Musk is not that critical, he's the source of most of Tesla's biggest problems. When he talks about sleeping on the factory floor he fails to mention it's because he pushed to automate car production and he doesn't know what he's doing. So other people had to come in and fix the production issues he caused in the first place. The Cybertruck production issues are also a Musk problem as he pushed for a design favored by one of his kids, instead of the engineers recommended design which was easier to produce and more conventional.

 Tesla doesn't need Musk anymore he served his purpose and Tesla would probably do better without him much like Apple shareholders have done much better under Tim Cook than under Steve Jobs. Tesla already has a product roadmap to dominate, they just need to execute and increasingly it's Musk who is a distraction and obstacle towards that execution.

 Tesla is incorporating in Texas because Musk has continuously flouted corporate governance laws and thinks he'll get away with more stuff in Texas.

[TechbroMBA]

I see that a bunch of people are “sickened” by something they barely understand.

Musk negotiated a pay package in 2018, which was subsequently approved by the shareholders, that had significant performance hurdles to unlock his share rewards. He cleared all of those hurdles, but a Delaware judge this year invalidated the pay package. This reauthorizes it and grants Tesla the right to move their state of incorporation to Texas.

In 2018 Tesla was worth $50-60Bn. Today it is worth nearly $600Bn, if you don’t think Elon had something to do with that and shouldn’t have been compensated for the last five years, I can see why you’re not in business.

 The Delaware judge struck it down because Tesla's board which is mostly made up of Musk cronies and family members did not do their due diligence. I've been an investor in Tesla for more than 10 years, it's been a great investment but Musk is not that critical, he's the source of most of Tesla's biggest problems. When he talks about sleeping on the factory floor he fails to mention it's because he pushed to automate car production and he doesn't know what he's doing. So other people had to come in and fix the production issues he caused in the first place. The Cybertruck production issues are also a Musk problem as he pushed for a design favored by one of his kids, instead of the engineers recommended design which was easier to produce and more conventional.

 Tesla doesn't need Musk anymore he served his purpose and Tesla would probably do better without him much like Apple shareholders have done much better under Tim Cook than under Steve Jobs. Tesla already has a product roadmap to dominate, they just need to execute and increasingly it's Musk who is a distraction and obstacle towards that execution.

 Tesla is incorporating in Texas because Musk has continuously flouted corporate governance laws and thinks he'll get away with more stuff in Texas.

The 2018 package was approved by shareholders. Whether you think Musk is necessary today, really shouldn't have anything to do with what his comp package was six years ago, especially when the vesting criteria was for a period in which you got 10x growth (and much higher if you look at the 2021 peak).

But guess what? I don't even really need to make that argument since the market awards Tesla a far higher multiple than any other car company, and the shareholder base has reapproved the package - so clearly your opinion isn't very widely held. Most people think Musk is that valuable. I mean founding a billion dollar company is a pretty huge accomplishment and he's done it 5 times (Tesla, SpaceX, Xai, Neuralink, PayPal co-founder).

If you had the courage of your convictions you'd sell your stock and then short, not whine that some guy's pockets should be picked over a pay package he earned by the letter of the agreement.

But it's no surprise to see red avatars saying something was easy and shouldn't be worth anything, after it has already been done and they've received the benefit of it.

[GP270watch]

But it's no surprise to see red avatars saying something was easy and shouldn't be worth anything, after it has already been done and they've received the benefit of it.

 Success does not entitle you to disregard the law or to behave like a complete jackass. I've made investments that have done even better returns than Tesla, so Elon worship is not something I subscribe to. I have always given him tremendous credit for being an EV evangelist but I have followed this company closely for years, so my opinion is informed by that and not "politics".

 

[MasterJedi]

Eventually Tesla will not work, they have a lot of problems and Musk is just an attention whore. He isn’t really needed for anything. They have actual people doing the real work.

[BlueSwan]

I see that a bunch of people are “sickened” by something they barely understand.

Musk negotiated a pay package in 2018, which was subsequently approved by the shareholders, that had significant performance hurdles to unlock his share rewards. He cleared all of those hurdles, but a Delaware judge this year invalidated the pay package. This reauthorizes it and grants Tesla the right to move their state of incorporation to Texas.

In 2018 Tesla was worth $50-60Bn. Today it is worth nearly $600Bn, if you don’t think Elon had something to do with that and shouldn’t have been compensated for the last five years, I can see why you’re not in business.

 The Delaware judge struck it down because Tesla's board which is mostly made up of Musk cronies and family members did not do their due diligence. I've been an investor in Tesla for more than 10 years, it's been a great investment but Musk is not that critical, he's the source of most of Tesla's biggest problems. When he talks about sleeping on the factory floor he fails to mention it's because he pushed to automate car production and he doesn't know what he's doing. So other people had to come in and fix the production issues he caused in the first place. The Cybertruck production issues are also a Musk problem as he pushed for a design favored by one of his kids, instead of the engineers recommended design which was easier to produce and more conventional.

 Tesla doesn't need Musk anymore he served his purpose and Tesla would probably do better without him much like Apple shareholders have done much better under Tim Cook than under Steve Jobs. Tesla already has a product roadmap to dominate, they just need to execute and increasingly it's Musk who is a distraction and obstacle towards that execution.

 Tesla is incorporating in Texas because Musk has continuously flouted corporate governance laws and thinks he'll get away with more stuff in Texas.

Agreed. Also, Elon Musk turning more and more towards alt-right extremism is REALLY off-putting to the core environmentalist consumers of EV's. My wife recently bought a Tesla even though I was against it. I'm getting a Polestar instead (in two days, infact) - there's just no way I'm giving Elon Musk my money. As Musk increasingly becomes known as a destructive right wing force, the environmentally concerned purchasers of EV's will increasingly look elsewhere when alternatives to Tesla becomes more plentiful (because Tesla obviously does have first mover advantages currently).

[All Along The Watchtower]

He should be in jail.

[Agafin]

Whatever anyone believes of Musk, this was the correct decision.

[BlueSwan]

I'm certainly no communist, but I don't believe it is healthy for democracy or society in general for any individual person to be as rich as Musk or Gates or Bezos or any other person whose personal wealth is bigger than the entire GDP of many countries. One of the main ideas behind democracy as a form of government is to prevent any one person from being too powerful and that is undermined by these levels of personal wealth, especially in countries where personal wealth can easily be converted to very real political power.