Tesla is awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion, just six months after a judge ordered the company to revoke his massive pay package.
The electric vehicle maker said in a regulatory filing on Monday that Musk must first pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package that was awarded to the company’s CEO.
29b for sinking the company? If any of us sinks a company, it’s usually way worse.
Musk needs to be rewarded with a few holes in his back.
Suicide by 3 shots to the back of the head.
This proves that “free market capitalism” and “competition” is a scam. I’d be happy to fuck up a company that badly for a mere $15 billion. But they won’t even take my calls…
well you see, one of the stipulations for getting this much is doing a Seig heil. Which I am sure your moral conscience wouldn’t allow you to do. Or even if it did, I am sure there are a bunch of other criteria that is basically the inverse of whatever test for psychopathy they make people take at mental health institution that you must pass.
So be glad you’re not like him and don’t lament that he gets a bag of money.
I could do the Nixon victory pose, but yeah, best I can do.
If you work hard and keep your head down… 😭
if you work hard and keep your head down you will get cronic neck pain and fatigue because of course everybody sacrifices a good night’s sleep at the altar of hustle.
It’s “free market capitalism” for you and me, bailouts and welfare for them.
Damn for a community so knowledgeable on tech, ya’ll sure got a lot to learn about stocks lol.
So this is a power move by the rest of the board member of Tesla. RSUs arent considered tangible assets by the IRS. Meaning Tesla will be forcing Elon to pay the full value of the shares as income tax the year they were vested.
Plus the company issuing the RSUs have a security blanket where a company can defer issuing shares until the vesting schedule is complete, which helps delay the dilution of its shares. On top of any scenario where the employee/person holding the RSUs leave the company before the conclusion of their vesting schedule, they forfeit the remaining shares to the company.
They’re usually used as incentive to keep employees at a company so here’s where I hit the logical brick wall… what fuckin incentive do they have to keep must around unless theyre just betting that captain adhd jumps ship before the stocks are vested.
Real question because I don’t know stocks: Would this be where you’d short it?
Normally I’d say yes, but I’ve been saying people should short Tesla for 7 years now, and if I’d stuck with that I’d be flat broke.
I’m sure they’d find a way to keep manipulating it so that shorting it continues to be the losing play
Proving the obsequious nature of Tesla’s board. Knowing that he is pulling them down, still too afraid of going another direction and incurring his wealth hoarding wrath. So instead reward him like a tythe to the mafia.
How is the company possibly worth that much when no one wants the cars? This economy is complete fucking made up bullshit.
Saudis keep dumping money into the stock. Its almost like a combo of money laundering + destabilizing the US government.
My half-baked theory is that the Saudis backed Musk’s takeover of Tesla with the idea that he would fuck the company up and completely discredit electric cars. And despite his best efforts, Teslas became incredibly popular anyway.
…Springtime for Tesla!
Almost?
I’m sick of this make believe economy where things aren’t worth their actual value but however much they’re being propped up by bullshit and wealthy investors. I just can’t take anything seriously anymore.
“no one wants the cars” is “complete fucking bullshit”. The deal was made even before Tesla became a household name. It just took years to go through some lawsuits. The pay package is high because from 2018-2024, the world did in fact want the cars. What happened since Elon installed Trump doesn’t affect the deal.
The shareholders, who are not starving by any means, dont mind lower earnings per share as long as their political machinations are being carried out. The world’s largest capital equity firms have all gotten onto the musk bandwagon believing that his vision for the future is good for their funds.
The overvaluation is more designed to fund the schemes of musk, who wants to break the US up into fiefdoms.
If you mentioned that Tesla is losing its competitive edge as EV manufacturer, most Tesla stock fans would quickly correct you that the company isn’t just about that, it’s also an AI company. I think the company is leveraging other competencies to future proof itself to market shocks; which makes sense since Musk stole personal information from the federal government to train his AI.
Because idiots look at other automakers valued in the 30-50$ range and still ape into clearly overvalued Tesla stock
https://worldpopulationreview.com/country-rankings/tesla-sales-by-country
Quite many people still want their cars. Tesla’s valuation sure is odd though.
Shareholders should look at uber. It’s totally fine to change the leader.
Or Apple, Microsoft, or any of the companies that have been around for 100+ years. Look at John Deere, they are evil but people still buy their shit.
It’s a cult.
Image of being a low wage worker in Tesla, and learning this… They could have given around $230k in stock to every single one of their employees.
I think that they are afraid that his cult following is all they have left. Tesla’s record of late is very poor. The self driving software, something they have been pushing as a major feature, is buggy as hell and they’ve now been found liable for at least one death because of it. Plus, their manufacturing and QC is very low from everything I’ve seen about their cybertrucks. Anyone remember when that guy blew up himself and his cybertruck in Vegas? People literally didn’t know at first if it was an attack or if it just blew up because that’s what Teslas do.
In its most recent quarter, Tesla reported that quarterly profits plunged from $1.39 billion to $409 million. Revenue also fell and the company fell short of even the lowered expectations on Wall Street.
Quarterly profits dropped by more than two thirds? That is a huge hit and the shareholders must be screaming. On the one hand, between his DOGE bullshit and his general incompetence as a leader, I have to think that Musk is the cause of nearly all of this. On the other hand, it’s very probably his cult following that is fueling the sales that they still have.
If Musk were to be fired or quit Tesla, I could see his cult ditching all their EVs and going back to rolling coal in their gas powered cars. And I don’t think regular EV shoppers would forget about all the flaws in Teslas and start buying them just because Musk was out. Tesla sales would probably tank even further. That’s my guess as to why they are so desperate to keep him around.
The electric vehicle maker said in a regulatory filing on Monday that Musk must first pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package that was awarded to the company’s CEO.
So he has to pay them for the stock first. The article doesn’t say how many millions of shares, but at that price Tesla is getting a cash infusion of at least $50 million dollars, possibly much more, and they get to keep their figurehead and his cult followers for a while longer. This might be the best move they can manage considering the damage he’s done to the brand.
The company will not survive if Musk doesn’t leave.
It may not survive if he does leave, either. The damage is done. Who’s going to buy Tesla now?
Plenty of people would in a heartbeat if Elon Musk was publicly and thoroughly excommunicated from the power structure of the company. They would have to rebuild the brand but heres the thing people hate Elon Musk not Tesla.
Personally, I can’t help but see them as junkers these days. You could be right, of course, but I wouldn’t buy one. Not for a very long time after Musk was gone and no longer screwing everything up, anyway.
Is the charger infrastructure maybe more valuable to a potential buyer than the cars at this point?
Tesla will go bankrupt either way and will be bought up for pennies by competitors
EU EV sales are falling, Tesla used to dominate sales, now they don’t even make it to top 5 in europe.
More money than any person should ever have
“Hey, you know that asshole who tanked our brand? Let’s give him a ton of unearned money to stick around!”
Pretty reasonable when the board consists of your family and friends.
Heil, Shitler!
