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Tesla’s in its flop era (www.theverge.com)

submitted 6 months ago by Stopthatgirl7@lemmy.world to c/technology@lemmy.world

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When Tesla releases its first quarter earnings this afternoon, the company’s CEO Elon Musk will field the usual questions about new products, new factories, and progress toward its futuristic vision of self-driving cars and robot workers. But Musk will also face increasingly urgent questions about its current state of affairs — and why everything seems to be going to shit.

Earlier this month, the company reported its first year-over-year sales drop in four years, a sign of rougher waters ahead. Tesla’s stock has fallen more than 40 percent since the start of the year, including a 13 percent drop in the last week. The company laid off over 14,000 employees last week, 10 percent of its global workforce — which could end up being closer to 20 percent when all’s said and done, according to Bloomberg. Today’s earnings report is expected to include Tesla’s lowest profit margins in six years, a sign that rampant price-cutting continues to exact a toll.

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[–] OpenPassageways@lemmy.zip 1 points 6 months ago (1 children)

It seems like it would be a good move to have him step down.

I'm not sure they will though, I think the board is probably still stuck in the mindset that their company is valued highly because of Musk.

[–] skyspydude1@lemmy.world 1 points 6 months ago

Musk also owns the board, and they all know if he goes down, they're going with him. They know he's an idiot, but he's wormed his way into every facet of the company.

It's why they allowed him to buy a company that was weeks away from bankruptcy (Solar City) for a huge premium using Tesla funds despite it being very likely to bankrupt Tesla itself.

It's why they allowed him to stay in his position, despite being sanctioned by the SEC for lying about taking the company private (at $420 because lol weed number) to pump the stock.

It's why they're pushing for his absurd $58bn pay package to be retroactively instated, even though the company just had an absolutely abysmal financial quarter.

Make no mistake looking at the official org chart. The board consists of Elon Musk, E. Musk, E. R. Musk, and Musk, Elon R. Any other names are merely a formality and entirely beholden to his whims. The only way Elon leaves Tesla is either in handcuffs or on a stretcher.