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this post was submitted on 09 Jun 2024
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Enough Musk Spam
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Badly worded title, but I encourage a read. The whole thing is incredibly screwy, and if you haven't already I suggest look into the whole thing. A court in Delaware basically said that they couldn't approve the payout for Musk because of the lack of justification. So, they decide that they are going to move incorporation to Texas (probably not a great thing, but this is Musk, so....), but it probably won't happen until after the vote, which while they are pretty sure will pass (a looot of musk cultists on the board), but it's going to be a lot more close than they expected, in large part because the company is quickly approaching a dumpster fire after the cyber truck debacle, Musk becoming a laughing stock from buying Twitter, recent layoffs already hurting Tesla (he laid off the supercharger dept, which probably would be one of the most profitable avenues for the future of the company), and his growing fame for being transphobic/racist. Seriously, the more you learn about him, the more of a parallel you have to Henry Ford (that is most definitely not a complement).
I don't know if this site is reputable, but it lists Tesla's cash on hand as just under $27 billion. Burning through that and adding a mountain of debt, while sales are way down seems like it could send Tesla into a tailspin. They have 47,000 unsold cars. Not to mention Musk seems to keep screwing Tesla over to help Twitter.
Watching Musk drive Twitter into the ground should have set off alarm bells for investors.
Not to defend Musk, but the payout would be in stock options, so it wouldn't really cost Tesla any cash. But that volume of new shares would probably devaluate other shareholders' portfolio even faster that Musk's erratic leadership already has in the last couple years.
Besides, NO ONE deserves this kind of money. Ever. This level of payout shouldn't be normalized. I mean the guy doesn't even work full time for that company !
The legal opinions I’ve read have indicated that this vote will not affect the court’s decision and that Elon will not be getting the bonus at this time. The court is looking at additional issues related to governance, and the bonus will have to wait until the other issues are resolved.
In addition, TSLA has been missing its targets and hemorrhaging money. The share price has plummeted from peak values, and Elon has made raiding Tesla resources to fund his privately held ventures. He treats Tesla like his personal piggy bank rather as a public company to which he owes fiduciary responsibility, and because the board is filled with people loyal to Musk rather than the company, his behaviors have been allowed to run unchecked.