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.
“While we recognize Elon’s business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging … we are confident that this award will incentivize Elon to remain at Tesla,” the committee said in a regulatory filing on Monday.
But… that moron is the reason the stock is tanking and people shifting to other manufacturers. Why in the flying fuck would they PAY to keep him. What kind of a cult are they running.
Exactly, a cult.
He wants to be Jerome Blake.
other potential demands on his time and attention
Musk has claimed to work 100 hours a week. But: he’s the CEO of five companies. If his hours claim is true (lol), that means being the CEO of just one company is a 20-hour-a-week job. CEO is a part-time gig!
To be clear, Elon Musk is the specific reason that people will not buy a Tesla. He’s the kiss of death to the brand.
And Tesla wants to reward him?
He controls the company. This is him “rewarding” himself. He’s desperately trying to cash out before the stock price tumbles because he knows their valuation is way out of hand.
It’s not just him. Teslas are some of the most unreliable, unsafe, and recalled vehicles in the industry. And the company has a long history of labor and safety violations. The rot may start at the top, but it sure doesn’t end there.
Billionaires watch out for billionaires.
Must be an amazing feeling to know you’re on the spectrum, be called “retarded” by your own father, then find a politician dumber than you who needs your money, and constantly fail upward thinking you’re the smartestest person ever. An actual IQ test would put him somewhere in the lukewarm category but he would buy the testing company to change the result.
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.
Musk needs to be rewarded with a few holes in his back.
Suicide by 3 shots to the back of the head.
They’ve sealed their fate. They could have pivoted, given musk the ax and said he doesn’t align with their core values, saved some face and maybe regained trust of their core demographic. Doubling down on someone who pissed off nearly everyone who cared about buying their cars is fucking idiotic.
Maybe they’re afraid of the dirt that he has on the company. He could potentially do more damage than it costs to keep him such as revealing that tests were faked or the Cyber truck was a friend of Epstein’s
Could they, though? It’s another cult, and if Glorious Leader leaves, so do the simps and therefore the profits.
There are definitely a lot of culty fanboys out there, but I doubt they account for anywhere near the majority of Tesla customers. They’re going to see a huge sales dip this year as a result of musk’s political fuckery. Hopefully people don’t forget who he is and that sales dip continues until they go out of business. Stupid decisions should be punished.
More money than any person should ever have
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.
This stupidity aside, Tesla is falling behind, and they don’t seem willing to admit it.
Failing his way to greater riches. Only in America.
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EU EV sales are falling, Tesla used to dominate sales, now they don’t even make it to top 5 in europe.
What a great use of their money! The free market always knows best! /s
Real question because I don’t know stocks: Would this be where you’d short it?
pats himself in the back
good job buddy, you earned this.
I wonder if he can ingest 29 billion worth of ketamine in the next year?
I fucking wish he’d try. Just do it all in one night.
It’s a cult.
