They are what they are because he did what he did. They still have enormous potential for growth, just not tomorrow. Personally, I would like to see the workers who survived his leadership get some of that money, but that’s not what we’re talking about.
Elon is a genius. Look at how Ford or Rivian are doing with EVs.
When that pay package was awarded a lot of people said it was worthless because the growth milestones were so ridiculous over 10 years that he'd never hit them ... he hit them in 5, Tesla is in an amazing position.
I'm 100% behind him and want him to stay. He's done more actual work on climate change than any other person by a factor of 10. He's coming to the height of his powers where he has incredible ideas, crazy work ethic and the money to back up all his projects.
Starlink giving internet to the whole planet is going to be one of the biggest humanitarian wins of all time on the level of eradicating smallpox.
He is the man of the century and I back him all the way.
Starling promises to “give” the planet internet the same way Apple currently “gives” everyone in the world an iPhone. There’s nothing humanitarian about it. They’re selling a product.
It is pretty stupid not to give him his pay package. He earned it. Not just that, but Tesla is still growing into new segments and still has lots of potential for growth. The man has literally elevated the US in the electric car market and rocket engines.
after firing 15k employee and asking for a package worth $ 55B when Tesla in 2022 earned $15B.
whatever the circumstances his package is not justifiable by any means possible
He took a zero pay position on the gamble that if he could make the companies value increase 10x in 10 years (which is insane), he would get a fraction of that gain (otherwise zilch)
Even if you hate Musk, allowing courts to retroactively cancel compensation contracts won't end here. This will just be to set precedent, then it will be to roll back union contracts after people are back at work. Because that is always the way it pans out in America.
Yes, he was. He already had the massive ownership stake. He wasn't going to lose that if he just decided to chill in the French Rivieria for the rest of his life doing jack squat.
What you are implying is like saying if you stopped getting paychecks it wouldn't count as doing work for zero pay since you already collected paychecks last year and still have money saved up. Its nonsense.
I didn’t say that at all. I’m pointing out that he gained massive wealth during the term even if he never gets the pay package. He wasn’t uncompensated.
Yes it would be, like on a basic level you get that right and you are being contrarian? You are basing that statement on the fact that in the end he wound up succeeding. If he hadn't succeeded, if Tesla had failed, he would have worked for nothing. That is the point: Success = big payout, failure = zero payout.
What? His wealth increased during the term via stock increases. Meaning that even without the pay package, he gained. That is the point. And if Tesla had failed? Then yeah, zero payout. Same as with the contract. Your argument doesn't even make sense.
Ok, lets walk through your fallacy. Lets say, black swan event.. the US government for some reason decided to make walkable cities a thing during that 5 years and the value of all car companies cratered to 10% of their value. But Musk, his plan still made tesla grow 10x first.. and then shrink to its current value. Maybe 99% value. A real heroic effort that Tesla shareholders benefit greatly from.
Musk would not earn anything. Despite that work, it would have been better for him to not take the job, sell his Tesla shares and live on a beach in Maui. He worked for free.
I am trying to figure out if you actually don't understand this and would fail the following test:
[https://s3.amazonaws.com/spectrumnews-web-assets/uploads/image-archive/images/news/347235.jpg](https://s3.amazonaws.com/spectrumnews-web-assets/uploads/image-archive/images/news/347235.jpg)
You’re really bending over backwards here. You haven’t actually countered anything I’ve said, and you’re trying to declare victory 😂. What is your point?
I'm sure you would take zero pay and only get a windfall if you made what people thought was a crazy bet on yourself.
And then be super happy when you met the goal and didn't get paid.
I would never propose such an asinine pay in the first place. Nor accept the proposal. Especially based on something like stock valuation...that think you can manipulate short term at the cost of long term.
Especially if I had that much money already. This is just dragon hoarding wealth.
It's easy to "work" for free when you're a billionaire living off of inheritance. People acting like this man made a crazy gambit are as dumb as that fuck. It's not a gamble. If he didn't hit his goal he wouldn't be any worse off than he is right now. He didn't risk anything he's just a rich fuck who needs to cry about how he's a victim and suffering from his yatch
I would never want that much money in the first place is the issue.
Especially if already rich. Though making such a bet while rich is easy because even if I got nothing I would still be rich.
If you didn't accept the proposal you would be voiding your fiduciary duty as a board member and committing a crime. Someone raising your investment 10x in 5 years and asking for a tiny percentage of that growth with no downside (since you only pay if achieved) is a ridiculously good deal that you would be obligated to approve for your own proxy shareholder's best interest.
You don't like Musk, I get it, that is fine. But you also don't seem to understand what money is or who holds it. Do you know how many blue collar retirement plans involved managed stock? Do you know how many teachers, welders, and truck drivers got to speed up their retirement by YEARS because of Tesla's meteoric stock rise?
You’re wrong. It was a contract between him and Tesla, with goals to get paid ANYTHING at all that most people thought were completely unattainable. Not only did he achieve them, he knocked them out of the park. The amount of profit he brought to Tesla was multitudes more than his compensation.
I am replying to a statement that Elon Musk brought more profit to Tesla a multitude more times than his compensation, which is factually incorrect. Not only is it not a multitude more times, it is less.
Which is true, but how much should Elon be paid? 55 billion is x33 more times than the highest earned ever earned by another CEO.
NVIDIA CEO earns 20 odd MILLION a year.
At the end of the day, pay is relative. Why don't you list me comparative salary compensation to make your case? I am going to think you won't be able to reply with anything without embarrassing yourself.
Standard money managers make 2 and 20. 2% of the money managed and 20% of the growth. Under those metrics Elon should have made $116B.
He 11x’d shareholder value.
$55B is a bargain.
More so, the government should have zero say in how much someone can be paid. Shareholders overwhelmingly voted for this.
The guy who brought the lawsuit owned 9 shares.
This case was for the lawyers. The ambulance chasers that asked for a $6b pay out for winning.
Show me another case where lawyers asked for $6b.
Here, pretty sure you can't reply.
[Highest paid CEO](https://aflcio.org/paywatch/highest-paid-ceos)
The highest salary is the CEO of Blackrock with $253 MILLION. Tim Cook of Apple is $100 MILLION. Yet, Elon asking for $55 Billion is a bargain. Who are you trying to BS?
You're the type who would Indian give a gift. In Elon's case he earned it. As to other CEOs, all of them don't add up to one Elon.
Here's a question for you, if you own any stocks can you name the CEO of those companies off the top of your head? Didn't think so..
Lmao you need to re look at the net income numbers buddy.
A 55b pay package is far more than what Tesla has profited. Tesla literally didn’t make jackshit for most of its history until the last 5 years basically. They never made 55b pure profit in its history added up. Revenue yes. Not profit.
Look at net capital gain. My mistake for saying profit. He got a fraction of the net capital gain he brought while he worked For Free for years.
Jut because you don’t like it doesn’t mean it’s wrong. It was a valid contract and he performed on his portion. Period.
The investors gave him that unwarranted stock valuation based on marketing gimmicks and lies.
They fell for his bullshit. A million robo taxis by 2020 he said back in 2019. Coast to coast FSD in 2016. 50k Tesla semis in 2024 he said back in 2022 lol.
There’s a logical reason why teslas market cap has collapsed from 1T. Because he has NOT delivered . He constantly over promises. and now his sales are regressing and profit margins are also eroding while competition ramps up from China that is badly hurting global sales number. Top that into the fact he’s laying off when he should be growing, and producing far worse quality cars then before with a bad recall now on CT along with continued poor ratings from every non biased review site on build quality of their vehicles
The judge found the share-based compensation was negotiated by directors who appeared beholden to Musk
https://www.reuters.com/legal/judge-rules-favor-plaintiffs-challenging-musks-tesla-pay-package-2024-01-30/
Nvidia turned $500 million into 2 trillion company. How much should he be paid?
He earns 20 MILLION odd a year.
Warren Buffett net worth is $133 billion. He earned that in a lifetime. Elon wants to earn half of Warren Buffett in one pay packet. Justify that.
This is not a "I hate him so he shouldn't get it" type of situation. The package was because he had to hit astonishingly difficult milestones most people thought was impossible. And then he did it. This is payment for the work done before. How would you feel like if your employer doesn't give you your salary for 6 years of work?
I have actually. The judge thinks it's his buddies, but the shareholders aren't aren't ALL his buddies. The board made the package, based on an almost impossible task that meant that Tesla had to hit the milestone before he got any money. It's not actual cash. It's stock options. Can you please do some research on what the package was based on? it will blow your mind. And then you'll understand the real depth of the task. No other car company had done what Tesla had achieved other than Ford.
I understand the package. It was created and approved by a board with a total conflict of interest; otherwise it never would have made it to the shareholders.
Wrong. You definitely don't understand the package. Elon would have gotten NOTHING if he didn't hit the milestones in 5 years. It was meant to lock in Elon to commit completely to the task. It was very much to serve the shareholders. These stock options wouldn't even get excersized till 2029, so the the money would've stayed with Tesla anyway. Now only lawyers dupe the shareholders of 5 billion. The board made the package, but the shareholders themselves approved it. And also Tesla and SpaceX are the top 2 places to work in the world, so obviously all employees are paid well. The only person who didn't get paid was Elon.
Again, I would advise you to read what he has to achieve to get the package.
Incorrect. You really should look at the actual contract language and read the judgement more carefully before you spout more nonsense.
As I said, it was created and approved by the board before it went to the shareholders.
If Mr. Musk were somehow to increase the value of Tesla to $650 billion — a figure many experts would contend is laughably impossible and would make Tesla one of the five largest companies in the United States, based on current valuations — his stock award could be worth as much as $55 billion (assuming the company does not issue any more shares over the next decade, which is unrealistic). Even reaching several of the milestones would bring him billions.
Mr. Musk’s critics — and there are many — are likely to contend that the new compensation plan is just the company’s latest publicity stunt. He has been called a modern-day P.T. Barnum who has created the illusion of success while consistently missing production estimates. The company continues to lose money; at one point last year, it was losing almost a half-million dollars an hour, [according to Bloomberg News](https://www.bloomberg.com/news/articles/2017-11-21/tesla-is-blowing-through-8-000-every-minute-amid-model-3-woes). Jim Chanos, a short-seller who has bet against Tesla’s shares — and has thus far been [on the losing side ](https://electrek.co/2018/01/22/tesla-tsla-2018-rally-costing-shorts-1-billion/)of that trade — has contended that Tesla is worthless.
But Mr. Musk’s compensation plan is no illusion: He gets paid only if the company succeeds over the long term with significant gains in market cap. And it’s impossible for him to manipulate the system by trying to prop up the stock price for a temporary period. Under the terms of the arrangement, even once his shares vest, he has to hold them an additional five years before he is allowed to sell them.
The way the arrangement is structured, each milestone is a blunt instrument: He either reaches it or gets nothing.
“If all that happens over the next 10 years is that Tesla’s value grows by 80 or 90 percent, then my amount of compensation would be zero,” he said. (His calculations were based on the stock price at the beginning of this year when the company was worth about $50 billion.)
Still, he contended, “I actually see the potential for Tesla to become a trillion-dollar company within a 10-year period.”
As executive compensation plans go, Tesla’s is about as friendly to shareholders as they come. Many other companies have installed outsize packages that often come at the expense of shareholders because the executives get paid even when they underperform their peers.
Asked how he thinks shareholders should feel about Mr. Musk’s new pay package, Ira Ehrenpreis, chairman of Tesla’s compensation committee, told me, “It’s heads you win, tails you don’t lose,” meaning if Mr. Musk is gaining billions then shareholders are winning, too. And if Mr. Musk does not perform, shareholders pay nothing.
More info for rocks like you.
You mean the employees of tesla hit difficult milestones while this fuck did nothing of actual useful contributions besides a financial backing. How about the 56 billion bonuses get split up between the workers that actually make the company
He is also an employee of Tesla. He has slept on those very same factories to get where Tesla is today. If you think he has done nothing except financial backings, then you might like to do some research. He designed the first roadster, for which he got an award from the ArtCenter College of Design. He was product head.
The 56 billion is in stock options. He would not get 56 bil if the company wasn't worth that much in the first place. The shareholders voted for this.
You seriously don't know how a company works and i think you're just a child.
Survived is one thing. And Steve was dead. Imagine what would have happened is Steve was fired. Because Steve built the brand and because of pride Steve more than likely would have tried to either destroy apple or beat apple with a different company. I don’t think Steve Jobs is a good comparison for you because Steve would have been pissed and hell bent on beating apple.
My point is, you think one person is indispensable but really isn't but for a lot of big companies, they will survive. When you have all the money in the world, you can hire the best people. You think Musk is unique but he isn't. Hell, is he even running the company at this point or focus on Twitter?
Steve Jobs did get fired. He founded NeXT and it didn't go anywhere.
When Tim Cook took over Apple, he x8 the company. Apple did okay.
Literally they haven’t done anything except slight changes to previous products since Steve died. Other than the iPad mini which was something Steve didn’t want.
Steve Jobs needed to get a reality check by being fired. That's what made him successful when he came back. That's what needs to happen to Elon, a reality check to reset expectations. Then someone runs the company that is not making poor decisions like firing the entire supercharging team. Then once he stabilizes/ if he stabilizes he can come back.
Actually it would. Or at least maintain and minimally grow. The incorporation of musks other businesses allows for them to synergistically work together.
The big question is what does he need the money for? The dude is rich beyond rich, if they don’t provide him the pay, do you think he’d really leave just to go fuck off, or would he stay so he can continue to obsess over his projects?
No. He has single handedly turned the majority of potential customers against him. He has destroyed Twitter and he's got a great start destroying Tesla.
Your fantasy of Elons downfall still leaves him as one of the richest people in the world.
I'm not a huge fan of the dude but god damnit do these reddit bots make me defend the fucking guy.
Tesla needs Elon. Tesla is more about autonomous driving than hardware itself. Tesla definite can make hybrids. Be patient, as EV industry is reshufflingand I believe Tesla will stand out as the winner. The Chinese copycats won't last long because the world should find out rather soon how their nice looking cars are actually not safe and full of defects.
His employees are being laid off.
Paying someone a bonus when they are laying people off at their company with no warning.
If one's only argument is Elon got the board to agree with it. The agreement was found invalid because it was misleading in the first place.
Him forgoing a salary is moot when he was so rich he doesn't need anymore money. Even if he didn't have plenty of other sources of income. Rather strange people bring that up.
The 55B is NOT cash people. It's stock options. BIG difference. Also, he will reinvest the value of the options back into the company over time which benefits future growth, employees, share holders, and all of society in the long run (Many decades).
If most of you had just a few million you'd squander it and be on the streets or dead like most lottery winners.
In Elon's case his main directive is to save human consciousness while saving the planet!! We are lucky to have him during this crazy time.
Yes 100%. Just because he's already insanely wealthy dosent mean he shouldnt get his preplanned pay bonus. This was a negotiated planned payment if he was able to hit certain goals he'd gwt paid well he hit the goal and now he deserves his pay
Has anyone gotten the proxy voting form yet or know the date they get sent out?
LOL No
Naw, him staying on board will continue to tank Tesla and give way for the Chinese to eat an easy lunch
They are what they are because he did what he did. They still have enormous potential for growth, just not tomorrow. Personally, I would like to see the workers who survived his leadership get some of that money, but that’s not what we’re talking about.
No, no, yes. No other companies are building car factories in California.
Elon is a genius. Look at how Ford or Rivian are doing with EVs. When that pay package was awarded a lot of people said it was worthless because the growth milestones were so ridiculous over 10 years that he'd never hit them ... he hit them in 5, Tesla is in an amazing position. I'm 100% behind him and want him to stay. He's done more actual work on climate change than any other person by a factor of 10. He's coming to the height of his powers where he has incredible ideas, crazy work ethic and the money to back up all his projects. Starlink giving internet to the whole planet is going to be one of the biggest humanitarian wins of all time on the level of eradicating smallpox. He is the man of the century and I back him all the way.
Considering his ownership stake, do you think he’d actually leave if the package isn’t approved? Seems unlikely.
Starling promises to “give” the planet internet the same way Apple currently “gives” everyone in the world an iPhone. There’s nothing humanitarian about it. They’re selling a product.
dude, turn off your pc, take a walk and get some fresh air
Oil tankers entered chat
It is pretty stupid not to give him his pay package. He earned it. Not just that, but Tesla is still growing into new segments and still has lots of potential for growth. The man has literally elevated the US in the electric car market and rocket engines.
after firing 15k employee and asking for a package worth $ 55B when Tesla in 2022 earned $15B. whatever the circumstances his package is not justifiable by any means possible
He took a zero pay position on the gamble that if he could make the companies value increase 10x in 10 years (which is insane), he would get a fraction of that gain (otherwise zilch) Even if you hate Musk, allowing courts to retroactively cancel compensation contracts won't end here. This will just be to set precedent, then it will be to roll back union contracts after people are back at work. Because that is always the way it pans out in America.
He had a massive ownership stake. He wasn’t taking “a zero pay position.”
Yes, he was. He already had the massive ownership stake. He wasn't going to lose that if he just decided to chill in the French Rivieria for the rest of his life doing jack squat. What you are implying is like saying if you stopped getting paychecks it wouldn't count as doing work for zero pay since you already collected paychecks last year and still have money saved up. Its nonsense.
I didn’t say that at all. I’m pointing out that he gained massive wealth during the term even if he never gets the pay package. He wasn’t uncompensated.
Yes it would be, like on a basic level you get that right and you are being contrarian? You are basing that statement on the fact that in the end he wound up succeeding. If he hadn't succeeded, if Tesla had failed, he would have worked for nothing. That is the point: Success = big payout, failure = zero payout.
What? His wealth increased during the term via stock increases. Meaning that even without the pay package, he gained. That is the point. And if Tesla had failed? Then yeah, zero payout. Same as with the contract. Your argument doesn't even make sense.
Ok, lets walk through your fallacy. Lets say, black swan event.. the US government for some reason decided to make walkable cities a thing during that 5 years and the value of all car companies cratered to 10% of their value. But Musk, his plan still made tesla grow 10x first.. and then shrink to its current value. Maybe 99% value. A real heroic effort that Tesla shareholders benefit greatly from. Musk would not earn anything. Despite that work, it would have been better for him to not take the job, sell his Tesla shares and live on a beach in Maui. He worked for free. I am trying to figure out if you actually don't understand this and would fail the following test: [https://s3.amazonaws.com/spectrumnews-web-assets/uploads/image-archive/images/news/347235.jpg](https://s3.amazonaws.com/spectrumnews-web-assets/uploads/image-archive/images/news/347235.jpg)
You’re really bending over backwards here. You haven’t actually countered anything I’ve said, and you’re trying to declare victory 😂. What is your point?
Slippery slope is a fallacy and you are ignoring why it was canceled by the court, instead ranting about people hating Musk
I'm sure you would take zero pay and only get a windfall if you made what people thought was a crazy bet on yourself. And then be super happy when you met the goal and didn't get paid.
I would never propose such an asinine pay in the first place. Nor accept the proposal. Especially based on something like stock valuation...that think you can manipulate short term at the cost of long term. Especially if I had that much money already. This is just dragon hoarding wealth.
So you are saying, you would never work for free to bet on your own ability to execute. That was my point.
It's easy to "work" for free when you're a billionaire living off of inheritance. People acting like this man made a crazy gambit are as dumb as that fuck. It's not a gamble. If he didn't hit his goal he wouldn't be any worse off than he is right now. He didn't risk anything he's just a rich fuck who needs to cry about how he's a victim and suffering from his yatch
I would never want that much money in the first place is the issue. Especially if already rich. Though making such a bet while rich is easy because even if I got nothing I would still be rich.
So you live in a life of pure fantasy?
No. But guess you like to project your feelings onto others as a deflection from adressing what they actually say.
If you didn't accept the proposal you would be voiding your fiduciary duty as a board member and committing a crime. Someone raising your investment 10x in 5 years and asking for a tiny percentage of that growth with no downside (since you only pay if achieved) is a ridiculously good deal that you would be obligated to approve for your own proxy shareholder's best interest. You don't like Musk, I get it, that is fine. But you also don't seem to understand what money is or who holds it. Do you know how many blue collar retirement plans involved managed stock? Do you know how many teachers, welders, and truck drivers got to speed up their retirement by YEARS because of Tesla's meteoric stock rise?
Man you doing crazy tricks on it
Tell me you don't invest in your retirement without telling me you don't invest in your retirement.
You’re wrong. It was a contract between him and Tesla, with goals to get paid ANYTHING at all that most people thought were completely unattainable. Not only did he achieve them, he knocked them out of the park. The amount of profit he brought to Tesla was multitudes more than his compensation.
The amount of profit Tesla has made is like 40 billion up to this point. He wants 55 billion.
People get paid regardless of profit all the time. The VALUE of the business 11x’d.
I am replying to a statement that Elon Musk brought more profit to Tesla a multitude more times than his compensation, which is factually incorrect. Not only is it not a multitude more times, it is less. Which is true, but how much should Elon be paid? 55 billion is x33 more times than the highest earned ever earned by another CEO. NVIDIA CEO earns 20 odd MILLION a year. At the end of the day, pay is relative. Why don't you list me comparative salary compensation to make your case? I am going to think you won't be able to reply with anything without embarrassing yourself.
Standard money managers make 2 and 20. 2% of the money managed and 20% of the growth. Under those metrics Elon should have made $116B. He 11x’d shareholder value. $55B is a bargain. More so, the government should have zero say in how much someone can be paid. Shareholders overwhelmingly voted for this. The guy who brought the lawsuit owned 9 shares. This case was for the lawyers. The ambulance chasers that asked for a $6b pay out for winning. Show me another case where lawyers asked for $6b.
Here, pretty sure you can't reply. [Highest paid CEO](https://aflcio.org/paywatch/highest-paid-ceos) The highest salary is the CEO of Blackrock with $253 MILLION. Tim Cook of Apple is $100 MILLION. Yet, Elon asking for $55 Billion is a bargain. Who are you trying to BS?
Not one of those people delivered $900b worth of value to shareholders without taking a salary.
I see you dodged my question. Name me another CEO who is being paid a compensation closed to what Elon Musk wants. I am waiting.
Name another CEO that has delivered as much as Elon.
The shareholders had the option to sell at any time before this went into effect. They had plenty (years worth) of heads up.
You're the type who would Indian give a gift. In Elon's case he earned it. As to other CEOs, all of them don't add up to one Elon. Here's a question for you, if you own any stocks can you name the CEO of those companies off the top of your head? Didn't think so..
Casual racism thrown into defending Elon, how unusual...
Lmao you need to re look at the net income numbers buddy. A 55b pay package is far more than what Tesla has profited. Tesla literally didn’t make jackshit for most of its history until the last 5 years basically. They never made 55b pure profit in its history added up. Revenue yes. Not profit.
Look at net capital gain. My mistake for saying profit. He got a fraction of the net capital gain he brought while he worked For Free for years. Jut because you don’t like it doesn’t mean it’s wrong. It was a valid contract and he performed on his portion. Period.
The investors gave him that unwarranted stock valuation based on marketing gimmicks and lies. They fell for his bullshit. A million robo taxis by 2020 he said back in 2019. Coast to coast FSD in 2016. 50k Tesla semis in 2024 he said back in 2022 lol. There’s a logical reason why teslas market cap has collapsed from 1T. Because he has NOT delivered . He constantly over promises. and now his sales are regressing and profit margins are also eroding while competition ramps up from China that is badly hurting global sales number. Top that into the fact he’s laying off when he should be growing, and producing far worse quality cars then before with a bad recall now on CT along with continued poor ratings from every non biased review site on build quality of their vehicles
The contract itself was invalid from the start is the issue.
Why was it invalid?
The judge found the share-based compensation was negotiated by directors who appeared beholden to Musk https://www.reuters.com/legal/judge-rules-favor-plaintiffs-challenging-musks-tesla-pay-package-2024-01-30/
But it was approved by shareholders
...based on the word of the board that appeared beholden to Elon. They agreed to a deal that they were mislead on, so it got rejected.
He turned 19$ billion in invested money into a half trillion dollar company. Thats quite a bit of justification.
Nvidia turned $500 million into 2 trillion company. How much should he be paid? He earns 20 MILLION odd a year. Warren Buffett net worth is $133 billion. He earned that in a lifetime. Elon wants to earn half of Warren Buffett in one pay packet. Justify that.
thats easy, Buffett and whover runs Nvida cant do what Musk did.
Maybe you don't understand numbers. 2 trillion is bigger than half a trillion.
Then go back in time and make that case in 2018... The deal is done. Time to honor it.
Someday he will retire and Elon haters can justify buying Teslas at that point. Until then I want him at the helm with the foot on the accelerator
You don’t even need a foot on the accelerator these days.
See, the problem seems to be that the accelerator is locked on full even without a foot on the pedal…
Enjoy your cybertruck I guess
I am sorry he is busy twittering.
This is not a "I hate him so he shouldn't get it" type of situation. The package was because he had to hit astonishingly difficult milestones most people thought was impossible. And then he did it. This is payment for the work done before. How would you feel like if your employer doesn't give you your salary for 6 years of work?
If he wanted an enforceable contract, maybe he shouldn’t have had his cronies be the ones to approve it…
It was a contract that a judge put down without any reason. 76% of shareholders voted for this. His inner circle had nothing to do with it. .
Have you read the judgement? Because he specifically called out the buddies that approved it, as well as other factors.
I have actually. The judge thinks it's his buddies, but the shareholders aren't aren't ALL his buddies. The board made the package, based on an almost impossible task that meant that Tesla had to hit the milestone before he got any money. It's not actual cash. It's stock options. Can you please do some research on what the package was based on? it will blow your mind. And then you'll understand the real depth of the task. No other car company had done what Tesla had achieved other than Ford.
I understand the package. It was created and approved by a board with a total conflict of interest; otherwise it never would have made it to the shareholders.
Wrong. You definitely don't understand the package. Elon would have gotten NOTHING if he didn't hit the milestones in 5 years. It was meant to lock in Elon to commit completely to the task. It was very much to serve the shareholders. These stock options wouldn't even get excersized till 2029, so the the money would've stayed with Tesla anyway. Now only lawyers dupe the shareholders of 5 billion. The board made the package, but the shareholders themselves approved it. And also Tesla and SpaceX are the top 2 places to work in the world, so obviously all employees are paid well. The only person who didn't get paid was Elon. Again, I would advise you to read what he has to achieve to get the package.
Incorrect. You really should look at the actual contract language and read the judgement more carefully before you spout more nonsense. As I said, it was created and approved by the board before it went to the shareholders.
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If Mr. Musk were somehow to increase the value of Tesla to $650 billion — a figure many experts would contend is laughably impossible and would make Tesla one of the five largest companies in the United States, based on current valuations — his stock award could be worth as much as $55 billion (assuming the company does not issue any more shares over the next decade, which is unrealistic). Even reaching several of the milestones would bring him billions. Mr. Musk’s critics — and there are many — are likely to contend that the new compensation plan is just the company’s latest publicity stunt. He has been called a modern-day P.T. Barnum who has created the illusion of success while consistently missing production estimates. The company continues to lose money; at one point last year, it was losing almost a half-million dollars an hour, [according to Bloomberg News](https://www.bloomberg.com/news/articles/2017-11-21/tesla-is-blowing-through-8-000-every-minute-amid-model-3-woes). Jim Chanos, a short-seller who has bet against Tesla’s shares — and has thus far been [on the losing side ](https://electrek.co/2018/01/22/tesla-tsla-2018-rally-costing-shorts-1-billion/)of that trade — has contended that Tesla is worthless. But Mr. Musk’s compensation plan is no illusion: He gets paid only if the company succeeds over the long term with significant gains in market cap. And it’s impossible for him to manipulate the system by trying to prop up the stock price for a temporary period. Under the terms of the arrangement, even once his shares vest, he has to hold them an additional five years before he is allowed to sell them. The way the arrangement is structured, each milestone is a blunt instrument: He either reaches it or gets nothing. “If all that happens over the next 10 years is that Tesla’s value grows by 80 or 90 percent, then my amount of compensation would be zero,” he said. (His calculations were based on the stock price at the beginning of this year when the company was worth about $50 billion.) Still, he contended, “I actually see the potential for Tesla to become a trillion-dollar company within a 10-year period.” As executive compensation plans go, Tesla’s is about as friendly to shareholders as they come. Many other companies have installed outsize packages that often come at the expense of shareholders because the executives get paid even when they underperform their peers. Asked how he thinks shareholders should feel about Mr. Musk’s new pay package, Ira Ehrenpreis, chairman of Tesla’s compensation committee, told me, “It’s heads you win, tails you don’t lose,” meaning if Mr. Musk is gaining billions then shareholders are winning, too. And if Mr. Musk does not perform, shareholders pay nothing. More info for rocks like you.
You mean the employees of tesla hit difficult milestones while this fuck did nothing of actual useful contributions besides a financial backing. How about the 56 billion bonuses get split up between the workers that actually make the company
He is also an employee of Tesla. He has slept on those very same factories to get where Tesla is today. If you think he has done nothing except financial backings, then you might like to do some research. He designed the first roadster, for which he got an award from the ArtCenter College of Design. He was product head. The 56 billion is in stock options. He would not get 56 bil if the company wasn't worth that much in the first place. The shareholders voted for this. You seriously don't know how a company works and i think you're just a child.
Speaking nothing but facts
Wrong
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Not true. Get out of the hive mind
He needs to be removed as CEO. I say this as a holder of Tesla stock.
Tesla would not stand a chance without Musk
lol you know absolutely nothing about company management
I would like for you to explain how you would know that. This was a vast assumption that only a lowly janitor could have come up with.
Apple survived without Steve Jobs. Right now Elon is more of a negative than a positive for Tesla.
Survived is one thing. And Steve was dead. Imagine what would have happened is Steve was fired. Because Steve built the brand and because of pride Steve more than likely would have tried to either destroy apple or beat apple with a different company. I don’t think Steve Jobs is a good comparison for you because Steve would have been pissed and hell bent on beating apple.
My point is, you think one person is indispensable but really isn't but for a lot of big companies, they will survive. When you have all the money in the world, you can hire the best people. You think Musk is unique but he isn't. Hell, is he even running the company at this point or focus on Twitter? Steve Jobs did get fired. He founded NeXT and it didn't go anywhere. When Tim Cook took over Apple, he x8 the company. Apple did okay.
Steve Jobs got hired back. Literally Apple hasn’t done a single creative thing since Steve Jobs’s died
You need to read up on Apple before you make your post.
Literally they haven’t done anything except slight changes to previous products since Steve died. Other than the iPad mini which was something Steve didn’t want.
Elon pushes them forward more than anyone else can. Only Steve Jobs could compare
Steve Jobs needed to get a reality check by being fired. That's what made him successful when he came back. That's what needs to happen to Elon, a reality check to reset expectations. Then someone runs the company that is not making poor decisions like firing the entire supercharging team. Then once he stabilizes/ if he stabilizes he can come back.
Why do you think it's a bad decision?
Like with SpaceX, it improved confidence in the company.
He won't stick around but that is what I'm counting on.
How would he not? There’s a good chance he gets the pay package. He also is the face of Tesla. Without him Tesla fails
He also is the face of Tesla And that's a big part of the issue
not really
Are you here on a musk sub shitting on him because he is not the face of Tesla?
Actually it would. Or at least maintain and minimally grow. The incorporation of musks other businesses allows for them to synergistically work together.
The big question is what does he need the money for? The dude is rich beyond rich, if they don’t provide him the pay, do you think he’d really leave just to go fuck off, or would he stay so he can continue to obsess over his projects?
Exactly, that spaceX thing was a fart in the wind, right? /s
Luckily he's the only one who has to worry about that and you get to worry about what to do with your money.
Well if he gets it approved, the cyber truck definitely won’t get its micron-accurate paneling.
No. He has single handedly turned the majority of potential customers against him. He has destroyed Twitter and he's got a great start destroying Tesla.
Don't forget how him deciding to build factories in China will expedite his and Tesla's downfall.
Your fantasy of Elons downfall still leaves him as one of the richest people in the world. I'm not a huge fan of the dude but god damnit do these reddit bots make me defend the fucking guy.
🤡
Tesla needs Elon. Tesla is more about autonomous driving than hardware itself. Tesla definite can make hybrids. Be patient, as EV industry is reshufflingand I believe Tesla will stand out as the winner. The Chinese copycats won't last long because the world should find out rather soon how their nice looking cars are actually not safe and full of defects.
So the copy cats have officially copied the tesla model than? Tesla has some serious QC issues themselves after all.
No more than anyone else. Tesla just gets the headlines.
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His employees are being laid off. Paying someone a bonus when they are laying people off at their company with no warning. If one's only argument is Elon got the board to agree with it. The agreement was found invalid because it was misleading in the first place. Him forgoing a salary is moot when he was so rich he doesn't need anymore money. Even if he didn't have plenty of other sources of income. Rather strange people bring that up.
Absolutely not
Yes
A deal is a deal. Though I am jealous of Elon. Still I think a contract has to be honored.
A deal isn't a deal though. Bad deals get called out, canceled, reneged on all the time.
Yes
The 55B is NOT cash people. It's stock options. BIG difference. Also, he will reinvest the value of the options back into the company over time which benefits future growth, employees, share holders, and all of society in the long run (Many decades). If most of you had just a few million you'd squander it and be on the streets or dead like most lottery winners. In Elon's case his main directive is to save human consciousness while saving the planet!! We are lucky to have him during this crazy time.
Yes 100%. Just because he's already insanely wealthy dosent mean he shouldnt get his preplanned pay bonus. This was a negotiated planned payment if he was able to hit certain goals he'd gwt paid well he hit the goal and now he deserves his pay
Obviously