What a complete joke that company is
I'm glad to hear he won't "lose interest" in working now. I can't wait to see his next big plan after the industry dominating cyber truck.
Spoiler alert: it mostly involves shit-posting on Twitter and sexually harassing his employees.
Idk, 56 billion buckaroos would instantly make me "lose interest" in working. Permanently.
It should eliminate your need to work, but Musk feeds on the attention and less so the money. There's not a thrill left he can't afford.
Running around and acting important is all he has left.
Hell, I'd permanently lose interest in working for a measly $55 billion.
Don't undervalue yourself
To be clear this isn't official results, this is what musk is projecting.
But the only think the big holders care about is their return rates. And they know Tesla is waaaaaaay overvalued. It's all based on hype.
So would Tesla be a better company free of musk?
Undoubtedly.
But they don't care about that. Musk hype drove the stock price up, no real company would be so overvalued. Without continued hype, the price goes down, which might cause a run on the stock and might end the company.
musk is Tesla. And it's why the company will be nothing but hype. Doesn't matter if the company loses money as long as stock price keeps going up.
Making quality vehicles isnt their business model, it's keeping the stock price up.
No but you see he is a visionary! A real life Tony Stark!! He'll do great things with that money like... Making ~~Twitter~~ X likes private for some reason...? I'm sure that cost a lot of money somehow /s
according to a social media post by Musk himself
Very few in the comments seems to have noticed this pretty crucial part.
Let's wait and see the actual result.
Edit:
Ah well, they actually went ahead and did it. Good for Musk I guess, I doubt it's good for anybody else.
I'd love to hear from anyone at all who can give me a reason why the shareholders would vote for this. The stock value has been going down for both the 1 year and 3 year time frames, so he's not doing great things today. The company only made a profit of $18B last year, so this is like wiping out 3 years of profitability in one step. This package is over half of the company's total revenue!! In what world do investors think it's a good idea to say one guy deserves almost as much as the entire company brings in for a year?
Nepo babies understand each other's need to suck money from people who produce the value.
I'll wait for the financial analysts that I both trust, and I know hate Musk, before I have any confidence in answering that question.
But... my best uninformed guess is that it's less fanboy worship, and more fear that Musk is the only thing propping up the insane stock valuation.
I'm assuming that Musk has a complex web of possibly illegal and highly engineered financial instruments that keep that stock pumping, or at least, not crashing - yet.
Maybe those who voted to approve might be aware, or involved, in that house of cards and believe removing Musk would be akin to blowing on it.
But I'm just pulling all of this out of my ass, so who knows...
It might be as simple as the majority of Tesla shareholders who voted to approve, including the institutional ones, are really just submental morons.
As the holder of roughly $45 worth of Tesla stock, I voted against his pay package and every other shady, bullshit proposal on the ballot. My vote counted for almost nothing and I’d probably be considered an “activist shareholder” anyway, but it was worth the money I’ve lost to get to click that button anyway.
Imagine if they had instead hired 500,000 people on $100,000 each. They could have bought the entire city of Detroit and had it making Teslas, instead they've got one coked up narcissist.
Insane. No one person should have, or deserve, 56 billion dollars. And especially this piece of shit.
How is this company still so valuable.
I would buy literally any other electric car than a Tesla.
Tesla "shareholders" clearly don't have the interests of their company in mind if they're approving a 56 billion dollar compensation package for their "CEO."
Tesla shareholders are preparing for a big short or something.
Wait...when did it go from 46 to 56?
And also...do the "shareholders" think this will improve the value of the company? Isn't it more than half of their revenue? Wouldn't this actually be a really bad thing for Tesla's value? Isn't Tesla one of the few EV producers with quickly dropping sales figures? Are the shareholders actually just Mlon Eusk? Enquiring minds want to know!
Those idiots decided to throw away their money to a grifter, who are we to judge? Let them drive the company to the ground, plenty of EV producers actually making good cars.
I'd be fine with all them diamond handing their way to bankruptcy, if it didn't help enrich that dickhead musk.
That's like, a million people's wages. Absurd.
It's far, far more money than all the people he just laid off because he "had no other choice"
It's more money than the total amount of profit the company has EVER made across ALL years it's been operating combined.
The company CANNOT liquidate all that money without literally killing itself. Tesla is walking dead.
The equivalent of 3+ years of tesla profits? Sounds totally reasonable and sustainable lmao.
When a dragon hoards the people's gold, the solution isn't to give it more gold.
I think I'd calculated this out to $34000 per unit sold last year.
That's nucking futs.
Then they are completely retarded idiots. I look forward to seeing them lose more money
The stupid shareholders are financing Musk’s Twitter-disaster.
Why would anyone need that much money.
Elon provides invaluable support to the company and deserves to be compensated for . . . hahaha, no I can't write that with a straight face.
To buy the next website that people are making fun of him on.
Dumber than a bag of wet bags.
Dumber than a box of rocks.
Stupid fucks must share in his assholian philosophy
Musk owns more than 20% of Tesla stock.
While some investors remained silent on their voting position, Tesla's largest shareholders, including Vanguard Group, BlackRock, and State Street, collectively holding roughly 17% of Tesla's stock, abstained from public comment. The full voting breakdown will be revealed during a Tesla shareholder meeting in Austin.
One, what an AI-written paragraph: "While some ... remained silent ... [others] abstained from public comment." Aren't those the same thing?
Two, this is all just a bunch of rich motherfuckers deciding how much of an insane amount of wealth to give to one of them. Where'd they get that money? Customers.
Imagine how competitive an electric car company could be if it wasn't just a front for shuffling vast sums of money around between people who already have more money than they could ever spend.
I mean you have to be pretty stupid to believe in Tesla at this point. When was the last time they came out with a new car? Not counting the Cyberrust.
I think they would have a decent future if they dropped this guy. His personal "brand" used to bring a lot of value and attention but now it's just an anchor weighing all these companies down.
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