www.theverge.com/2024/6/6/24173064/tesla-board-chair-warn-elon-musk-leave-pay-shareholders
Tesla CEO Elon Musk could leave if $56 billion pay package not approved, shareholders warned
GeneralAlready voted.
Um how do I vote? The only paperwork I’ve ever seen was about the lawsuit…
Check your email for something from the company through which you hold the shares. If you can't find it, call the company through which you hold your shares.
I keep getting emails from my broker
You should have receieved emails or letters from your broker with information to vote at ProxyVote either online or via paper ballots.
Moderator removed comment
1mo
Seriously, he should go. He can't keep his mouth shut and pissing off the very people who buy Tesla cars.
This is very, very true. I don’t own a Tesla (I saw this thread through popular). I would never buy one. I know several people with EVs who have said they would never buy a Tesla. All because of Elon.
The work at Tesla is not all down to Elon. They have lots of engineers who will continue great work there.
But the line goes up every time he promises something he won't deliver
I sold all TSLA stock but still received the voting package. Should I vote?
I think I sold mine too long ago, didn't get a vote. Cause damn I would have liked to vote on that. Whatever I guess, my NVDA stocks are very happy.
I sold all mine too. Still voted.
How do I vote? I have only 17 shares. Can I vote??
Whichever broker you have the shares with should have sent you one of those proxy vote emails.
Thanks. I have contacted mine
Send him into the sun.
I hope he leaves, maybe then I can buy a Tesla without the guilt of giving that asshat money!
But it’s not a pay package right? Isn’t it voting shares or something?
Those “voting shares” are literally “shares”. They are paid for by the shareholders via dilution
I’ve never been so enthused to cast a “no” vote with my measly 150 shares. I don’t care about the financial impact on the company - the stock compensation in question has already been set aside for this. But the prospect of Elon packing up and leaving has me salivating.
don't threaten me with a good time
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1mo
Don't threaten us with automatic wipers that actually work.
Don't threaten me with open window warnings for a window that is actually open
Right? This is what I’ve been hoping for. I might actually want my next car to be a Tesla again.
If they get rid of musk entirely I’d actually consider buying one
Same. He is the singular reason I don’t want to be associated with the brand.
I’ve had a Model 3 since 2019 and had been looking thinking about a Model Y or X. Since musk’s hard right, demands, and general insanity I’ve been looking at other EVs. If he leaves Tesla I’ll reconsider and probably get another Tesla. It may be petty, but I don’t care.
It's not petty. It's having principles 👌
Came here for this comment, was not disappointed.
My hard-on-edness is palpable.
I saw the title and immediately wanted to make this comment. Clicked on the comments section and wasn't surprised it was already here.
Me too.
I cant believe I was a fan of this man for almost a decade.
People change. Sometimes for the better. Sometimes for the worse.
He seemed like a decent enough dude in the past. Or at least had better PR and people able to tell him “no”.
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1mo
You’re trying to bribe me? With money?
Yeah but some of those billionaires just keep to themselves and routinely not make asses of themselves. We all know Bezos is crazy with his rockets right now but he, to my knowledge, isn’t stroking the Nazi’s of this country to act out because someone just became a felon
I’d love for him to leave. Tesla could be so much more without him
This is exactly how narcissists think. Despite Elon causing apparently nothing but problems for Tesla he thinks he's somehow vital to the operation. Side note, he won't leave.
Remember when he tried to say that people would blame companies and advertisers for destroying twitter instead of him?
Yes, exactly. It seems so incredibly clear that Elon leaving would be the best thing for Tesla. He is not doing the company any favors and is massively hurting sales with his stupid political bullshit. You're not needed anymore, sell your stock, take the proceeds, and go use it on one of your other companies.
Yeah really. Is that a warning or a promise?
It's about time. He fucking gutted the charging department. Very literally the last competitive edge Tesla has over legacy brands. A mustang Mach E drives better than a model Y. An Audi E-tron Q8 drives better than a model X. An Audi E-tron GT or Porsche Taycan drives better than a model S. And we'll not even going to get into the value proposition of Hyundai ionic 5 vs a model 3... But you know what they all lack? The easiest outside charging experience in the industry. But without a team to handle expansion they are stuck. He didn't even justify it, I can't understand why stock holders aren't holding his ass to the fire to justify it
This is literally the main reason I am against it, I want him out. If there was a seperate vote for him to step down I'd be inclined to give him the package he earned, but this seems to be our only way of influencing his removal.
He didnt "earn" that package. It was the same rubber stamp board of Elon suck ups that promised him that package in the first place.
Shareholders should be outraged
No one earns 65 billion dollars.
So we'd have to accept someone who works full-time and doesn't have conflicts of interest to divert GPU chips away from the company? I'm guessing his replacement wouldn't fart-storm out golden empty promises, though, so we have to consider that downside.
The weird thing is whatever mystique he carries. His decisions and bullshit are so cringey--why would he have any of this aura of genius?
Already voted. Fuck that guy.
i’m calling his bluff right now; we all know elon’s strategy is to just keep generating attention to himself, regardless of what context he puts himself in.
This is a board member warning about it and not just some shareholders.
The board has a legal obligation to look out for the shareholders not the ceo.
Which is the whole reason the compensation got smacked down the first time, but clearly they haven't learned anything.
I think most Tesla fans realize that Musk has become more of a liability to the company than an asset in recent years. His personality may have helped keep the company alive in the early years, but it doesn’t seem conducive to running a large stable company.
It’s critical to have your chief officer at a public company be reliable, stable, and a clear communicator. Elon is none of these things. He’s a liability to the brand at this point because he can’t keep his focus on Tesla consistently.
He needs to accept that it’s okay to be a startup tycoon and not a lifelong CEO of everything he starts. It’s simply not possible to do well when you spread yourself so thin while running your mouth with incredibly unpopular opinions. Then the guy acts shocked that people don’t like him, and consequently, his brands. He makes emotional decisions that are just stupid, frankly. He then wakes up with a hangover of regret and his supposed delegates have to constantly cover his ass.
Tesla has no clear long term strategy anymore because the guy keeps blowing it up and starting over because he overreacted and over corrects all of the time. It’s bad leadership. The job is to lead and he sucks at it. Time to move on.
Agreed 100%. Firing the 500 people, arguably the best performing and most valuable 500 people at the company to make a point and then scrambling to rehire them (at a premium cost) doesn't make sense anywhere in the world and any other CEO would be ousted by a competent independent bod for that alone.
Elon was great and the only person that could do what was done, from the roadster to the S and the X (both of which I own and love) to the charging network. Man has vision. But it's time to get the fuck out and let a professional CEO take over from here.
Elon musk raised billions for a brand new startup to build an AI supercomputer and he said that it would "collaborate" with Tesla, which doesn't have such an AI supercomputer. In other words, the FSD part of Tesla's valuation will largely be a part of another private company as Elon tries to sell his shares and corruptly export Telsa's IP, when he once claimed Tesla was one of the top AI companies in the world, in a clear and criminal breach of fiduciary duty. This would give Tesla the valuation of another car company with declining revenue and earnings that is laying off employees like crazy, inhibiting Tesla's ability to grow revenue or earnings. Also, Elon revoked Tesla's large reservation of advanced Nvidia GPUs and funneled them to his new AI startup that is backed by his fellow Twitter shareholders, a separate clear and criminal breach of fiduciary duty.
The bloodletting of TSLA share price has just begun if Elon continues to run Tesla.
As illegal and immoral as it is, and everyone can see it, he continues to get away with it. Where are the regulators?
The same regulators who've been systematically defunded by the last 3 Presidents?
Oh, they're busy blowing most of their annual funding failing to get VCs and PE firms to disclose their costs to investors.
Yep, that simple requirement just got overturned by a corrupt 5th circuit court and now the SEC is basically going to be tied up on appeals the rest of the year.
Capitalism!
Where are the regulators?
Busy being mad at a guy who simply likes a particular stock.
One faction in politics keeps underfunding and breaking parts of the government on purpose so that it doesn’t work and people get jaded.
If Elon leaves, my next car will be a model s
Last ceo of yahoo was a really good communicator
Musk is CEO of a dozen companies and is spending 90% of his time on the one least likely to make any money.
SpaceX is getting NASA and DoD contracts and he's fucking around with blue check marks.
Shotwell is the far more competent leader, without her SpaceX would be losing contracts left and right.
That's probably why SpaceX is getting fed contracts - Musk isn't forcing his "genius" on them, so they're just some competent people doing competent people things
His personality has changed, he turned from wannabe iron man to someone who’d rather push his political beliefs, which directly have a conflict with the product he’s making, even if republicans aren’t directly making bills to put down EVs he’s still clearly catering to an audience who are against EVs aside from his most loyal fans.
No, he was always like this. You should read the article from his first wife. His biographer said "Elon cares a lot about saving the world, but only if he's the one to do it." He has always been a petty egotistical man.
The way he has outwardly portrayed himself since the end of Covid has rapidly changed even if he as a person hasn’t.
He fired his PR team. They were really good at their job. So much so that he started to think he actually was cool and didn't need the PR team to make him look better.
Not only that, his outspoken political views are turning off the very people that once used Tesla as a status symbol. I'm guessing there is some non-insignificant portion of potential buyers who no longer have Tesla at their top of their list because of who Elon has turned out to be.
I’m one of the people who bought a model 3 in 2019 only to be turned off by the kind of person Elon has turned out to be. The only thing stopping us from trading it in for something else is how unhappy we have been with the other cars we’ve test driven. Would love to see Tesla move on with more stable leadership.
Saw one recently with a bumper sticker "I bought this before we knew Elon was insane"
I bought in 2019, also, and same. I actually love the cars (I have 2) but won't buy another unless they oust him.
This is his way of exiting while (sort of) saving face/ego. Demand an exorbitant package. And when we refuse, it gives him reason to leave without admitting he just can’t run the company anymore. Basically kindergarten politics for a glass ego.
Can we stop calling them board members at this point?
They're not, nor have they ever executed the basic duties and requirements of a board.
These people should be known as Elon's only friends and family* from here on out.
*Except for Elon's mom, who occasionally shows up to get Elon out of flights that he started by running his mouth.
You mean the board that are mostly musk friends lol
It's a captive board and they need to go. Musk's brother is on the board for fucks sake.
And tell me again how this is bad?
Can we get a 2 for 1 and see the board member go with them? That would be awesome. Actually, can we just see the entire board off?
Please do. Let's get Tesla finally focused on their cars again
Cars and solar power/batteries
And solar roofs and electric Semis!
And MY axe
Won't somebody think of the robots?!
Screw the robots, does Tesla have ADHD or what? Just focus on competing with Asian EVs which eat your lunch soon
Musk just wants the pay package to make up for his absurd Twitter overpay.
As an investor, I always wanted Tesla to be about more than cars. Not trying to buy another General Motors stock, trying to buy the next Apple…
I agree to an extent. like the super charging network is a "non car" business I think Tesla should keep focusing on. FSD is handy, and definitely improving, but it's been vaporware for the better part of a decade, and robotaxis are no where remotely close to being real, no matter what smoke and mirrors he throws up on stage. The core business, the cars, has been neglected. The S and X are becoming super dated besides the Plaid upgrades. The 3 refresh was solid, but the car is still falling behind a bit. If Tesla didn't have such a huge first to market advantage, and such good software, they might actually be dead right now. That's how poor of a job they've been doing with innovation the last few years. The mockery that is the Cybertruck being all they've got to show for recent memory is rough
Duke nukem forever of car features
Oh deep cut
And just like Tesla themselves, you forgot about the Roadster.
Roadster is true vaporware until proven otherwise lol
Ahh, so you're more speculator than investor.
I assumed they meant for him to STFU on Twitter and focus on running the company.
But they are not building phones, they are building cars…
In the end of the day you can only make the choice in front of you. 5 years ago Elon's promises were a lot more compelling than they are now.
The problem isn't what Tesla is, it's where the CEO is putting resources instead. IE twitter.
it‘s a car brand. no matter how innovative they are (which they are not right now), it‘s still always gonna be a car.
if you love the car, you’d want to get rid of the incompetence.
I wasn't going to bother to vote but I will now lol.
How do you vote?
Be a shareholder as of a date now in the past.
You answered the "how to be eligible" question, not the "how do you vote" question.
Where do you need to own shares, does every trading platform count?
What if someone owns 0.1 shares on a site like Etoro?
If someone owns a share on an appropriate trading platform, how do they vote?
Your brokerage should have sent you info in early May. All of them should've done this I believe.
Some brokerages will vote on your behalf, unless you explicitly tell them not to in writing. Check your contracts.
On fidelity there is a section for you to vote in your tab, you have to be a shareholder though
Then you will get an email from your brokerage (at least I did)
Good Tesla could use a full time CEO
And one that isn't allegedly competing (via xAI) with Tesla for AI talent, chips, etc.
Diverting those H100 chips away from Tesla's FSD program to his own startup should really be the nail in the coffin here. It's going to give Mercedes a min. 6-month advantage with the new LLM-type driving models, which are mind-bogglingly successful.
He's been treating Tesla like his own personal piggy bank/resource pool for a while now. In the last month alone he's set both the Supercharger and self-driving divisions - both important recurring revenue streams - back 6-12 months, maybe more. He's far too unstable to be helming a large corp.
LLM type driving model? Huh?
Do you have a link describing their model
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1mo
Good. Get him the fuck out of there. He’s destroying the brand.
Two of my neighbors would buy Tesla's if Musk was out of the picture. I might buy a second.
Same. I know a number of folks buying far inferior EVs because of him.
Yup. If he's out a tesla might be my next car. If he stays it definitely won't be.
So the company will save $50bn, boot a toxic absentee ceo, and won’t have to be a test subject for whatever Texas’s new corporate court system is? I may buy more shares just to vote against it even harder.
At first, you had my curiosity. Then you had my attention. Then you have my upvote.
I remember MSFT soared the day Steve Balmer's resignation was announced years ago. If this guy leaves, TSLA will go to the moon. Not only will it be the best parting gift for the shareholders like myself, it will be beneficial to himself.
1000%
So many people would buy Teslas with him gone. All my left leaning friends own other electric cars just because of Elon alone. The cars might as well be a red maga hat to them because of him.
Brand can be rehabilitated with the right CEO in place. Hell put the head of the charging division he fired in charge, she did an amazing job.
Your missing the point that tesla stock isn’t based off being a car company that sells cars. It’s everything else (software, tech, ai, battery, whatever..). So unfortunately the stock will likely have the opposite reaction. Even if sales do increase
This is absolutely the correct answer. The value of Tesla and it’s crazy high stock price is because of future developments adjacent to cars. If Elon leaves it would likely go down, not up
I’m doing my part
"Recommended by the board"
Fuck offffff lmao
What is everyone’s estimation on the odds he gets this vs doesn’t get this package?
From the article:
A report by trading platform eToro from last month showed that about 25 percent of Tesla’s shares have already voted, Reuters said. Of those, more than 80 percent were in favor of Musk’s package.
That would only include eToro’s clients hahahaha
You thought that was everyone? That’s a niche Israeli exchange
Given that would also only be individuals, not institutional investors
He'll get the package thanks to the institutional investors that are, pardon the pun heavily invested in having Elon as CEO because he drives the hype that drives the stock price. They don't care about the business, and whether that business is making electric cars, stationary storage, flying cars, sex robots or even if then material side of the company exists at all. All they care about is line goes up good, line goes down bad.
, shareholders
warnedincentivized
As a shareholder… let’s fuckin’ go!! Get him outta there. It was the board that said this, not independent shareholders.
He’s leaving the company regardless. He already made it clear where is focus is. It would suck for him to get 56 billion dollars before he goes.
He should go. He’s causing so much damage to the Tesla brand. I absolutely love my car but would consider not buying a Tesla next time because of him and the impacts he has on the brand, particularly as it relates to service.
He bet on himself and won. Pay the man. Read the specifics of the contract. It’s kinda amazing he agreed to it. I would never have done the deal.
Speaking as a shareholder, I'd be okay with that.
If would be as disastrous as Balmer leaving Microsoft ( ignoring the most recent Microsoft disaster, we'll see how that plays out)
You mean TSLA would have to get a CEO who actually works full time for the company and looks after the company's interests and not their own??? Sounds like fantasy
Cool. It’d be great to find a CEO who understands the value of essential teams like the Supercharging team and recognizes that you can’t throw temper tantrums and fire the ENTIRE team. Completely erratic decision making the last 2 years and it’d be good riddance.
Good
Ok and?
They’d be better off with a less controversial and more focused CEO who’s main priority is Tesla and not 8 other things and being a Twitter troll
The fall of this guy needs to be studied for years to come. If we had a Time Machine and could have seen this article be posted in 2016 there would have been full blown riots, and now the general consensus is that the company would be better off without him
Eh, the Reddit consensus, not the general consensus. I won't be bothered if I'm wrong, but as it stands he's unlikely to lose this vote the way major shareholders are on record as having voted.
Not a fan of Musk these days but part of me still thinks he adds some secret sauce to his companies. I see every other automobile company as part of the problem, not the solution. Tesla dragged them all kicking and screaming into electrification and even now they are trying to push the PHEV narrative.
We saw this when Jobs left Apple... and not trying to compare the two men and the two companies, but there's this little voice in my head saying "Maybe you need a little crazy".
Serious question… Is this the same package he requested years ago if he met insane deadlines or something? Were those met and now the public image is just tarnishing it or how? Genuinely curious as I’m not up to date on the situation really. I have a My, but I don’t get all into the politics of everything and what whose doing and where etc, so I’m a little behind on this kinda news
Bullshit clickbait headline
Spoiler: he won’t. His ego is too big to leave Tesla.
He would never quit.
Good riddance. Numbers don’t lie, and he’s been an albatross on the company since he came out of the alt-right closet and sank Twitter.
Clicking in just to check on the moronic hivemind - yep, still going strong.
This is going to be a wildly unpopular opinion, and I expect to be seriously downvoted, so here goes.
Tesla is Musk and Musk is Tesla. Before Musk, Tesla was a fledgling startup that was never going to get out of the starting gate. Under Musk's leadership, Tesla practically invented the market for EV's and to this day they sell more than all other manufacturers combined, besides BYD. They still sold more than BYD last year and are on track to do it again this year.
If Musk were to leave, the company would go into a tailspin, there's no succession plan, any talent Tesla has at the executive level Musk brought them in, therefore they are likely to go with Musk when he leaves. There's no CEO in the country that isn't already at the helm of their own company that is qualified to lead Tesla. Musk isn't just the chief manager of Tesla, he's also their Chief Idea guy. So any potential replacement is going to have to have ideas or its not going to work. The institutional investors are going to flee like rats on the Titanic, the share price is going to crater at least in the short term and until the new management team gets investor confidence the share price isn't going to recover.
I'm not saying Musk will leave Tesla if he doesn't get his pay package, I'm not sure he deserves the money he's asking for, but if you look at the alternative, either he gets the money in stock or Tesla loses it in share price decline and executive churn. They'll get FSD eventually with or without him, that will help them long-term, but then what? They'll need a new idea guy.
The board should have tried to bring Musks pay down to a smaller # with new contracts every year for 5 or 10 years. He ends up with what he wants, just takes longer to get it. I get it, Musk is a weird guy, he picks weird fights and he went political, but that doesn't make him any less qualified to lead Tesla in my opinion.
To further expand on this:
Musk doesn't function in the traditional CEO role at any of his companies. The thought of that would be absurd. SpaceX, Tesla, etc require a full time CEO. Musk nevertheless retains the title of CEO because he wants product to tell business to FO sometimes, and this is a huge key to why his companies are so amazingly successful.
Musk learned the hard way that business people will not take what they believe are unnecessary risks and prioritize the wrong thing in his early career where he DIDN'T want to be CEO. He saw business people crush the dreams and ambitions of the product people, so he decided never to let go of that power again.
So this is why Tesla has been such an incredible success and why I hold onto its stock, it's not "CEO Musk" per se, it's that he's hacked the corporate model to liberate product people from business and as a result all the best product talent in the world want to work at his companies.
If Musk goes so does my investment. Tesla is way overvalued as a car company, but as a place for incredibly talented product people to reach for the stars? It's only the beginning, and a sure long term bet.
I agree with most of what you said. I don't want Tesla to turn into Toyota or Ford. I don't want to have an entry level Tesla with a tiny crap screen and 100 hp motor, which is 100% what Toyota would do. What next, they start opening up dealerships? No thanks.
Yeah, as much crap as Tesla and Musk get, they did so much right.
I love that base model Teslas are pretty much fully loaded feature wise and differentiation between trims is mostly just range and acceleration, yet even the base models still have good acceleration compared to base models of legacy auto maker EVs. Every legacy brand forces you to get the top trim level if you want things like cooled seats and driver seat / steering wheel memory profiles.
I love that Tesla pushes updates almost bi-weekly to cars that are 7+ years old, often adding new features. If another CEO came in, they would probably scale back the teams responsible for that and turn into every other car company that never adds new features to cars after they’re sold.
As much crap as it gets for not being perfect and not delivering on the original promise of level 5 autonomy, I love using FSD and seeing a little glimpse of the future. Yeah, it’s still level 2, but there isn’t a single other car for sale that can stop at stop signs and stop lights, make turns, and pretty much do everything for you. I think most other CEOs would be terrified of the risk and liability of that, and the investment required, and would have never pushed as hard as Elon has for FSD. Sure, Elon made some mistakes with FSD, overpromising and (some would argue) removing radar, but no other manufacturer has even attempted shipping a vehicle that can do what FSD does.
Really? I might get the Y then.
Win/win then?
Redditors showing how detached from reality they are claiming that Elon is destroying Tesla lol
The level of moronism on Reddit is scary
seriously, the hivemind here is strong and fucking stupid
It's moronic and painful having a discussion with the hive.
I’m wondering if we’re witnessing some bot action. But, gotta admit, people are not happy with Elon
Apple did so well in the 80s without Steve Jobs, remember? Those were the good years.
Good
That's not a bad thing, honestly.
GOOD.
Tesla needs a mature, focused, and rational person to lead it to success. Not a man-child edgelord with racist and dictatorial tendencies.
Vote NO to his absurd pay request.
Go on, get!!
i dont think Musk is good for the brand but i feel somewhat conflicted seeing everyone celebrate the departure of the guy who put this company on the map.
Obviously Tesla is bigger than him but this guy did return 15,500% or 200% pa. since the IPO. At the time of this agreement the achievement was inconceivable and idk now if the compensation is warranted but surprising to see investors turn like this. I would have to suspect these are relatively new investors. Investors are forward looking at the end of day
Good riddance. He’s become an ultra right conspiracy theorist whackadoo, who appears incapable of doing the most rudimentary research on his reposts before making them.
He is poison to the Tesla brand at this point. Sales would surge again if he left.
Absolutely they should put this to the test....
That’s literally the point of the vote. Get him fucking out of there.
Good. If that fuckwad wasn't at the helm maybe I'd consider buying a Tesla.
Regardless of whether you want Elon to stay or go, I seriously doubt he'll leave even if the pay package doesn't get approved. He owns so many shares of TSLA and a significant portion of his wealth is in TSLA shares that he has an incentive for TSLA to succeed even if he isn't at the helm and it doesn't seem like he has a succession plan.
Ok so if he leaves who's he gunna beg for 56b from
Yes please. Go back to focus on cars, not stupid shit at Twitter.
Let the pos leave
Win win
He is the reason their sales report was so disappointing
Seems like a win win doesn’t it?
Oh good.
The best thing for the brand would be for him to leave.
Promise? I'd want it in writing with this guy.
Good riddance. Charlatan
Musk rage quits over not getting the biggest payout ever and then suddenly Tesla starts churning out quality built cars with functional features...
Promise?
Good riddance
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