Makes perfect sense when you think about it. Seems like most of Elon’s shareholders know he is in the business of selling stock, not cars.
Diluting the shares creates more stock to sell to future bag holders.
So is everything a cult now? The days when people would do evil things out of greedy self-interest seem almost quaint now. At least greed could be considered rational in a selfish, short-sighted way. Now all that seems to matter is that whatever decision is made is obviously the wrong decision, regardless of what that means for the people making it.
I think even if I were the sort of person to be a shareholder who thought Elon deserved the money (I am neither), I would definitely take “I’ll quit!” as a challenge, and vote no; if only to see what happens next.
I mean isn’t “cult” just when a small group of authoritarians isn’t the dominant/largest group of authoritarians but is also large enough to matter?
I hate it all [and I mean all creation at this point] but I’m afraid it is just people using money and power to enthrall some folks in order to focus power on themselves and I think that “cult” is just one way that happens. It’s human nature.
What I want to know is why such worthless and pathetic individuals seem to be at the head of so many of them?
Everywhere I’ve ever worked has treated “do [thing] or I’ll quit” as a resignation announcement and bounced the person making the threat.
Regardless the merit of the complaint, a threat to quit means the person already has one foot out the door, and regardless of concession now they will be leaving soon anyway.
As RickMycroft’s posted Guardian article points out, the shareholder vote does not by itself invalidate the judge’s decision that the pay increase cannot be granted. It mixes into the litigation, but Musk won’t be getting a red cent out of it anytime soon.
One very important point missed in the comments and article is this isn’t $56B in cash. It’s almost all stock options, with required goals to hit - none of which the company has so far. It’s completely plausible with current reality that he gets exactly the same payout we all did - i.e. bupkis.
Editing - I was incorrect, mostly. It is all stock, but he has hit most of the goals. Here’s a detailed article I should have read before posting. I’m wondering if he has any walls on selling, but even if he doesn’t, selling a lot would be public knowledge and likely tank the price, right?
Did they change it then? The first pass was everything was already hit.
I await the day the Tesla bubble bursts, Musk loses something like 90% of his wealth, and Twitter goes fully underwater.
You’re correct - I edited and added a source to prove it. Thanks!
I hope that happens, but the sad thing is he could lose that much and still have more money than any single person could possibly spend in a lifetime. Billionaires are obscene and immoral by their very continued existence. They’ll never have to truly worry about anything for their whole lives and neither will their families for generations to come, and yet it’s somehow still never enough and they’ve just got to keep taking and taking.
Tying his compensation to the performance of the stock price (which, let’s face it, is only tangentially related to company performance and product quality) will only encourage more manipulation of which X is a key component.
Yes. But for the same reason, if Elon Musk is knocked down to, say, a single billion, he will be unhappy about it forever.
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