this post was submitted on 19 Apr 2024
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Tesla seeks to award Elon Musk $56bn pay package | BBC (www.bbc.com)
submitted 8 months ago by filister to c/technology
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[–] RememberTheApollo_ 34 points 8 months ago (1 children)

What bullshit it is to throw stock at someone that ends up being worth billions and turn around and say they never got paid.

He received compensation via stocks in lieu of cash. It’s business pay and compensation 101…this is how you get can get paid.

She’s saying “he got paid, just not cash pay, so we didn’t really pay him, and now we want to pay him again differently.”

[–] affiliate 13 points 8 months ago (1 children)

completely agree. and it's even more insidious when you take into account how he's spent the past 6 years bragging about how he has a salary of $0 because he's "only working for the betterment of humanity" or some nonsense like that.

[–] RememberTheApollo_ 8 points 8 months ago* (last edited 8 months ago) (1 children)

I’ll offer this up, too:

Jeff Bezos, the richest person in the world, has made the same $81,840 salary for two decades.

Yeah, it’s an older article, but it demonstrates the same principle. Cash pay doesn’t indicate what someone’s worth. One could get paid more than Bezos, but obviously never approach his total compensation or net worth.

So why Musk is trying to pillage Tesla for such a huge pay package is beyond me. However, on the Tesla c/, some speculate that Tesla is showing some of the same symptoms as other big automakers did before declaring bankruptcy. Total uneducated guess that musk is cashing out some of his chips before Tesla “officially” declares financial issues in the next few years?

[–] [email protected] 2 points 8 months ago

Not really news that Tesla has a lot of headwinds, even before Elon’s peculiarities and ‘leadership’ is factored:

  • Was disruptive in early 2000s, now suffering from many of the same diseconomies as the auto industry
  • Vertical integration especially introduces huge CapEx that has to justify its continued existence via regular, strong sales. There’s a very good reason the big automakers sub-contract out a significant part of their BoMs for production and JiT stocking
  • Traditional auto makers (and government) are pushing EVs hard, greatly increasing competition especially in entry level markets where Tesla has poor showing
  • High profile recalls, durability issues, and ‘autopilot’ deaths leading to growing concern, both regulatory and consumer

We all know the stock is massively overvalued. The question is will it correct and level off, or fall so fast from that height that Tesla ends up like Lucid, Rivian, or Polestar etc as a low-mid manufacturer, or go so far that the short sellers bring the knives out until delisting