this post was submitted on 03 Dec 2024

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Tesla loses bid to reinstate Elon Musk's record $56bn pay package (www.bbc.com)

submitted 1 day ago by return2ozma to c/news

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[–] EndOfLine 42 points 1 day ago (2 children)

It is eeally odd that the company, Tesla, is fighting so hard to give away 56 BILLION DOLLARS. That really does not sound like an efficient use of resources. I mean, how much money did they spend just on fighting these legal battles to give away even more money? Seems like the more efficient thing to do would be to accept the first decision that allowed them to keep all of that money.

The person or people pushing for this pay package should never put in a position to evaluate and recommend effeciency of anything. Fortunately, there are only a small handful of people on this planet stupid enough to assign them to such a position. 🙄

[–] BananaTrifleViolin 27 points 23 hours ago* (last edited 23 hours ago) (1 children)

Yeah this is an example of corporate corruption, where enough voting shares are in the hand of a minority of investors and the leadership team is under their control.

It is in no way a good idea for Tesla to give away $54bn. The only person this pay package is good for is Elon Musk.

Elon is trying to extract money from the company because he knows it's in decline. Profit is down since 2021, sales are down, and most of the crazy high value of the company is around expected future tech that is basically broken. Tesla's self drive tech is broken because Elon Musk himself interfered to keep the costs down, and they are stuck with a lemon.

Meanwhile their competitors are making more and cheaper electric cars, and also are further along in self driving tech. The idea of a fleet of autonomous cars that Tesla sold itself on is sound but it isn't going to be delivered by Tesla.

Tesla stock is a speculative bubble and it's only a matter of time before it pops as people realise it's not going to deliver the dream it claims. It's conpetitors will. Tesla could have succeeded but the guy who didn't even found the company fucked them by interfering.

Elon Musk is nothing more than a loud mouth investor. He's had a lot of luck in what he's invested in but he himself is a moron.

[–] [email protected] 5 points 20 hours ago

Yes, and most of all he’s got to be able to cover the Xitter loan before it all goes tits up.

[–] wildcardology 5 points 21 hours ago

With musk co leading DOGE they know that he's going to push unfair advantages for Tesla.

[–] [email protected] 18 points 22 hours ago

He threatened to quit last time if he wasn't going to get it right? Let's hope he follows through.

[–] TheDemonBuer 6 points 18 hours ago (1 children)

Everyone's always talking about how Teslas are the best EVs, and while I don't doubt that they're great, if that's the best that an EV can be, I don't think I'll be switching over. I don't care about sports car comparable 0 to 60 times, and while I appreciate clean and minimal, Teslas are a little too minimal for my tastes.

I hate that Tesla started this trend of having a giant touchscreens in the center of the dash. Maybe some people really like that, I don't. I mean, it's nice to have a screen for navigation and a backup camera, but the relatively small screen in my wife's Rav 4 does perfectly well for all that, and it still has physical switches for climate control, and the like, which I prefer.

Also, I think they are kind of boring looking, too. Overall, I'm just not sure what it is that supposedly makes them better than every other EV, really. Maybe it's just a perception thing. But the biggest issue for me is Elon Musk, I associate him with the Tesla brand and he embodies everything I hate about capitalism.

Maybe the biggest problem with capitalism is how many, if not most, entrepreneurs become convinced that they're the primary reason for a company's success, like that their brilliance and effort alone made the company great, and without their leadership nothing would ever get produced, economies would never grow, and humanity would never progress or develop. It's the Steve Jobs mentality: capitalism works because it grants "great," "superior" men (and they are almost always men) the power and freedom to direct and command development and production of products and services. This mentality treats workers as incidental, or at least interchangeable. Workers are just there to pull levers and do as they are directed by the "great" entrepreneurs.

If Teslas are great cars, it's because of the talented engineers and technicians who design and put them together. I'm not sure what Musk's real contribution to Tesla's success has been, if any at all. Maybe he is the incidental one. But a $56 billion pay package is not incidental. But, I suppose men like Musk believe that because they are "great" entrepreneurs, they deserve great compensation.

[–] Badeendje 1 points 7 hours ago

Megaprojects had a cool videos on Chinese EV's.

[–] [email protected] 5 points 18 hours ago

Greed knows no bounds.

[–] [email protected] 14 points 1 day ago

Yeah good, now I hope I never hear or read his name ever again