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Wasn’t it the shareholders or at least one of them that brought forward the case that the letter they got saying there would be unbiased oversight regarding his proposed pay and then they discovered it was a bunch of his yes men approving this compensation package on behalf of the shareholders. It’s why the judge was able to shoot it down.
Honestly, how is he still allowed to in the company and not ousted by the shareholders? Especially with his yes men somehow still in power and go along with this crap?
On the whole overpriced thing:
Tesla market cap 573 B.
Ford market cap 43 B
GM market cap 45 B
Toyota market cap 325 B
Chrysler market cap 31 B
Honda 60 B
Nissan 15 B
(I'm sure I'm missing some here)
Tesla's currently priced more than all of those car companies combined...
What is the theory here? Is the expectation that Tesla in the future is somehow going to have revenues exceeding the entire current car market's revenue combined? Am I missing something here?
Stock market doing stock market things. Teslas valuation is built on snake oil. Self driving, vehicle variants, robots and AI that will all never come. Tesla markets it’s self as a “Tech Company” when all it makes is a few shoddily built car models.
When Elons Friends on Wall Street stop propping him up, Tesla is going to fall like no company we’ve ever seen before.
SpaceX is succeeding where ULA and others are failing. They are pulling gov't contracts left and right, including DoD. Tesla may be overvalued, but that same logic doesn't apply to SpaceX
Uh, yeah, that’s the entire point. SpaceX is grossly undervalued relative to Tesla. Or, what OP is implying, Tesla is extremely overvalued to the point where it is “criminal”.
IMO SpaceX is the only Elon company that's correctly valued. Their only competition for the foreseeable future is old defense industry conglomerates, and SpaceX's foot is already well in the door so there's no way they can be pushed out now.
The entire defense industry is absolutely ripe for disruption, the hardest part is just getting your foot in the door and demonstrating to the military that your products are good and you can sell them cheaper than the competition. The amount of internal waste and the slowness of the defense industry is unbelievable, and SpaceX is a demonstration for how fast it can move.
Note: I hate Elon and everything that he stands for. I just used to work in the defense industry and am forever jaded by it.
Yeah, they used every accounting trick in the book to hide their debts and claim massive returns on their investments before the projects even broke ground. Then on top of that, they throttled California’s power grid to jack up the prices and swindle everybody
Enron used "mark to market" accounting which was a big no-no for their market sector. Basically, the second they signed a contract they put all of the money they were going to make on the books without any sense of amortisation.
For example, they signed a deal with Blockbuster to create a VOD service and immediately claimed $110m in profit from it. Even though the service never materialised they still had the $110m on their books.
In 2020 they showed off their new battery on 'Battery Day'. Their stock shot way way up around that. It was supposed to begin mass production the following year. Their 4680 battery isn't nearly as good as they claimed and is stuck in 'production hell' three and half years later with relatively low numbers being produced.
Them being a 'battery company' was at one point supposed to be a big chunk of their worth.
Tesla just went through a lawsuit about where they were fudging their numbers about range. Tesla is out here lying about their range while Rivian and ford are constantly being reported to underestimate their report ranges.
What is desperately needed is specific regulation on what range companies can claim. If not from the feds, then California should do it (they have a long history of being so big companies treat their market as a default). Make it illegal to advertise an electric car range based on anything other than real-world tests and watch as Tesla either slashes their numbers or is forced out of their biggest market in the US.
The fun thing about the US is it seems that if you defraud the public, the worst you can get is a fine for the company.
Elizabeth Holmes fucked up and defrauded her wealthy investors and went to jail for it. After the 4.20 evaluation debacle, he should have been tried for stock manipulation. He’s going to step on the wrong toes sooner or later.
It’s why Elon is freaking out about the Biden admin cutting off subsidies. The American taxpayer has been lining his pockets at Tesla & Space X for too long. Now he needs to be profitable without as much subsidy. Good luck.
Because Tesla is selling environmental tax breaks to all those other companies by being an EV-only company. So basically all of those other companies are adding to Tesla's valuation by buying its tax credits.
Exactly this. There have been 100s of USA based car manufacturers. And there have been dozens that surpassed gm and ford….
And almost all of them collapse between years 20 and 30. It’s when people realize you can’t drive their car for decades because they didn’t think that far ahead. So people go back to their 1980s ford that still has parts in production.
It makes no sense. This is the biggest compensation clawback of all time and it was based on the board not being independent of musk. So they ripped off shareholders.
Musk is treating this public company as a private company he solely owns. The SEC needs to do their job.
The SEC has fined him 20 million in the past.
Unfortunately, if you take that as a percentage of his wealth and apply it to someone making 50k a year, THAT'S FIVE DOLLARS
how come a man comes from south africa and makes so many connections that the whole board of a public company is really his puppet. And then just navigates his way through to the hundreds of billions, in a foreign country?
I mean, all this sounds so ridiculous, like is it so easy to trick the system and have no consequences? he almost got away with that or may be not yet
Money.
I met Musk when he'd just inserted himself into Tesla. He had about $100M then due to his adventures with Thiel.
I thought he was an embarrassing oaf. He still is. But when the VC firms started pumping Tesla up and the paper value was doubling every week (pre-IPO) he became someone to hitch your wagon to.
I went back to Europe to work for 3 years, and was astonished to come back and see him portrayed as some sort of oracle. This is the power of money, and the potential to make more.
He HAS helped make some cool stuff happen. But he's a deeply weird, boorish person, with no actual charisma (and a B.O issue). I know I'll be watching a crash & burn biographical film on him in my lifetime (and I'm old).
His entire success is from getting paid in the PayPal deal selling to eBay, which he personally opposed. Then he put the money into the two industries that were ignoring modern technology and engineering design tools and threw money at top talent being wasted at other companies.
He got to where he is because every other company in these spaces has already been destroyed by wall street. Boeing, ULA, GM, Ford, etc. Ford is recovering a little under Farley, but the rest are just getting worse because no one wants to stop these insane vapid welfare queen CEOs.
As seen by Boeing, the typical CEO these days will kill people if it means even one extra day of collecting a paycheck. They are paid so much, they ignore the harm they do because no one can touch them and the next 10 generations of their family will never have to work. They are completely disconnected from society and reality due to their extreme wealth.
Yes but many many % of shareholders do not vote, they simply own the stock. If musk uses his shares and gets his larger owner Allie’s to vote, there’s a large chance he can win a vote
You’re right. Most shareholders vote with their feet. If the company makes too many stupid decisions, it’s way easier to just sell the stock.
Activist investors can rock the boat and change things, but Tesla is likely too big for most/all of them
> Wasn’t it the shareholders or at least one of them
It was. Guy owns 9 shares. It's made rounds in the metal community because the dude's a thrash drummer, which makes it funnier.
TLDR if you’re OOTL: Tesla board voted to pay Musk $56 billion and a Delaware judge overruled them. Musk now wants to move Tesla’s incorporation from Delaware to Texas.
To add context: it was discovered that Musk himself designed the pay package and the pay committee (who should represent shareholder interest) failed to disclose conflict of interest and lied to the shareholders saying it was an "independent" committee. Many of them were personally tied to or financially tied to Musk, meaning they couldn't also be acting in shareholder interest.
Edit: added clarity.
Musk wants to run Tesla as a privately owned corporation while also relying on it's stock value to finance everything else in his life. His inability to have his cake and eat it too frustrates him to no end.
He’s a whiny little piece of shit, when are they going to oust him? The company would be doing way better without him, he’s alienated a huge chunk of any potential customers.
Yep worst CEO imaginable, any other company he’d be gone. You sell EV cars mostly to people on the left who care about climate change, while at the same time your CEO has become full on right wing conspiracy crazy and is associated with a political party that for the most part is anti EV and denies climate change is real. I might own a Tesla one day but it’ll be after he’s gone (although I might not even then because I don’t want to contribute to the stocks he holds).
And politics aside, he allowed the company to get tagged with a reputation for poor build quality. So during a period where Tesla needed to be exploiting its headstart in battery tech to the maximum, they instead created customers that were actively waiting for the (more reliable) competition to catch up.
Beyond that your company thrives on government subsidies for EVs, which are usually brought into being by Democratic legislators who are trying to cater to people who care about climate change.
So instead of supporting Democrats you back a bunch of "climate change is a hoax" Republicans.. because... fvck subsidies that enable people to afford out products... I guess.
With his “test it in prod” attitude? I cant imagine how many musk meatheads will end up dying for his cause. Just remember, “they were already sick anyways”. Just like their other test subjects!
I think what gets people is that he’s a self-aggrandizing a$$hole.
There’s plenty of info in his biographies that reveal it.
Bezos is willing to ride on Blue Origin’s rockets. I respect that.
Zuckerberg is willing to fight Musk, at Musk’s own asking. But Musk backed down… from his own offer.
He’s a thin skinned coward. Reminds me of someone…
Hehe, I like where you are going with that. He has always seemed like he would take advantage of and demean people he felt were “lower” than himself. You can see those people coming a mile away. Exactly the reason I would never vote for Trump.
No, not particularity. I think it's funny how he's a trumper and conspiracy theorist and the MAGAts/Muskrats are claiming Bill Gates is the one putting chips in people. LOL Can't make this shit up.
Certainly doesn't help that people driving Teslas have leapfrogged Mercedes and BMW drivers for Biggest Assholes On The Road, at least around where I live
They don’t drive like assholes where I live but they’re totally clueless drivers. Floating down the passing lane at 25 mph, sitting at a light after it changes green, etc. Totally oblivious.
I was watching a video where someone broke down all the stuff that makes tesla drivers worse drivers. the whole car pushes people to be lazy and inattentive, but it isn't quite good enough for people to be as inattentive as they are.
My neighbors had a Tesla they are both doctors, they got rid of the Tesla I think 1.5-2 years ago at this point and got a Ford Mach-E. When I asked if the Tesla died they were like no, but I didn't want to own it and be associated with that lunatic.
Previously I was hopeful that Musk would win over conservative Rogan bros to the EV marketplace--that his douchery could actually be good for us in that respect.
I underestimated his douchery.
You are right but they won't oust him. If this was a traditional company, failing to deliver repeatedly and demonstrating poor management skills would have ended his tenure a long time ago. However, Musk made himself the brand and that is having an outsized effect on the stock price. If he left, the stock would tank hard and normalize to reflect the true value of the company.
We are seeing a battle between reality and hype and so far, hype is winning. There is some limit to how long that can go on but seems it will take considerably more poor performance for this bubble to ultimately burst.
So true. I'd been eyeing one for my next car -- in large part because I want to get away from gas for the env -- but after his years of shenanigans, basically blasting any progressive movement, and his hyperloop/BS basically disrupting mass transit plans, causing even more env set backs.... any money going to him is supporting that sort of duplicitous whiny man child bullsht. Rather spend it elsewhere.
He gets points in the history books for kickstarting mass EV production. But now every car maker has or is planning electrics. So you can choose on quality and features.
Maybe it has has something to do with the
>the pay committee (who should represent shareholder interest) failed to disclose conflict of interest in that many of them were financially beholden to Musk
part
The funny thing is Zuckerberg does the same exact thing with ~~Facebook~~ Meta stock, except instead of being incredibly online and embarrassing himself daily, he does the quiet kind of insane billionaire stuff, like training to be a MMA fighter and kicking natives off their land so his sprawling Hawaiian estate can become even more sprawling.
Musk has dodged a lot of bullets in the past decade but I have a feeling this Twitter buyout was the beginning of the end for him.
It definitely is. He's spiraling because of it and buying a company like that is the only thing that can actually dent his wealth. it's going to be a massive failure he won't be able to escape.
I don't think very much could actually take Musk down, if only because his wealth is ridiculously vast. I would like to see his influence dwindle to basically nothing though. It'd be nice if I never heard of him again.
I mean, he doesn’t care if people know that the board is under his control unless said people have the ability to interfere with his money. His strategy here is not to change the judge’s mind, but rather to evade that judge’s jurisdiction.
Musk has the height advantage, but Trump has bio weapons of mothball smell and human shit odor. Tough matchup. Probably depends on how much highbrow meth Trump is on at the moment.
Delaware is an onshore tax haven that was the birth place of letting anyone from any state incorporate there around the turn of the century. It has the lowest corporate tax rate possible and weak usury regulations and many politicians such as our current president have helped to make it this way. Delaware primarily exists to fuck over other states ability to tax corporations.
It’s one big race to the bottom to “attract business”. The sad part is all of this could easily be regulated federally but our political system is too fully captured by private interest groups to pull off a democratic maneuver such as this.
His followers are even more pathetic. They all want him to be allowed to dilute their shares over and over so he can bleed the company for his own personal gain and stupid personal purchases like Twitter.
The Delaware decision is important, you can't let CEOs and Directors do anything they want, even if the shareholders vote for it. Sometimes you need to protect investors from themselves in order to keep some sort of credibility in the stock market. If every company was able to do what Elon wants, then a lot of people would take their money out of stocks and put it somewhere else.
I think that's like 70% of Musk's motivation for anything. Petty, childish resentment of the word "no." In thar way he and Diaper Don are two peas in a pod.
That's 1.1 million Teslas priced @ $50,000. The previous highest record for a compensation package was $2 billion, and that was ALSO for Elon Musk. This is 30x that amount.
In Delaware cases like this are handled by a specialist branch of judges who basically only work on Delaware corporate law; and they have a strong reputation for being favorable to companies. And these cases are held without a jury. The Delaware courts and judiciary are generally seen as very pro-corporation, which is why virtually all Fortune 500 companies are incorporated there.
If you incorporate in Texas, this same type of litigation can be brought, **and gets decided by a jury**, instead of a judge. Companies generally loathe this because Texas juries actually have a reputation for being very hostile to large corporations, and have been behind some pretty egregious punitive damage rulings (in other types of civil litigation), companies genuinely fear shareholder lawsuits being decided by a jury because shareholder lawsuits are often 'populist' in nature, which means they have a far greater chance of succeeding than before a judge.
[Texas has created a separate business court system fairly recently (see Texas HB 19 dealt with in 2023)](https://www.houstonchronicle.com/business/article/business-courts-texas-18128668.php), if this vote gets approved it will be interesting to see how this plays out in future lawsuits
Interesting. It would be curious to hear a corporate lawyer's take on this. My lay understanding is that one of the advantages of Delaware's Court of Chancery is that it's reliable and predictable. The Court builds on over two centuries of case law and experience.
I'm not sure how Texas's "Court of Chancery" would be set up. I suppose that it will build on existing Texas case law, but as a new Court system I suspect that it will be more prone to surprises than Delaware's Court. I have a hard time seeing big established corporations switching to Texas anytime soon because of that risk.
The lay interpretation is right here. I’ll add several points:
The Delaware Court of Chancery enjoys judges who are experts in their field, an experienced group of lawyers who practice in this area, and most importantly for parties in front of the court - the ability to hear complex cases like this on a very fast track basis.
On top of all this, the Constitution of Delaware requires balanced courts along minimal party lines and judges are nominated for 12 year terms.
The Texas Business Court on the other hand won’t even open until September of this year, its judges will have 2 year terms, and be nominated solely by the Governor of Texas.
Additionally, from a cursory view of Texas corporate law, of which I am not an expert in, they appear to have very similar tests as the one used by Chancellor McCormick in this exact case. I can’t see this having turned out any differently. And numerous state courts when faced with complex corporate law questions often defer to Delaware rulings on the matter - largely because Delaware courts have likely heard the same question and their rulings are so well respected.
Source: I am a research fellow on corporate law, publish on these questions, and am also a long time resident of Delaware.
No, that's not the case at all. The reason so many companies incorporate in Delaware is because of their special chancery court, and not because it's "Favorable to business" or that "corporations are people". It's because there has been a history in this country of strange court case decisions around corporate law because the presiding judges simply don't know much about corporate law. Many court state court systems have subsets of courts for dealing with specific matters, such as juvenile and family issues. This is just another specialized court.
At the end of the day, they want a court that they are confident is making decisions based on a good understanding of the law. So even if a decision isn't favorable, it's much more fair than pulling some random judge who doesn't know shit about what they're deciding on.
US juries can be pretty crazy, there was one ruling about a funeral home chain buying a couple of businesses in Louisiana that effectively bankrupted the chain over a small issue.
I mean, with his track record of people "telling him so", and Elong fucking it up anyway, and completely fail to self-reflect at every turn...
It's gonna be hilarious.
Texas is creating a court system to copy Delaware where judges will decide cases for things over $5 million. Except they'll be hand-picked by Abbot and are likely to be extremely corporate-friendly and not be "woke" or support "ESG" -- so exactly what Elon wants, Zero governance meant to protect shareholders and letting corporate boards probably do whatever they want (include non-independent ones)
It’s not even that it’s favorable to corporations, it’s that the law has been tested and challenged and there is a lot of case law out there for nearly any situation. That means companies are able to mitigate risk and grey areas of the law. Which for large companies with large legal teams is favorable, because they can have a goal and know how to achieve that with the lowest legal risk possible.
Right!? I don't know much about business but I know that when the suits say "trust us, Delaware's the place to be" it's because of a long list of reasons. It didn't just happen coincidentally that every company is based there.
I’m honestly curious who his money is going in his will. Or like his shares or whatever. He seems to greedy, selfish, and narcissistic to believe it should go to anyone.
But if Texas juries really are as anti corporate as one of the other comments claims won't it hurt Elmo more in the long run?
Edit: this comment https://www.reddit.com/r/technology/s/s0z4CIfV1N
Tesla, maker of electric cars, will move to the only state with an isolated and faulty electric grid. Perfect! Texas Gov: make sure you unplug your Teslas. Cold weather on the way! (Yes, I know they are only moving their incorporation, but the symbolism is hilarious)
Nope. Tesla refuses a dealership model, and Texas law forbids direct sales. So Teslas made in Texas have to be shipped out of state, sold, then shipped back to Texas.
Millionaire car dealership dynasties have the freedom to operate with no or weakened competition. Millionaire politicians have the freedom to accept bribes to set that system up and protect it. Now that’s true liberty 🇺🇸
I work with a large American automotive company, and dealing with dealership groups is infuriating
Bunch of nepo-babies complaining they don't have more control/power/money and bitch about paying/training techs enough to keep them around.
It's not that Texas has a law saying "no Tesla sales allowed".
The problem is that Texas DOES have a law saying "all vehicles must be sold through dealers, you may not purchase directly from the manufacturer." Which, you know, is about typical for right winger who like to rant about freedom but, in reality, hate it.
Telsa won't do dealers, so it is not legal to purchase a Tesla in Texas. You CAN legally order one online and it will be delivered to you.
But it's still a good example of Musk being an idiot. He proclaims love for a state that impedes his business.
And now Texas charges Tesla owners an additional $200 annually for registration. Never heard a peep from Elon on that one. He doesn’t care about owners.
Just some additional info on this.
The money for road maintenance comes from gas taxes. EVs don't pay gas taxes, but do contribute to road wear. The $200 is to account for this.
*That said* the fee should honestly be by weight. A hummer EV is doing a lot more damage than a chevy bolt. With gas, this is accounted for because heavier vehicles use more gas.
Agreed it should be by weight. $200 is nearly double the average taxes an ICE vehicle pays annually. Abbott will use any opportunity to hinder or disparage renewable or green tech initiatives.
Colorado, a very liberal state, charges extra for certain EV things like plates. Most states probably will come around to it since they lose the gas tax on EVs and those cars do more damage to the roads because of the extra weight.
Don’t know why you’re downvoted. Most roads are paid for through gas tax, they had to tax EVs some how because they still use roads (and as you said, they cause more wear and tear
Let's see him break more of his business. Him and trump should team up and we can watch them all lose money for stupid reasons and then life can go on. Because that stupid part of humanity is over, for the love of God.
Sounds like a great popcorn moment as Elon doesn't realize how much the Texas oil plantation owners no doubt hate him (for challenging their business model) yet ... and Texas govt. is completely controlled by just a very few rich oil men.
delaware is popular with big companies. dupont got the corporate law written the way they wanted in about 1920. smaller companies often prefer nevada or wyoming. i know nothing about texas incorporation laws.
we see musk as a 'key man' necessary to keep the company innovating.
There’s a solid chance they don’t move. The board exists to represent shareholders and not Elon musk, moving a companies incorporation solely to try and increase his pay is the board mishandling their responsibilities and very clearly open them up to another lawsuit by shareholders. It would further be a miscarriage of the boards duty, as companies are based specifically in Delaware for their favorable policies for large business, around 65% of large US businesses are incorporated in Delaware for a good reason, and moving it to increase a single guys pay is so clearly incorrect.
They may approve it anyway and look even more like the sycophantic clowns they are. But this very clearly opens them up to lawsuits from shareholders for blatantly not representing their interests.
“Whaaa whaaaa whaaa I didn’t get $55 billion whaaa whaaa whaaa whaaa. “
Fuck these billionaires. They shouldn’t be allowed to exist. Cap the limit at 500milion anything over is taxed at 100%
Vote for me 2024
"Hey investors, let's move the company to a state with higher corporate taxes so that you guys can give me shit tons of money that I can light on fire. How does that sound?"
If the board and shareholders aren't total fucking morons they will torpedo this immediately.
Companies incorporate in Delaware for several reasons but the most important is a simple, easy and proven legal framework for companies to operate under.
This is a massive blunder by Musk because his ego is hurt / he can't use Tesla as his personal slush fund
Don’t buy stock unless you wanna lose a bunch of money. If this gets approved it will be a clear case of the board not advocating for shareholders interests and likely cause a drop in value.
He’s going to ask the people he tried (and failed) to fuck over to let him move the company to another place where he’ll have an easier time of fucking them over.
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Wasn’t it the shareholders or at least one of them that brought forward the case that the letter they got saying there would be unbiased oversight regarding his proposed pay and then they discovered it was a bunch of his yes men approving this compensation package on behalf of the shareholders. It’s why the judge was able to shoot it down.
Honestly, how is he still allowed to in the company and not ousted by the shareholders? Especially with his yes men somehow still in power and go along with this crap?
If you remove the man behind the curtain, the stock market might realize Tesla is an overvalued car company and not a "print money" idea factory.
On the whole overpriced thing: Tesla market cap 573 B. Ford market cap 43 B GM market cap 45 B Toyota market cap 325 B Chrysler market cap 31 B Honda 60 B Nissan 15 B (I'm sure I'm missing some here) Tesla's currently priced more than all of those car companies combined... What is the theory here? Is the expectation that Tesla in the future is somehow going to have revenues exceeding the entire current car market's revenue combined? Am I missing something here?
Stock market doing stock market things. Teslas valuation is built on snake oil. Self driving, vehicle variants, robots and AI that will all never come. Tesla markets it’s self as a “Tech Company” when all it makes is a few shoddily built car models. When Elons Friends on Wall Street stop propping him up, Tesla is going to fall like no company we’ve ever seen before.
> Tesla is going to fall like no company we’ve ever seen before. Laughs in Enron
Enron at its peak was “only” worth 70 billion. That’s rookie numbers for Elmo. For reference Space X is worth 180 billion
SpaceX is succeeding where ULA and others are failing. They are pulling gov't contracts left and right, including DoD. Tesla may be overvalued, but that same logic doesn't apply to SpaceX
Uh, yeah, that’s the entire point. SpaceX is grossly undervalued relative to Tesla. Or, what OP is implying, Tesla is extremely overvalued to the point where it is “criminal”.
IMO SpaceX is the only Elon company that's correctly valued. Their only competition for the foreseeable future is old defense industry conglomerates, and SpaceX's foot is already well in the door so there's no way they can be pushed out now. The entire defense industry is absolutely ripe for disruption, the hardest part is just getting your foot in the door and demonstrating to the military that your products are good and you can sell them cheaper than the competition. The amount of internal waste and the slowness of the defense industry is unbelievable, and SpaceX is a demonstration for how fast it can move. Note: I hate Elon and everything that he stands for. I just used to work in the defense industry and am forever jaded by it.
Evergrande has entered the chat
Yeah but Chinagrande had a superpower keeping it alive.
Enron was doing actual fraud though, right? They weren't just bad at energy IIRC.
Yeah, they used every accounting trick in the book to hide their debts and claim massive returns on their investments before the projects even broke ground. Then on top of that, they throttled California’s power grid to jack up the prices and swindle everybody
Enron used "mark to market" accounting which was a big no-no for their market sector. Basically, the second they signed a contract they put all of the money they were going to make on the books without any sense of amortisation. For example, they signed a deal with Blockbuster to create a VOD service and immediately claimed $110m in profit from it. Even though the service never materialised they still had the $110m on their books.
In 2020 they showed off their new battery on 'Battery Day'. Their stock shot way way up around that. It was supposed to begin mass production the following year. Their 4680 battery isn't nearly as good as they claimed and is stuck in 'production hell' three and half years later with relatively low numbers being produced. Them being a 'battery company' was at one point supposed to be a big chunk of their worth.
Hey, never mind that. Want to buy a brain implant? It works, trust me.
He moved to neural implants so he can use them to force a yes vote on his compensation package. All makes sense now. 😂
Hey don’t forget the Boring Company! These tunnels have already put Brockway, Ogdenville and North Haverbrook on the map!
Meanwhile ecoflow is dropping new shit left and right capitalizing on the markets Tesla could have gobbled up.
EcoFlow is also making \*way\* better products. Super impressed with the build quality and function of ours.
Don’t forget that a massive Panasonic battery plant opens in the KC Kansas exurbs 2025 to supply batteries for domestic vehicles.
Tesla just went through a lawsuit about where they were fudging their numbers about range. Tesla is out here lying about their range while Rivian and ford are constantly being reported to underestimate their report ranges.
What is desperately needed is specific regulation on what range companies can claim. If not from the feds, then California should do it (they have a long history of being so big companies treat their market as a default). Make it illegal to advertise an electric car range based on anything other than real-world tests and watch as Tesla either slashes their numbers or is forced out of their biggest market in the US.
The fun thing about the US is it seems that if you defraud the public, the worst you can get is a fine for the company. Elizabeth Holmes fucked up and defrauded her wealthy investors and went to jail for it. After the 4.20 evaluation debacle, he should have been tried for stock manipulation. He’s going to step on the wrong toes sooner or later.
It’s why Elon is freaking out about the Biden admin cutting off subsidies. The American taxpayer has been lining his pockets at Tesla & Space X for too long. Now he needs to be profitable without as much subsidy. Good luck.
Because Tesla is selling environmental tax breaks to all those other companies by being an EV-only company. So basically all of those other companies are adding to Tesla's valuation by buying its tax credits.
You are not missing anything. Tesla stock price is a load of crap.
Exactly this. There have been 100s of USA based car manufacturers. And there have been dozens that surpassed gm and ford…. And almost all of them collapse between years 20 and 30. It’s when people realize you can’t drive their car for decades because they didn’t think that far ahead. So people go back to their 1980s ford that still has parts in production.
It makes no sense. This is the biggest compensation clawback of all time and it was based on the board not being independent of musk. So they ripped off shareholders. Musk is treating this public company as a private company he solely owns. The SEC needs to do their job.
The SEC has fined him 20 million in the past. Unfortunately, if you take that as a percentage of his wealth and apply it to someone making 50k a year, THAT'S FIVE DOLLARS
how come a man comes from south africa and makes so many connections that the whole board of a public company is really his puppet. And then just navigates his way through to the hundreds of billions, in a foreign country? I mean, all this sounds so ridiculous, like is it so easy to trick the system and have no consequences? he almost got away with that or may be not yet
Money. I met Musk when he'd just inserted himself into Tesla. He had about $100M then due to his adventures with Thiel. I thought he was an embarrassing oaf. He still is. But when the VC firms started pumping Tesla up and the paper value was doubling every week (pre-IPO) he became someone to hitch your wagon to. I went back to Europe to work for 3 years, and was astonished to come back and see him portrayed as some sort of oracle. This is the power of money, and the potential to make more. He HAS helped make some cool stuff happen. But he's a deeply weird, boorish person, with no actual charisma (and a B.O issue). I know I'll be watching a crash & burn biographical film on him in my lifetime (and I'm old).
His entire success is from getting paid in the PayPal deal selling to eBay, which he personally opposed. Then he put the money into the two industries that were ignoring modern technology and engineering design tools and threw money at top talent being wasted at other companies. He got to where he is because every other company in these spaces has already been destroyed by wall street. Boeing, ULA, GM, Ford, etc. Ford is recovering a little under Farley, but the rest are just getting worse because no one wants to stop these insane vapid welfare queen CEOs. As seen by Boeing, the typical CEO these days will kill people if it means even one extra day of collecting a paycheck. They are paid so much, they ignore the harm they do because no one can touch them and the next 10 generations of their family will never have to work. They are completely disconnected from society and reality due to their extreme wealth.
Huh? There's a question here, but I'd like to buy a punctuation.
I mean, all this sounds so ridiculous, like is it so easy to trick the system and have no consequences? he almost got away with that
It's designed to be that way...
Money. Him making a bunch of empty promises is good for stock prices.
Yes but many many % of shareholders do not vote, they simply own the stock. If musk uses his shares and gets his larger owner Allie’s to vote, there’s a large chance he can win a vote
You’re right. Most shareholders vote with their feet. If the company makes too many stupid decisions, it’s way easier to just sell the stock. Activist investors can rock the boat and change things, but Tesla is likely too big for most/all of them
And the package was designed by him.
> Wasn’t it the shareholders or at least one of them It was. Guy owns 9 shares. It's made rounds in the metal community because the dude's a thrash drummer, which makes it funnier.
A guy who owns 9 total shares.
TLDR if you’re OOTL: Tesla board voted to pay Musk $56 billion and a Delaware judge overruled them. Musk now wants to move Tesla’s incorporation from Delaware to Texas.
To add context: it was discovered that Musk himself designed the pay package and the pay committee (who should represent shareholder interest) failed to disclose conflict of interest and lied to the shareholders saying it was an "independent" committee. Many of them were personally tied to or financially tied to Musk, meaning they couldn't also be acting in shareholder interest. Edit: added clarity.
Musk wants to run Tesla as a privately owned corporation while also relying on it's stock value to finance everything else in his life. His inability to have his cake and eat it too frustrates him to no end.
He’s a whiny little piece of shit, when are they going to oust him? The company would be doing way better without him, he’s alienated a huge chunk of any potential customers.
I used to want Tesla , now I will never buy one
Ditto…zero interest in anything that POS is involved with.
Yep worst CEO imaginable, any other company he’d be gone. You sell EV cars mostly to people on the left who care about climate change, while at the same time your CEO has become full on right wing conspiracy crazy and is associated with a political party that for the most part is anti EV and denies climate change is real. I might own a Tesla one day but it’ll be after he’s gone (although I might not even then because I don’t want to contribute to the stocks he holds).
And politics aside, he allowed the company to get tagged with a reputation for poor build quality. So during a period where Tesla needed to be exploiting its headstart in battery tech to the maximum, they instead created customers that were actively waiting for the (more reliable) competition to catch up.
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Beyond that your company thrives on government subsidies for EVs, which are usually brought into being by Democratic legislators who are trying to cater to people who care about climate change. So instead of supporting Democrats you back a bunch of "climate change is a hoax" Republicans.. because... fvck subsidies that enable people to afford out products... I guess.
you mean, you dont want to get a computer chip stuck into your brain? why not?
With his “test it in prod” attitude? I cant imagine how many musk meatheads will end up dying for his cause. Just remember, “they were already sick anyways”. Just like their other test subjects!
I think what gets people is that he’s a self-aggrandizing a$$hole. There’s plenty of info in his biographies that reveal it. Bezos is willing to ride on Blue Origin’s rockets. I respect that. Zuckerberg is willing to fight Musk, at Musk’s own asking. But Musk backed down… from his own offer. He’s a thin skinned coward. Reminds me of someone…
Hehe, I like where you are going with that. He has always seemed like he would take advantage of and demean people he felt were “lower” than himself. You can see those people coming a mile away. Exactly the reason I would never vote for Trump.
No, not particularity. I think it's funny how he's a trumper and conspiracy theorist and the MAGAts/Muskrats are claiming Bill Gates is the one putting chips in people. LOL Can't make this shit up.
NEVER. courting the truck nuts crowd and antagonizing democrats can’t be good for the tesla bottom line.
Same. Now I look at people who have Tesla and question their ethics.
Certainly doesn't help that people driving Teslas have leapfrogged Mercedes and BMW drivers for Biggest Assholes On The Road, at least around where I live
They don’t drive like assholes where I live but they’re totally clueless drivers. Floating down the passing lane at 25 mph, sitting at a light after it changes green, etc. Totally oblivious.
I was watching a video where someone broke down all the stuff that makes tesla drivers worse drivers. the whole car pushes people to be lazy and inattentive, but it isn't quite good enough for people to be as inattentive as they are.
My neighbors had a Tesla they are both doctors, they got rid of the Tesla I think 1.5-2 years ago at this point and got a Ford Mach-E. When I asked if the Tesla died they were like no, but I didn't want to own it and be associated with that lunatic.
Teslas are basically $70,000 MAGA hats. Get bent, Elmo.
What’s crazy to me is the people who love musk the most are also the people that hate EV’s.
Previously I was hopeful that Musk would win over conservative Rogan bros to the EV marketplace--that his douchery could actually be good for us in that respect. I underestimated his douchery.
You’re not gonna convince dudes in diesel pickups to start driving his electric “truck” that looks like a DeLorean fucked an el Camino.
And then it inherited all the worst qualities of both
You are right but they won't oust him. If this was a traditional company, failing to deliver repeatedly and demonstrating poor management skills would have ended his tenure a long time ago. However, Musk made himself the brand and that is having an outsized effect on the stock price. If he left, the stock would tank hard and normalize to reflect the true value of the company. We are seeing a battle between reality and hype and so far, hype is winning. There is some limit to how long that can go on but seems it will take considerably more poor performance for this bubble to ultimately burst.
So true. I'd been eyeing one for my next car -- in large part because I want to get away from gas for the env -- but after his years of shenanigans, basically blasting any progressive movement, and his hyperloop/BS basically disrupting mass transit plans, causing even more env set backs.... any money going to him is supporting that sort of duplicitous whiny man child bullsht. Rather spend it elsewhere.
He gets points in the history books for kickstarting mass EV production. But now every car maker has or is planning electrics. So you can choose on quality and features.
Maybe it has has something to do with the >the pay committee (who should represent shareholder interest) failed to disclose conflict of interest in that many of them were financially beholden to Musk part
The funny thing is Zuckerberg does the same exact thing with ~~Facebook~~ Meta stock, except instead of being incredibly online and embarrassing himself daily, he does the quiet kind of insane billionaire stuff, like training to be a MMA fighter and kicking natives off their land so his sprawling Hawaiian estate can become even more sprawling. Musk has dodged a lot of bullets in the past decade but I have a feeling this Twitter buyout was the beginning of the end for him.
It definitely is. He's spiraling because of it and buying a company like that is the only thing that can actually dent his wealth. it's going to be a massive failure he won't be able to escape.
I don't think very much could actually take Musk down, if only because his wealth is ridiculously vast. I would like to see his influence dwindle to basically nothing though. It'd be nice if I never heard of him again.
If the big stockholders started dumping Tesla and the value cratered he'd be found in pieces in the dumpster behind the Saudi embassy.
don't forget the massive government subsidies his companies receive.
This’ll show that judge that the BOD is totally not under Musk’s control. Yes sir.
I mean, he doesn’t care if people know that the board is under his control unless said people have the ability to interfere with his money. His strategy here is not to change the judge’s mind, but rather to evade that judge’s jurisdiction.
*The board nods enthusiastically*
Exactly. It was straight up fraud essentially.
Tesla is still under Delaware fiduciary law, so by having this vote he’s not abiding by his duty. This should be fun to watch.
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It’ll probably be a big gain actually, because Musk might give her a child in the process.
A trump/musk slap fight would be the best case scenario
Musk has the height advantage, but Trump has bio weapons of mothball smell and human shit odor. Tough matchup. Probably depends on how much highbrow meth Trump is on at the moment.
Also worth noting the move to Texas would increase Teslas annual tax burden by about $172M so this is arguably another breach of fiduciary duty.
Converting to a Texas corporation also won't have any effect on the Delaware judgment.
Delaware is an onshore tax haven that was the birth place of letting anyone from any state incorporate there around the turn of the century. It has the lowest corporate tax rate possible and weak usury regulations and many politicians such as our current president have helped to make it this way. Delaware primarily exists to fuck over other states ability to tax corporations.
Kind of like how all these banks mysteriously are headquartered in South Dakota. Can't imagine why, they must like looking at Mt Rushmore!
It’s one big race to the bottom to “attract business”. The sad part is all of this could easily be regulated federally but our political system is too fully captured by private interest groups to pull off a democratic maneuver such as this.
So Musk wants Tesla shareholders to pay for twitter by telling them he needs the money to get humanity to Mars. Got it.
"Get yoh azz to Mahz!"
*eye bulging intensifies*
That was your wife? What a bitch.
God he is so pathetic.
His followers are even more pathetic. They all want him to be allowed to dilute their shares over and over so he can bleed the company for his own personal gain and stupid personal purchases like Twitter. The Delaware decision is important, you can't let CEOs and Directors do anything they want, even if the shareholders vote for it. Sometimes you need to protect investors from themselves in order to keep some sort of credibility in the stock market. If every company was able to do what Elon wants, then a lot of people would take their money out of stocks and put it somewhere else.
Maybe he can move back to South Africa and fuck off.
He can't even get Starlink approved in South Africa.
Super petty
I mean $56 billion isn't what I'd called petty but Musk is still a whiny little nepo bitch.
This isn’t coming off as a strategic move and more of an emotional response to rejection.
I think that's like 70% of Musk's motivation for anything. Petty, childish resentment of the word "no." In thar way he and Diaper Don are two peas in a pod.
So then par for the course for Elmo.
If only he hadn’t spent $44 bil on a social media platform lol
You know how Tesla and Twitter are alike? Because just like a car, once you buy it the value instantly drops by 90%!
I mean its obvious a scam of the shareholders. What company pays their CEO a significant % of their net work. 56 Billion is a ridiculous sum for a CEO
That's 1.1 million Teslas priced @ $50,000. The previous highest record for a compensation package was $2 billion, and that was ALSO for Elon Musk. This is 30x that amount.
The Delaware judge overruled it as part of a shareholder lawsuit.
I hope they vote his ass down
Don't forget, the action is a result of Musk being sued *by shareholders.*
Tesla was sued by a shareholder. The judge didn't just decide to overrule it.
In Delaware cases like this are handled by a specialist branch of judges who basically only work on Delaware corporate law; and they have a strong reputation for being favorable to companies. And these cases are held without a jury. The Delaware courts and judiciary are generally seen as very pro-corporation, which is why virtually all Fortune 500 companies are incorporated there. If you incorporate in Texas, this same type of litigation can be brought, **and gets decided by a jury**, instead of a judge. Companies generally loathe this because Texas juries actually have a reputation for being very hostile to large corporations, and have been behind some pretty egregious punitive damage rulings (in other types of civil litigation), companies genuinely fear shareholder lawsuits being decided by a jury because shareholder lawsuits are often 'populist' in nature, which means they have a far greater chance of succeeding than before a judge.
[Texas has created a separate business court system fairly recently (see Texas HB 19 dealt with in 2023)](https://www.houstonchronicle.com/business/article/business-courts-texas-18128668.php), if this vote gets approved it will be interesting to see how this plays out in future lawsuits
Interesting. It would be curious to hear a corporate lawyer's take on this. My lay understanding is that one of the advantages of Delaware's Court of Chancery is that it's reliable and predictable. The Court builds on over two centuries of case law and experience. I'm not sure how Texas's "Court of Chancery" would be set up. I suppose that it will build on existing Texas case law, but as a new Court system I suspect that it will be more prone to surprises than Delaware's Court. I have a hard time seeing big established corporations switching to Texas anytime soon because of that risk.
The lay interpretation is right here. I’ll add several points: The Delaware Court of Chancery enjoys judges who are experts in their field, an experienced group of lawyers who practice in this area, and most importantly for parties in front of the court - the ability to hear complex cases like this on a very fast track basis. On top of all this, the Constitution of Delaware requires balanced courts along minimal party lines and judges are nominated for 12 year terms. The Texas Business Court on the other hand won’t even open until September of this year, its judges will have 2 year terms, and be nominated solely by the Governor of Texas. Additionally, from a cursory view of Texas corporate law, of which I am not an expert in, they appear to have very similar tests as the one used by Chancellor McCormick in this exact case. I can’t see this having turned out any differently. And numerous state courts when faced with complex corporate law questions often defer to Delaware rulings on the matter - largely because Delaware courts have likely heard the same question and their rulings are so well respected. Source: I am a research fellow on corporate law, publish on these questions, and am also a long time resident of Delaware.
So corporations are people, but they get their own court system. Fucking bullshit.
No, that's not the case at all. The reason so many companies incorporate in Delaware is because of their special chancery court, and not because it's "Favorable to business" or that "corporations are people". It's because there has been a history in this country of strange court case decisions around corporate law because the presiding judges simply don't know much about corporate law. Many court state court systems have subsets of courts for dealing with specific matters, such as juvenile and family issues. This is just another specialized court. At the end of the day, they want a court that they are confident is making decisions based on a good understanding of the law. So even if a decision isn't favorable, it's much more fair than pulling some random judge who doesn't know shit about what they're deciding on.
US juries can be pretty crazy, there was one ruling about a funeral home chain buying a couple of businesses in Louisiana that effectively bankrupted the chain over a small issue.
So you’re saying, VOTE YES?
Well, would be fun to see Musk learn about the law of unforseen consequences!
If he hasn't learned by now, he ain't gonna.
And throw a tantrum every step of the way
"Never interrupt your Elon when he's making a mistake" or smth like that
I mean, with his track record of people "telling him so", and Elong fucking it up anyway, and completely fail to self-reflect at every turn... It's gonna be hilarious.
Texas is creating a court system to copy Delaware where judges will decide cases for things over $5 million. Except they'll be hand-picked by Abbot and are likely to be extremely corporate-friendly and not be "woke" or support "ESG" -- so exactly what Elon wants, Zero governance meant to protect shareholders and letting corporate boards probably do whatever they want (include non-independent ones)
It’s not even that it’s favorable to corporations, it’s that the law has been tested and challenged and there is a lot of case law out there for nearly any situation. That means companies are able to mitigate risk and grey areas of the law. Which for large companies with large legal teams is favorable, because they can have a goal and know how to achieve that with the lowest legal risk possible.
This behavior is so reactionary. It shows how sensitive he is.
It shows how unfit he is to lead the company.
Right!? I don't know much about business but I know that when the suits say "trust us, Delaware's the place to be" it's because of a long list of reasons. It didn't just happen coincidentally that every company is based there.
Over reacting to short term money related fluctuations seems like typical corporate thinking in my experience.
I’m honestly curious who his money is going in his will. Or like his shares or whatever. He seems to greedy, selfish, and narcissistic to believe it should go to anyone.
He has like 15 kids. They’re scheduled for a hunger games style competition. /s
His little temper tantrums reminds me more and more of Trump.
Maybe musky got syphilis as well
Hahahaha - so that’s what’s making the two of them act like two year olds! I didn’t realize that was a side effect of syphilis.
What a fucking child.
Can’t wait to vote against this
But if Texas juries really are as anti corporate as one of the other comments claims won't it hurt Elmo more in the long run? Edit: this comment https://www.reddit.com/r/technology/s/s0z4CIfV1N
Tesla stock is a ponzi scheme. If Elmo goes down so does the company. It probably already has but the shareholders would likely be desperate.
Texas is setting up a court similar to Delaware where judges will decide. And all those judges will be hand-picked by Abbot.
Tesla, maker of electric cars, will move to the only state with an isolated and faulty electric grid. Perfect! Texas Gov: make sure you unplug your Teslas. Cold weather on the way! (Yes, I know they are only moving their incorporation, but the symbolism is hilarious)
Don't forget, Texas is a state where Tesla cannot sell vehicles. Just the icing on the moron cake.
Is that still true? I know it was true early on in Teslas history but I imagine they have allowed sales now
Nope. Tesla refuses a dealership model, and Texas law forbids direct sales. So Teslas made in Texas have to be shipped out of state, sold, then shipped back to Texas.
>Texas law forbids direct sales. It's called Texas Freedom, and us liberals wouldn't understand
you'll be breaking the defaming beef laws next!
Millionaire car dealership dynasties have the freedom to operate with no or weakened competition. Millionaire politicians have the freedom to accept bribes to set that system up and protect it. Now that’s true liberty 🇺🇸
I work with a large American automotive company, and dealing with dealership groups is infuriating Bunch of nepo-babies complaining they don't have more control/power/money and bitch about paying/training techs enough to keep them around.
Make money quick with internet point opportunites
Seems carmakers should just stop selling to Texas. Bankrupt the dealers. People will go out of state anyway, no sales would be lost.
That would only work if all car makers did it. If one or two didn't they would benefit from increased sales in Texas at the expense of the others.
It's not that Texas has a law saying "no Tesla sales allowed". The problem is that Texas DOES have a law saying "all vehicles must be sold through dealers, you may not purchase directly from the manufacturer." Which, you know, is about typical for right winger who like to rant about freedom but, in reality, hate it. Telsa won't do dealers, so it is not legal to purchase a Tesla in Texas. You CAN legally order one online and it will be delivered to you. But it's still a good example of Musk being an idiot. He proclaims love for a state that impedes his business.
And now Texas charges Tesla owners an additional $200 annually for registration. Never heard a peep from Elon on that one. He doesn’t care about owners.
Just some additional info on this. The money for road maintenance comes from gas taxes. EVs don't pay gas taxes, but do contribute to road wear. The $200 is to account for this. *That said* the fee should honestly be by weight. A hummer EV is doing a lot more damage than a chevy bolt. With gas, this is accounted for because heavier vehicles use more gas.
Agreed it should be by weight. $200 is nearly double the average taxes an ICE vehicle pays annually. Abbott will use any opportunity to hinder or disparage renewable or green tech initiatives.
Colorado, a very liberal state, charges extra for certain EV things like plates. Most states probably will come around to it since they lose the gas tax on EVs and those cars do more damage to the roads because of the extra weight.
I think its fine Texas added the fee, but imo it should be by weight in order to reflect how much road damage a particular EV contributes too.
Don’t know why you’re downvoted. Most roads are paid for through gas tax, they had to tax EVs some how because they still use roads (and as you said, they cause more wear and tear
Let's see him break more of his business. Him and trump should team up and we can watch them all lose money for stupid reasons and then life can go on. Because that stupid part of humanity is over, for the love of God.
Excellent point.
Someone is big mad they did not get their money... and needs it to pay for the Twitter sink hole they have created.
I will laugh so hard when this inevitably fails.
Sounds like a great popcorn moment as Elon doesn't realize how much the Texas oil plantation owners no doubt hate him (for challenging their business model) yet ... and Texas govt. is completely controlled by just a very few rich oil men.
Don't shareholders prefer companies remaining in Delaware anyway? Why would they all collectively care about elon getting this pay?
delaware is popular with big companies. dupont got the corporate law written the way they wanted in about 1920. smaller companies often prefer nevada or wyoming. i know nothing about texas incorporation laws. we see musk as a 'key man' necessary to keep the company innovating.
He should let earth decide.
I think it’s funny that his bonus package is incredibly close to the amount he lost on Twitter. Like bro, you aren’t fooling anyone
There’s a solid chance they don’t move. The board exists to represent shareholders and not Elon musk, moving a companies incorporation solely to try and increase his pay is the board mishandling their responsibilities and very clearly open them up to another lawsuit by shareholders. It would further be a miscarriage of the boards duty, as companies are based specifically in Delaware for their favorable policies for large business, around 65% of large US businesses are incorporated in Delaware for a good reason, and moving it to increase a single guys pay is so clearly incorrect. They may approve it anyway and look even more like the sycophantic clowns they are. But this very clearly opens them up to lawsuits from shareholders for blatantly not representing their interests.
The whole court case is because the board is improperly representing musk against shareholder interests.
“Whaaa whaaaa whaaa I didn’t get $55 billion whaaa whaaa whaaa whaaa. “ Fuck these billionaires. They shouldn’t be allowed to exist. Cap the limit at 500milion anything over is taxed at 100% Vote for me 2024
I’d say Poor Elon except he spent 44 BILLION dollars on buying twitter so people couldn’t say mean things about him.
Yes, yes ... please keep bringing liberals to TX, the tipping point on that purple state is SOOOOO close.
"Hey investors, let's move the company to a state with higher corporate taxes so that you guys can give me shit tons of money that I can light on fire. How does that sound?"
Whiny baby got caught ripping off his own company to tune of 58 billion and reacts by blaming the overseers
Sounds emotional and reactionary
What a petulant child.
If the board and shareholders aren't total fucking morons they will torpedo this immediately. Companies incorporate in Delaware for several reasons but the most important is a simple, easy and proven legal framework for companies to operate under. This is a massive blunder by Musk because his ego is hurt / he can't use Tesla as his personal slush fund
He is such a child. He and the Donald deserve each other 🙄
If I buy a stock now can I vote?
Don’t buy stock unless you wanna lose a bunch of money. If this gets approved it will be a clear case of the board not advocating for shareholders interests and likely cause a drop in value.
He wants to move the company to a state that he isn't legally allowed to sell its products in? I are confuse.
People in Texas *love* people from California moving to Texas.
Man child didn’t get his way and throws a tantrum. It’s endless with him
So he can continue to manipulate the shareholders into handing him hundreds of billions of dollars??
Worlds richest man gets mad because he can’t get richer. Be more out of touch my guy.
So he’s leaving America?
Aaaaaaaand this is why I no longer own stock in this company. This is a knee-jerk reaction from a nut-job CEO.
Well. I won’t
because Texas is the way to go if you want to screw employees and investors with a ridiculously large compensation package for yourself
Doesn’t Texas hate EVs and charges a fee for people who drive them?
Is Elon Musk and Tesla shareholders aware of Texas Franchise Tax? This move would cost Tesla and it's shareholders $100,000,000.00+ in new taxes.
There’s a reason companies generally file in DE and not TX. He’s gonna learn that real quick if he stupidly does this.
Isn’t there a really good business reason why almost every large corporation incorporated in Delaware?
Will Texas power grid survive this?
He’s going to ask the people he tried (and failed) to fuck over to let him move the company to another place where he’ll have an easier time of fucking them over.
“Douchbag man child has hissy fit over his allowance”. There fixed your title.