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Tesla seeks to award Elon Musk $56bn pay package | BBC (www.bbc.com)

submitted 7 months ago by filister@lemmy.world to c/technology@lemmy.world

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[–] affiliate@lemmy.world 51 points 7 months ago (1 children)

Board chair Robyn Denholm wrote in a letter included in the regulatory filing: "Elon has not been paid for any of his work for Tesla for the past six years... That strikes us, and the many stockholders from whom we already have heard, as fundamentally unfair."

Musk's compensation for 2023 was $0, the filing showed, as the billionaire does not take a salary from the company and is compensated through stock options.

it's so unfair that elon hasnt gotten a single pay check and has instead had to settle for making billions off of his stock options. think of all the mega yachts and social media companies he could've bought if only he had been paid a salary.

[–] RememberTheApollo_@lemmy.world 33 points 7 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@lemmy.world 13 points 7 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_@lemmy.world 8 points 7 months ago* (last edited 7 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?

[–] Milk_Sheikh@lemm.ee 2 points 7 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