Elon Musk demands another huge payday from Tesla | CNN Business
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Elon Musk says he wants a significantly larger stake in Tesla than the one that already made him the richest person on the planet.

In a series of posts on X Monday night, Musk said that he would not want to grow Tesla to become a leader in artificial intelligence and robotics without a compensation plan that would give him ownership of around 25% of the company’s stock. That would be about double the roughly 13% stake he currently owns.

Just casually asking for a roughly 80 Billion dollar pay raise. But at this point would Tesla be better off without him?

  • kingthrillgore@lemmy.mlEnglish
    311·
    10 months ago

    As opposed to dunking on him, I am going to outline why he can’t do anything but cry about it:

    • Once you IPO in Delaware like Tesla did, you can’t issue a second class stock
    • At least not without liquidating your assets and re-incorporating, which means all shareholders have to agree and this certainly means shareholders will hold a smaller bag, this will go to court (probably in Delaware, a state Elon has little chance of winning given how Twitter/X turned out), and the process will be impeded. This is not an overnight process.

    This is compounded by the fact that Tesla’s stock value pretty much comes from Elon’s manipulation and grandstanding, so anything that reveals this will cause the boat to rock, so anything he does will impact the stock price, which impacts his wealth.

    Nobody will loan him money to buy more stock. If he could, he wouldn’t be crying about it. Or, more than likely, he could get it, but it means coming from MBS or similarly questionable sources and he’s on such good footing with them over how Twitter/X is going. This will increase the scrutiny he’s getting from the DOJ or the people at CIA who may drop a sword on his head.

    He has at least two loyalists on his board: Kimbal Musk and JB Straubel. James Murdoch can no longer be considered one since its his other publication, the Wall Street Journal, that went to press about his drug issues.

    Long and short, Elon has been reduced to begging. We could be watching the end of his tenure at Tesla, but this fucker is full of surprises.

    • CashewNut 🏴󠁢󠁥󠁧󠁿@lemmy.worldEnglish
      1·
      10 months ago

      You think he’d bother with legal and responsible methods of getting his way?

      My first thought is he’d threaten to tank Tesla stock by using Twitter to screw it over and sink the price. It fucks him but why would he care when he still owns SpaceX and Twitter?

      He’s been using Twitter to manipulate shares and crypto for years. He now owns Twitter and can manipulate even more so will use it to bully Tesla’s board for more equity.

    • OldWoodFrame@lemm.eeEnglish
      1·
      10 months ago

      I mean he “can do nothing but cry about it” in the same way anyone can do nothing about a request for a raise. He can say he will quit if they don’t give it to him.