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Elon Musk

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SirRumpole said:
Will the Musk empire hold together?

Some think cracks are starting to show.

www.abc.net.au

Elon Musk's 'train wreck' performance rattles the faithful

Elon Musk has always been a trailblazer but his erratic business antics and Tesla's shrinking margins appear to show the wheels are falling off the well-hyped machine, writes Ian Verrender.
www.abc.net.au www.abc.net.au
Click to expand...
Well just ABC aka "leftist" rant...
I use this term with caution as 2024 "left" has more in common with 1930's fascism and corporatism
If the woke media and market pushed Tesla value well above any realistic value, do not blame him...
Tesla has never produced much in term of numbers, it has always been a story of pipe dreams.
And of visions but yes, this vision does not have to stay in Tesla ..
The only issue the article really finds is that Elon dared use his money to suppress a globalist propaganda tool..and that can not be on their ABC
 
SirRumpole said:
And create another one?
Click to expand...
At least you have a second opinion
When only the Pravda is available, that does not say democratic process
..the "left" likes to bang the wagon of the Murdock press but that is just another WEF support.
What really angst the left is that Elon played them .and he won
 
I saw the Chairman, Denholm, is an Australian and she is selling the shares she got in the deal. $80 million.
 

What the $83b Tesla pay deal setback means for Musk and his empire​

The carmaker’s board is under pressure after a Delaware judge ruled this week that its billionaire CEO has to forfeit the largest ever incentive package. What happens next?

Why was the pay deal so generous?​

In early 2018, when Tesla laid out the pay incentive scheme for Musk, many saw it as fanciful. The deal was intended to lock him into the business at a time when the board was worried he might turn his attention to SpaceX or other ventures full time instead.

The scheme set out 16 separate financial targets spread across profits, revenues and market capitalisation, and awarded Musk stock worth about 10 per cent of the company. If he were to hit 12 of the 16, he would be able to vest shares worth upwards of $US50 billion – the largest pay package ever granted.

The most ambitious targets were for revenues of $US175 billion, adjusted earnings of $US14 billion and a market capitalisation of $US650 billion.

At the time, Tesla’s market value was $US59 billion and as part of the deal, Musk – who receives no salary or any other pay from the car maker – would get nothing if the valuation did not reach the $US100 billion mark.

Back then it was not a given prospect: Tesla was in the midst of “production hell”, building cars in a tent in its car park, while making some models without seats or computer modules because of supply chain fumbles.

With previous production milestones missed, just $US12 billion in sales and the company scraping barely $US400 million in profits, targets of overtaking General Motors in revenues and Microsoft in valuation seemed unattainable.

A Delaware judge has ruled Elon Musk has to forfeit $US55 billion ($83.3 billion) of Tesla share awards from a long-term pay package, causing a storm at the electric-car maker and threatening to distract its boss from troubles at the company and across his business ventures.
“Never incorporate your company in the state of Delaware,” Musk commented on X, the social media platform he owns.
Here is what the ruling means, if upheld, for the billionaire and his empire.

Why was the pay deal so generous?​

In early 2018, when Tesla laid out the pay incentive scheme for Musk, many saw it as fanciful. The deal was intended to lock him into the business at a time when the board was worried he might turn his attention to SpaceX or other ventures full time instead.

The scheme set out 16 separate financial targets spread across profits, revenues and market capitalisation, and awarded Musk stock worth about 10 per cent of the company. If he were to hit 12 of the 16, he would be able to vest shares worth upwards of $US50 billion – the largest pay package ever granted.
The most ambitious targets were for revenues of $US175 billion, adjusted earnings of $US14 billion and a market capitalisation of $US650 billion.
At the time, Tesla’s market value was $US59 billion and as part of the deal, Musk – who receives no salary or any other pay from the car maker – would get nothing if the valuation did not reach the $US100 billion mark.

Back then it was not a given prospect: Tesla was in the midst of “production hell”, building cars in a tent in its car park, while making some models without seats or computer modules because of supply chain fumbles.
With previous production milestones missed, just $US12 billion in sales and the company scraping barely $US400 million in profits, targets of overtaking General Motors in revenues and Microsoft in valuation seemed unattainable.

“No one took it seriously,” said a former Tesla insider.
Yet, the company increased output, sales soared, and shares rose past those in Toyota, topping $US1 trillion in overall market value. Last year its Model Y, launched in 2020, became the best-selling car worldwide.
“He did it, and no one else in the world could have done it, and if the price tag is $US55 billion, that’s the price tag,” said one former Tesla executive. “He’s Ronaldo, he’s Messi. He can ask for what he wants.”

The shareholder(s) behind the suit​

The lead plaintiff is an individual, Richard J. Tornetta, who attested in a 2018 affidavit filed in Pennsylvania that he was a “continuous holder” of Tesla shares during the time of the Musk stock grant.
Delaware court filings show Tornetta in 2019 had sued Pandora and Sirius XM over their merger whose terms he believed short-changed Pandora shareholders….

IMG_3239.jpeg

IMG_3240.jpeg
 
JohnDe said:

What the $83b Tesla pay deal setback means for Musk and his empire​

The carmaker’s board is under pressure after a Delaware judge ruled this week that its billionaire CEO has to forfeit the largest ever incentive package. What happens next?

Why was the pay deal so generous?​

In early 2018, when Tesla laid out the pay incentive scheme for Musk, many saw it as fanciful. The deal was intended to lock him into the business at a time when the board was worried he might turn his attention to SpaceX or other ventures full time instead.

The scheme set out 16 separate financial targets spread across profits, revenues and market capitalisation, and awarded Musk stock worth about 10 per cent of the company. If he were to hit 12 of the 16, he would be able to vest shares worth upwards of $US50 billion – the largest pay package ever granted.

The most ambitious targets were for revenues of $US175 billion, adjusted earnings of $US14 billion and a market capitalisation of $US650 billion.

At the time, Tesla’s market value was $US59 billion and as part of the deal, Musk – who receives no salary or any other pay from the car maker – would get nothing if the valuation did not reach the $US100 billion mark.

Back then it was not a given prospect: Tesla was in the midst of “production hell”, building cars in a tent in its car park, while making some models without seats or computer modules because of supply chain fumbles.

With previous production milestones missed, just $US12 billion in sales and the company scraping barely $US400 million in profits, targets of overtaking General Motors in revenues and Microsoft in valuation seemed unattainable.

A Delaware judge has ruled Elon Musk has to forfeit $US55 billion ($83.3 billion) of Tesla share awards from a long-term pay package, causing a storm at the electric-car maker and threatening to distract its boss from troubles at the company and across his business ventures.
“Never incorporate your company in the state of Delaware,” Musk commented on X, the social media platform he owns.
Here is what the ruling means, if upheld, for the billionaire and his empire.

Why was the pay deal so generous?​

In early 2018, when Tesla laid out the pay incentive scheme for Musk, many saw it as fanciful. The deal was intended to lock him into the business at a time when the board was worried he might turn his attention to SpaceX or other ventures full time instead.

The scheme set out 16 separate financial targets spread across profits, revenues and market capitalisation, and awarded Musk stock worth about 10 per cent of the company. If he were to hit 12 of the 16, he would be able to vest shares worth upwards of $US50 billion – the largest pay package ever granted.
The most ambitious targets were for revenues of $US175 billion, adjusted earnings of $US14 billion and a market capitalisation of $US650 billion.
At the time, Tesla’s market value was $US59 billion and as part of the deal, Musk – who receives no salary or any other pay from the car maker – would get nothing if the valuation did not reach the $US100 billion mark.

Back then it was not a given prospect: Tesla was in the midst of “production hell”, building cars in a tent in its car park, while making some models without seats or computer modules because of supply chain fumbles.
With previous production milestones missed, just $US12 billion in sales and the company scraping barely $US400 million in profits, targets of overtaking General Motors in revenues and Microsoft in valuation seemed unattainable.

“No one took it seriously,” said a former Tesla insider.
Yet, the company increased output, sales soared, and shares rose past those in Toyota, topping $US1 trillion in overall market value. Last year its Model Y, launched in 2020, became the best-selling car worldwide.
“He did it, and no one else in the world could have done it, and if the price tag is $US55 billion, that’s the price tag,” said one former Tesla executive. “He’s Ronaldo, he’s Messi. He can ask for what he wants.”

The shareholder(s) behind the suit​

The lead plaintiff is an individual, Richard J. Tornetta, who attested in a 2018 affidavit filed in Pennsylvania that he was a “continuous holder” of Tesla shares during the time of the Musk stock grant.
Delaware court filings show Tornetta in 2019 had sued Pandora and Sirius XM over their merger whose terms he believed short-changed Pandora shareholders….

View attachment 170017

View attachment 170018
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I can not believe a judge can even take that matters on..
Where are the states gone.....
 
A lot of companies are incorporated in Delaware because of its low corporate tax rate.
From Forbes
1706832655329.png
Delaware may find a few of those fortune 500 companies departing the state if judges are going to determine what is or is not a satisfactory remuneration.
Nothing speaks louder than the money that flows to the elites at the top.
Threats tp having that spigot turn off are sure to concentrate their focus.
Mick
 
qldfrog said:
But it was ok for our leprechaun in Qantas??? :)
Click to expand...
Well, Musk was going to earn 4,000 times more than Allan Joyce. Imagine a bag of money containing Allan’s $21 Million, that’s a pretty decent pay packet.

But, Now imagine counting out 4,000 of these bags, That’s what Musk was set to earn.

Poor old Warren Buffett is 93, and been working at Building his portfolio for 82 years and only has $127 Billion, to think Musk was going to earn 2 thirds of that amount in one pay deal is a bit crazy.
 
qldfrog said:
I think Musk should get out of Tesla, and do a Steve Jobs, get his billions, **** off.
Click to expand...

And when he comes back he should earn $1 per year like Steve Jobs only earned $1 per year as CEO of Apple. So maybe you are right he should take some notes from Steve.

By the way Warren Buffett earns $100,000 per year as CEO.

Jeff Bezos earns $88,000 base with some bonuses bringing it up to about $1.6 Million.

When you are already a multi billionaire, I Think accepting a smallish wage and just living off your shareholding in the company is a better idea. It aligns your interests with share holders.

IMG_0451.jpeg
 
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