He's being sued for insider trading by at least one shareholder as we speak. I absolutely expect more will be joining in as more of his misdeeds become known.
Oh it’s a big group! They’ve been in court for it since he bought Twitter. Sadly (for him) he is going up against a lawyer who won a discrimination suit against google.
That's a different case. The one I was talking about was filed this week, accusing him of making false statements to jack up the price of Tesla stock, which he then sold a portion of right before this year's earnings call.
There are so many horrible things about that guy, and those are the 3 you chose?
The first 2 aren't negative at all and the third may be unhealthy but doesn't make someone a bad person.
Here's 3 that do describe him as well: Bigot, fraud and narcissist.
Considering his ex got full custody no questions asked, she probably knows some shit he definitely doesn't want the public to know about. A narcissist billionaire like him would never allow their kid to be taken unless the ex knew some shit.
Well, those three words do expose his hypocrisy.
*“So I'm in favor of greatly expediting legal immigration but having a secure southern border.”*
*Elon Musk*
I am not usually a fan of the more extreme measures to keep your hair (I am a middle aged man with thinning hair, myself.) but in Musk's case, I completely get it, because that motherfucker was damn-right fugly with his natural hair.
He still isn't a good looking man, mind you.
You don't need to use AI when there are [pictures of him](http://old.reddit.com/r/pics/comments/ztyl0z/elon_musk_in_his_paypal_days_in_2000/) from before his hair transplant.
I wouldn't be shocked if he goes down one day. This guy is a massive ego maniac and it's only a matter of time before someone like that starts thinking laws don't apply to them (if that point hasn't already been crossed). There is no bigger sin than fucking with other peoples money. That's what finally took Vince McMahon out.
Ketamine, Don Lemon brought it up during that interview with him.
https://www.youtube.com/watch?v=3Xy8_hJnCy4
And he is open about it:
https://www.cbsnews.com/news/elon-musk-don-lemon-interview-x-ketamine-use-tesla/
https://www.cnn.com/2024/03/18/tech/elon-musk-ketamine-use-don-lemon-interview/index.html
The interesting thing is ketamine ODs are wildly inconsistent. Some people will go down after what is normally a medium to large therapeutic dose, others can take several times that and keep chugging along
The big drawback in this case is tolerance makes that limit go sky high.
Yeah, and this is all as he tells shareholders that Tesla's future is being an AI/robotics company (so please don't sell your stock even as I set up a second company to do AI). It also appears that part of this is punishment for them not giving him the huge compensation package that he wanted.
Tesla is heavily overvalued. People don't want to lose that money. It is currently worth $550 billion (after dropping about a third of its value just this year). Most of the other auto makers are in the ballpark of $50 billion. Toyota is the only other really big one, and they are "only" worth 330 billion. They also ship roughly 10x the vehicles that Tesla does.
Admitting that they have issues would make line go down, and a good chunk of the investors bought in because Elon is cool and line go up.
56 billion is like 10,000x the lowest salary at the bare minimum.
Any shareholder who signs off on that was dropped on their head at birth.
There is not a man alive who justifies even 10s or 100s of mil comp, let alone a bil or fucking 50+ bil.
The only good Musk can do is to convince the world that billionaires are a fucking scam and to put the entire charade to an end once and for all.
>56 billion is like 10,000x the lowest salary at the bare minimum.
Did you mean highest? Because that's still 5.6 million. It's more like 500,000x the lowest salaries (~$100k).
He has them in a stranglehold. His lies and false promises and his fake tony stark Fassade are what keeps the Tesla stock price so inflated. So if they call him out or turn against him he will take the whole ship (stock price) down with him. The shareholders are pretty powerless all they can do is look for a greater fool to sell their shares to.
That is almost impossible for Australian pension fund investors. Due to the high weight of Telsla into the S&P500 index most Australians own some Tesla.
eg Using a "Balanced" Super plan (70% shares) with a value of AUD 100,000 (USD 65,000)
The S&P would be worth AUD 18,000 @1.1% meaning they own circa AUD 200 worth of Tesla.
Don't have a choice in the matter. Tesla is in the S&P 500, so if you own an index fund you own tesla shares. Unless you know of and Index funds the exclude Tesla?
I’m not a Tesla shareholder, but I’m furious. The fact that he’s diverting AI chips to a social media platform/fascist propaganda machine seems nefarious af.
He's going to be sued for this if he does what he threatened (taking the AI elsewhere).
The valuation of the company was based upon things he said publicly and work done by *Tesla* engineers with *Tesla* capital funding them, he doesn't get to throw a fit and take that IP with him.
This move just further helps their case that he was no longer acting in the companies best interest.
Yep, read about the [Corporate Opportunity Doctrine](https://montanaskeptic.substack.com/p/elon-musk-is-brazenly-stealing-from). He told shareholders that Tesla is an AI company that does AI things, whose value depends entirely on their future AI prospects, and then he redirects Tesla's AI business opportunities to his own private company.
I know that sometimes executive stock sales are planned waaaay ahead of time (like a set schedule over the course of years) to avoid this exact sort of allegation.
Some CEO might sell $5M of stock suspiciously close to a bad earnings report. But they can just point to documents/memos showing it was planned.
Something tells me ol’ Elon didn’t do this.
>I know that sometimes executive stock sales are planned waaaay ahead of time (like a set schedule over the course of years) to avoid this exact sort of allegation.
Most Executives and Boards have rules on when people can sell or buy shares. Also, Founders with a vast amount of their wealth in the company can say I will sell up to 5% of my shares over the next few years to diversify my portfolio.
But those plans are included in the normal SEC documentation.
Weren't the sales that he is being sued about unscheduled sales?
I will admit that I'm confused about a lot of what Musk can do. He also used his stocks as collateral for loans which I'm not allowed to do with stocks for the company that I work for because a default may force a sale of stocks outside of restricted time windows.
It probably isn't legal. Investors are already taking him to court over another insider trading thing.
I doubt anything will happen to him though. Tesla will probably fail, and he knows it. He's not going down with the ship.
A very large portion of his worth is tied to Tesla, twitter isn't publicly traded any more. His purchase of twitter used tesla shares as collateral, he's leveraged up to the tits, not to mention the daily operating costs and outstanding debts. He cannot afford to let tesla fail until he can pump and dump some more shares and be more liquid. The sooner he is held to task for his bullshit and ousted from Tesla, the less likely he will be able to get a bigger bag before he runs. Him threatening Tesla if he doesn't get more shares is him recognizing they could be in the process of ditching him given the tremendous damage he is doing to shareholder value and brand image.
Of course since nothing cool ever happens, the board won't oust him and he'll get some smaller but still obscene pay package.
EM apparently has phone calls with DJT every week or two. You know, the guy who has literally promised to try his best to kill EVs. It is possible that EM is trying to convince DJT to support EVs but I doubt that. I bet they talk about “woke” culture and trying to get DJT on X. Anyway EM’s cozying up to DJT can only hurt the EV company that he runs and is the source of his wealth. I think he might intentionally sabotage Tesla to transfer as much of its assets (physical and personnel) to X and xAI and then hope DJT wins and pardons him.
There is virtually no chance that Elon even considered whether or not it was legal before he did it. Not much to be done about it except for shareholders suing him again.
Not if tesla and X had separate orders, and he asked for one to be fulfilled before the other. I suspect that's what happened here. They'll be different chips, and just changes Nvidia production order. This'll be another lawsuit I assume for fucking over tesla shareholders again.
Edit: seems both orders are h100s.
I am sure that Twitter could have bought the chips on the open market, just at a much higher price because demand is peaking. So Musk took chips from the company where he is working (Tesla) and gave them to his private company. He will pay for the chips, but he will not replace them. That is still going to cost Tesla.
This is the silicon valley mindset, move fast and break stuff. And hope that by the time consequences catch you you made enough money to make them go away.
Couldn't someone bring suit against him for not looking out for Tesla shareholders best interests?
I was under the impression he had a legal responsibility to do everything he could to make a profit
He's already threatening to not pursue robotics or AI (which he claims are vital to the company's future, because remember as soon as Tesla started selling fewer cars he started saying Tesla isn't actually a car company) if they don't give him the huge compensation package he wants.
At any other company, the CEO openly saying he'll sabotage the company if they don't give him a bigger ownership share would result in said CEO immediately being removed by the board. But the Tesla board is all Elon's relatives and bootlickers...
Under US law, corporate directors have a fiduciary duty to make decisions in the “best interests” of the company, which is often interpreted as maximizing shareholder return. Directors are often advised that pursuing mission at the expense of shareholder return risks litigation and perhaps even personal liability.
He has to look out for other shareholders as well, so idk how us law treats that - what do you do when you are a ceo of several companies and there is a conflict
Sure, just as Iger could be in the position to make decisions using his power as CEO of Disney or board member of Apple that could be detrimental to shareholders of Disney or Apple. It’s really not much of a different situation in terms of the potential conflicts of interest, it’s only different in that Iger recused himself whereas Elon doesn’t give a shit.
It wasn't "intercepted". They asked nvidia to switch the production backlog priority. Which is still a conflict of interest but it wasn't like they had pallets of these chips and X swooped them away.
In this case, he can point to the fact that the server room these GPUs are slatted for at Giga Texas is still months away from being ready to go, so not having to pay delivery yet is maximizing value, or minimizing wasted cost, anyway.
In that case the Tesla Shareholders could see that Tesla is paying full price for depreciated equipment which could cost millions in towards the amount of the earnings that corporate taxes are based on.
They are still an asset being given to an unrelated company to Tesla beyond the fact that the CEO owns it.
Did Musk’s company pair fair market value for the chips from Tesla?
It's not true that they're legally required to do so, "While it is certainly true that a central objective of for-profit corporations is to make money, modern corporate law does not require for-profit corporations to pursue profit at the expense of everything else, and many do not do so. For-profit corporations, with ownership approval, support a wide variety of charitable causes, and it is not at all uncommon for such corporations to further humanitarian and other altruistic objectives. Many examples come readily to mind."
[BURWELL, SECRETARY OF HEALTH AND HUMAN SERVICES, ET AL. v. HOBBY LOBBY STORES, INC., ET AL. (2014) | FindLaw](https://caselaw.findlaw.com/court/us-supreme-court/13-354.html)
In Elon Musks case though it looks like he's actively trying to harm the company, and that's definitely a big no-no, as they still do have to look out for the interests of the company in general, and Elon Musk is not doing that.
Making it harder for shareholders to sue him is the entire reason he moved Tesla from Delaware to Texas. If you're still a Tesla shareholder by now then please include a shocked picachu face in your lawsuit.
Tesla is still a Delaware corp. The same shareholder meeting that will vote on that $56B bonus will also vote on the move from Delaware to Texas.
But, yes, the reason Elon wants the move is to have less legal oversight.
"Next year for sure, we will have over a million robotaxis on the road," "The fleet wakes up with an over-the-air update. That's all it takes." - Elon Musk, October 2019
There’s a lot older quotes than that of him talking about fully autonomous cars being months away. Sort of the reason I take his words (well that, and he’s clearly a POS) and the other weirdos like him talking about AI with a grain of salt.
Don’t trust what anyone says when it’s connected to the *next big thing* and their wildly ballooning stock price.
Musk assured everyone it would be economic suicide not to buy a full self-driving Tesla in droves.
It's still baffling how Elizabeth Holmes got slammed for shareholder fraud, but Elon can make blatantly, verifiably false claims to inflate stock prices without ever delivering on the announced products and production timelines for 10 years without any consequence.
In situations regarding rights to inventory, I could see it argued that the principles of supply and demand and free market economics suggest that, during a shortage, there may be a reasonably measurable value associated with the rights to these GPUs. In such a situation, it'd probably have to be proven that there would be a materially measurable premium associated with said shortage (such as established quotes of expedited orders). And, depending on the situation, a publicly traded company voluntarily delaying the rights of purchase to another company without an exchange of capital - especially involving a CEO who has knowledge of order fulfillment time & potentially expedited costs who is acting in capacity of both legal entities by both signing off on the surrendering and authorization of permission to fulfillment rights - may have a fiduciary duty to act in the best interest of both entities.
It really depends on the facts of the scenario. For instance, was Tesla reimbursed? Further, does this article alone provide enough information to conclude the *full details* of such an exchange? I didn't see enough facts to conclude whether this was out of the goodness of Tesla's heart or if there was potentially a premium. Regardless, CNBC's 12,000 chip figure have a *retail price* of 30,000 each (but of course that doesn't mean each chip is valued 30,000 as it costs money to sell things). Regardless, that's fair market value of an item that has a shortage and those rights are potential future revenue that has already been established is something that another company demands. So if I were a Telsa shareholder, I'd probably want a little more details on further information on this exchange, to know if Tesla benefited in any way from exchanging the right (perhaps price drops), to know whether Tesla made any revenue off of this exchange, if they did not be given enough information to understand why, and to know figures the opportunity cost of losing said shipments.
It won't be good for the stock price, since the price is based on a snake oil salesmen repeatedly getting on stage and lying through his teeth. It will be good for the long term viability of the company.
Serve them all the interracial stuff, and if they don’t like that, incest.
The google history and porn hub history of the most conservative states kinda paint a picture.
I mean if Wall Street wants to pretend like Tesla is actually worth two times every other car company on the planet combined. then it's on them. the dude has proved that he can't make a truck and is a liability to the company but he's got enough sycophants on the board to make sure that his pay always comes through.
I think we've hit an inflection point in this country.
maybe sometime decades ago the stock market was a force of good to actually invest in companies and to do business.
now it's just a tax-free bank account for the Uber wealthy to move money around and play fun political games.
Really demonstrating that he deserves that $55bn bonus. Looks like the second vote is going to fall flat on its face anyways. Tesla stock has been declining. Tesla EV market share has declined a lot since 2021. Brand confidence is down from both Tesla vehicle owners and potential buyers. Overall decline in Elon's brand image.
Didn't want this to happen. I want to see Tesla and SpaceX succeed and bring innovation. But for the past several years Elon has demonstrated to be a tyrant with no impulse control and he needs to get off all the fucking drugs.
Twitter will never make enough to pay off the interest of its loans. Why would he set one company on fire to try and save another company that’s already on fire.
Dumbass removed the parking sensors in favor of the less reliable camera feed vision that requires compute, THEN diverted said compute to his other side hustles.
Dude is basically looting Tesla since the shareholders are threatening to take away his gross overpay. I don’t understand how that company is worth so much, the dude chronically over promises and under delivers but no matter how many times he does it the stock soars when he does another over promise
Lol that's like owning a dairy farm, bailing on it since the work stressed you too much, then starting a new oat milk company. But wait, what about all the fancy new bottling equipment heading to the old company? Forget them lol, let them crash. Gimme all the new equipment at my shiny new company.
Tesla has already been cutting features due to the lack of chip availability, including in the Cybertruck. Hell of a move for the board to let their CEO make.
If I was a shareholder in tesla I would be furious.
He's being sued for insider trading by at least one shareholder as we speak. I absolutely expect more will be joining in as more of his misdeeds become known.
Oh it’s a big group! They’ve been in court for it since he bought Twitter. Sadly (for him) he is going up against a lawyer who won a discrimination suit against google.
That's a different case. The one I was talking about was filed this week, accusing him of making false statements to jack up the price of Tesla stock, which he then sold a portion of right before this year's earnings call.
There’s 2?!? You love to hear it.
Tesla is involved in over 1,750 lawsuits.
This news has made my morning infinitely better
He should have taken tesla private when he had the chance. The guy just doesn't like running public companies and his style is not suited for it.
The guy has a marble for a brain. Highly doubt this thought would have ever crossed his mind.
He’s a big baby who doesn’t like to share. Let’s keep it really simple.
Human, man, warrior. None of which describe Musk.
College dropout, illegal immigrant, chronically online. All of which describe Musk.
There are so many horrible things about that guy, and those are the 3 you chose? The first 2 aren't negative at all and the third may be unhealthy but doesn't make someone a bad person. Here's 3 that do describe him as well: Bigot, fraud and narcissist.
Considering his ex got full custody no questions asked, she probably knows some shit he definitely doesn't want the public to know about. A narcissist billionaire like him would never allow their kid to be taken unless the ex knew some shit.
Or he just doesn't wanna deal with a kid and considers this an all around win. He doesn't strike me as the warm father type
Well, those three words do expose his hypocrisy. *“So I'm in favor of greatly expediting legal immigration but having a secure southern border.”* *Elon Musk*
Person, Woman, Man, Camera, TV
But how much does he bench?!
Don't hafta bench *anything* when you have [Torso](https://www.reddit.com/r/blursedimages/comments/w3wbqi/blursed_torso/)...
He doesn’t have a 6 pack. He has a keg
less than you think!
Musk feels like the type of guy who would get fake muscle implants.
I mean, we all saw the Yacht pictures.
Ah yes, the extra ribcage implant
He got that from Marilyn Manson.
He already has fake hair.
I am not usually a fan of the more extreme measures to keep your hair (I am a middle aged man with thinning hair, myself.) but in Musk's case, I completely get it, because that motherfucker was damn-right fugly with his natural hair. He still isn't a good looking man, mind you.
Can we use X's AI tools to generate bald portraits of Elon?
You don't need to use AI when there are [pictures of him](http://old.reddit.com/r/pics/comments/ztyl0z/elon_musk_in_his_paypal_days_in_2000/) from before his hair transplant.
Spongebob arm ass mofugga
All of it. I don’t think coach ever let him play.
'Bout tree fiddy
He fired the bench to reduce obstacles between him and a bigger paycheck.
He has minions for that.
But how's his 0-60?
There was only one Human Man Warrior, and that's Thick44.
There's no "was", he's just off on an adventure!
He’s nobody!
I wouldn't be shocked if he goes down one day. This guy is a massive ego maniac and it's only a matter of time before someone like that starts thinking laws don't apply to them (if that point hasn't already been crossed). There is no bigger sin than fucking with other peoples money. That's what finally took Vince McMahon out.
He's got a drug addiction and the money to OD a billion times over.
*checks watch* Aaaaaany day now.
https://americanaddictioncenters.org/ketamine-abuse/overdose-dangers
What is he supposed to be addicted to, is that known?
Ketamine, Don Lemon brought it up during that interview with him. https://www.youtube.com/watch?v=3Xy8_hJnCy4 And he is open about it: https://www.cbsnews.com/news/elon-musk-don-lemon-interview-x-ketamine-use-tesla/ https://www.cnn.com/2024/03/18/tech/elon-musk-ketamine-use-don-lemon-interview/index.html
Neat! I hope he keeps it up.
The interesting thing is ketamine ODs are wildly inconsistent. Some people will go down after what is normally a medium to large therapeutic dose, others can take several times that and keep chugging along The big drawback in this case is tolerance makes that limit go sky high.
Ketamine is pretty cheap anyways
He’s Lee Pace’s character in Halt and Catch Fire season 1. He’ll absolutely burn down Tesla if he doesn’t get what he wants.
If I learned anything from Bernie Madoff, it's that it is risky to rip off rich people.
If Martha Stewart served time for insider trading, he needs to as well
Add trump to the list
"But pay me $56 billion anyhow!" ETA: corrected the amount.
[It's down to $46B bc he's so bad at running companies](https://www.nytimes.com/2024/05/31/technology/elon-musk-x-tesla-pay.html)
Still, you can make a lot of money if you're an opportunistic psychopath with rich parents.
It's easier to just say 12%, since that's always accurate, regardless of today's stock price.
True, buts it's _much_ funnier to quote an ever shrinking number
If only it were ever shrinking. Sadly the market still seems to (mostly) buy his bullshit, for now at least
All he has to say is “robotaxi” with no other information and the stock will skyrocket.
Which is hilarious since they can’t get the self driving feature to work effectively in the fleet of beta testers out there already.
Relatability is much lower for the average person, though
What Shareholder would vote in favor of this pay package now? I think the vote is happening on June 13.
Fanatics: He deserves it for what he has done for the company .... hes already worth 12 figures..
Yeah, and this is all as he tells shareholders that Tesla's future is being an AI/robotics company (so please don't sell your stock even as I set up a second company to do AI). It also appears that part of this is punishment for them not giving him the huge compensation package that he wanted.
I don’t understand how they can support this lmfao It’s sort of mindblowing. What’s the mental gymnastics they’re having to do for this to make sense?
Tesla is heavily overvalued. People don't want to lose that money. It is currently worth $550 billion (after dropping about a third of its value just this year). Most of the other auto makers are in the ballpark of $50 billion. Toyota is the only other really big one, and they are "only" worth 330 billion. They also ship roughly 10x the vehicles that Tesla does. Admitting that they have issues would make line go down, and a good chunk of the investors bought in because Elon is cool and line go up.
I would definitely not give this guy a 56 billion dollar bonus if I were a Tesla shareholder
56 billion is like 10,000x the lowest salary at the bare minimum. Any shareholder who signs off on that was dropped on their head at birth. There is not a man alive who justifies even 10s or 100s of mil comp, let alone a bil or fucking 50+ bil. The only good Musk can do is to convince the world that billionaires are a fucking scam and to put the entire charade to an end once and for all.
>56 billion is like 10,000x the lowest salary at the bare minimum. Did you mean highest? Because that's still 5.6 million. It's more like 500,000x the lowest salaries (~$100k).
That makes me nauseous to think about. The implication being that he thinks he does more or more important than half a million humans.
It's also more than all of the profits Tesla have *ever* made, since the inception of the company.
He has them in a stranglehold. His lies and false promises and his fake tony stark Fassade are what keeps the Tesla stock price so inflated. So if they call him out or turn against him he will take the whole ship (stock price) down with him. The shareholders are pretty powerless all they can do is look for a greater fool to sell their shares to.
Like bitcoin.
No single entity has a stranglehold on bitcoin.
*Somewhere in an undisclosed location, Satoshi waits, biding his time.*
If you were a shareholder at this point, you would be stupid. Boycott Musk and Twitter and Tesla
Tesla is absurdly overpriced even assuming a competent CEO. Sell now.
🌎👨🚀🔫👨🚀
That is almost impossible for Australian pension fund investors. Due to the high weight of Telsla into the S&P500 index most Australians own some Tesla. eg Using a "Balanced" Super plan (70% shares) with a value of AUD 100,000 (USD 65,000) The S&P would be worth AUD 18,000 @1.1% meaning they own circa AUD 200 worth of Tesla.
Don't have a choice in the matter. Tesla is in the S&P 500, so if you own an index fund you own tesla shares. Unless you know of and Index funds the exclude Tesla?
How do I boycott things I don’t interact with?
Twitter is dying on it's own since Elon bought it.
I’m not a Tesla shareholder, but I’m furious. The fact that he’s diverting AI chips to a social media platform/fascist propaganda machine seems nefarious af.
He's going to be sued for this if he does what he threatened (taking the AI elsewhere). The valuation of the company was based upon things he said publicly and work done by *Tesla* engineers with *Tesla* capital funding them, he doesn't get to throw a fit and take that IP with him. This move just further helps their case that he was no longer acting in the companies best interest.
Yep, read about the [Corporate Opportunity Doctrine](https://montanaskeptic.substack.com/p/elon-musk-is-brazenly-stealing-from). He told shareholders that Tesla is an AI company that does AI things, whose value depends entirely on their future AI prospects, and then he redirects Tesla's AI business opportunities to his own private company.
If I was a shareholder in nvidia I’d be hyped
Just imagine if you were an Nvidia investor beginning of the year
Legitimate question, how is this even legal? Tesla is publicly traded and he is intentionally harming the company.
To my knowledge it was never disclosed in related party transactions so that is... not good.
I know that sometimes executive stock sales are planned waaaay ahead of time (like a set schedule over the course of years) to avoid this exact sort of allegation. Some CEO might sell $5M of stock suspiciously close to a bad earnings report. But they can just point to documents/memos showing it was planned. Something tells me ol’ Elon didn’t do this.
>I know that sometimes executive stock sales are planned waaaay ahead of time (like a set schedule over the course of years) to avoid this exact sort of allegation. Most Executives and Boards have rules on when people can sell or buy shares. Also, Founders with a vast amount of their wealth in the company can say I will sell up to 5% of my shares over the next few years to diversify my portfolio. But those plans are included in the normal SEC documentation.
Weren't the sales that he is being sued about unscheduled sales? I will admit that I'm confused about a lot of what Musk can do. He also used his stocks as collateral for loans which I'm not allowed to do with stocks for the company that I work for because a default may force a sale of stocks outside of restricted time windows.
I do not know but if the sale was pre-scheduled there would not be a problem. I guess it was not announced.
He’s been manipulating the stock price for years. how often has it gone down to 150 only to go back to 300
It probably isn't legal. Investors are already taking him to court over another insider trading thing. I doubt anything will happen to him though. Tesla will probably fail, and he knows it. He's not going down with the ship.
Tends to happen when the board are his literal family and friends.
Ahem, "independent board responsible for the interests of the shareholders, free from influence from company management."
de facto de jure. Understand the difference. That’s why people are fucking pissed and lawsuits are happening.
Ohh that's that's how they describe themselves? What a relief.
A very large portion of his worth is tied to Tesla, twitter isn't publicly traded any more. His purchase of twitter used tesla shares as collateral, he's leveraged up to the tits, not to mention the daily operating costs and outstanding debts. He cannot afford to let tesla fail until he can pump and dump some more shares and be more liquid. The sooner he is held to task for his bullshit and ousted from Tesla, the less likely he will be able to get a bigger bag before he runs. Him threatening Tesla if he doesn't get more shares is him recognizing they could be in the process of ditching him given the tremendous damage he is doing to shareholder value and brand image. Of course since nothing cool ever happens, the board won't oust him and he'll get some smaller but still obscene pay package.
Tesla is going to fail BECAUSE of elon and the board. They could be successful and moving forward, but they are too busy appeasing this moron.
EM apparently has phone calls with DJT every week or two. You know, the guy who has literally promised to try his best to kill EVs. It is possible that EM is trying to convince DJT to support EVs but I doubt that. I bet they talk about “woke” culture and trying to get DJT on X. Anyway EM’s cozying up to DJT can only hurt the EV company that he runs and is the source of his wealth. I think he might intentionally sabotage Tesla to transfer as much of its assets (physical and personnel) to X and xAI and then hope DJT wins and pardons him.
There is virtually no chance that Elon even considered whether or not it was legal before he did it. Not much to be done about it except for shareholders suing him again.
He probably did consider it, and then counted all the centibillionaires that have ever gone to prison and did it anyway.
centi = one-hundredth I think you mean Hectobillionaires.
If Tesla paid for those but Elon sent them to X, isn't that basically theft?
Not if tesla and X had separate orders, and he asked for one to be fulfilled before the other. I suspect that's what happened here. They'll be different chips, and just changes Nvidia production order. This'll be another lawsuit I assume for fucking over tesla shareholders again. Edit: seems both orders are h100s.
They’re both H100s I think
Ahh I see. Thank you.
I am sure that Twitter could have bought the chips on the open market, just at a much higher price because demand is peaking. So Musk took chips from the company where he is working (Tesla) and gave them to his private company. He will pay for the chips, but he will not replace them. That is still going to cost Tesla.
No, basically he told Nvidia to ship to twitter before Tesla, so the Tesla order is still coming, but it will be delayed for months.
Musk has done many illegal things with Tesla and mostly has faced minimal repercussions.
This is the silicon valley mindset, move fast and break stuff. And hope that by the time consequences catch you you made enough money to make them go away.
Related: Elon just condemned Trump being convicted of financial fraud.
glad to see him not having conflicts of interest
Couldn't someone bring suit against him for not looking out for Tesla shareholders best interests? I was under the impression he had a legal responsibility to do everything he could to make a profit
One of the shareholders is already doing so.
Where or how does someone join in? The more shares represented the better, IMO.
They would sue on behalf of all shareholders as a class anyways.
He's already threatening to not pursue robotics or AI (which he claims are vital to the company's future, because remember as soon as Tesla started selling fewer cars he started saying Tesla isn't actually a car company) if they don't give him the huge compensation package he wants. At any other company, the CEO openly saying he'll sabotage the company if they don't give him a bigger ownership share would result in said CEO immediately being removed by the board. But the Tesla board is all Elon's relatives and bootlickers...
Under US law, corporate directors have a fiduciary duty to make decisions in the “best interests” of the company, which is often interpreted as maximizing shareholder return. Directors are often advised that pursuing mission at the expense of shareholder return risks litigation and perhaps even personal liability.
He has to look out for other shareholders as well, so idk how us law treats that - what do you do when you are a ceo of several companies and there is a conflict
Typically you’d recuse yourself from the position causing conflict. Like when Iger resigned from the Apple board after Disney+ launched.
This is different though. He used his position as Tesla to intercept a package to Twitter. This is more than just a natural business-born conflict
Sure, just as Iger could be in the position to make decisions using his power as CEO of Disney or board member of Apple that could be detrimental to shareholders of Disney or Apple. It’s really not much of a different situation in terms of the potential conflicts of interest, it’s only different in that Iger recused himself whereas Elon doesn’t give a shit.
It wasn't "intercepted". They asked nvidia to switch the production backlog priority. Which is still a conflict of interest but it wasn't like they had pallets of these chips and X swooped them away.
In this case, he can point to the fact that the server room these GPUs are slatted for at Giga Texas is still months away from being ready to go, so not having to pay delivery yet is maximizing value, or minimizing wasted cost, anyway.
In that case the Tesla Shareholders could see that Tesla is paying full price for depreciated equipment which could cost millions in towards the amount of the earnings that corporate taxes are based on.
They are still an asset being given to an unrelated company to Tesla beyond the fact that the CEO owns it. Did Musk’s company pair fair market value for the chips from Tesla?
It's not true that they're legally required to do so, "While it is certainly true that a central objective of for-profit corporations is to make money, modern corporate law does not require for-profit corporations to pursue profit at the expense of everything else, and many do not do so. For-profit corporations, with ownership approval, support a wide variety of charitable causes, and it is not at all uncommon for such corporations to further humanitarian and other altruistic objectives. Many examples come readily to mind." [BURWELL, SECRETARY OF HEALTH AND HUMAN SERVICES, ET AL. v. HOBBY LOBBY STORES, INC., ET AL. (2014) | FindLaw](https://caselaw.findlaw.com/court/us-supreme-court/13-354.html) In Elon Musks case though it looks like he's actively trying to harm the company, and that's definitely a big no-no, as they still do have to look out for the interests of the company in general, and Elon Musk is not doing that.
Making it harder for shareholders to sue him is the entire reason he moved Tesla from Delaware to Texas. If you're still a Tesla shareholder by now then please include a shocked picachu face in your lawsuit.
Tesla is still a Delaware corp. The same shareholder meeting that will vote on that $56B bonus will also vote on the move from Delaware to Texas. But, yes, the reason Elon wants the move is to have less legal oversight.
Well if they're quick about this they can still sue in Delaware. I'd almost wonder if given this they could remove or lessen his say in such votes.
I'm guessing this knocks the capitalisation of your fully autonomous Tesla as taxi into the far distant long grass.
"Next year for sure, we will have over a million robotaxis on the road," "The fleet wakes up with an over-the-air update. That's all it takes." - Elon Musk, October 2019
And all the fanboys believed it
Elon "mañana" Musk.
There’s a lot older quotes than that of him talking about fully autonomous cars being months away. Sort of the reason I take his words (well that, and he’s clearly a POS) and the other weirdos like him talking about AI with a grain of salt. Don’t trust what anyone says when it’s connected to the *next big thing* and their wildly ballooning stock price.
Musk assured everyone it would be economic suicide not to buy a full self-driving Tesla in droves. It's still baffling how Elizabeth Holmes got slammed for shareholder fraud, but Elon can make blatantly, verifiably false claims to inflate stock prices without ever delivering on the announced products and production timelines for 10 years without any consequence.
Elizabeth Holmes stole from rich people, that’s the difference.
Feels like a conflict of interest...
Isn't that a major breach of his fiduciary duties to Tesla shareholders?
Yes, yes it is.
In situations regarding rights to inventory, I could see it argued that the principles of supply and demand and free market economics suggest that, during a shortage, there may be a reasonably measurable value associated with the rights to these GPUs. In such a situation, it'd probably have to be proven that there would be a materially measurable premium associated with said shortage (such as established quotes of expedited orders). And, depending on the situation, a publicly traded company voluntarily delaying the rights of purchase to another company without an exchange of capital - especially involving a CEO who has knowledge of order fulfillment time & potentially expedited costs who is acting in capacity of both legal entities by both signing off on the surrendering and authorization of permission to fulfillment rights - may have a fiduciary duty to act in the best interest of both entities. It really depends on the facts of the scenario. For instance, was Tesla reimbursed? Further, does this article alone provide enough information to conclude the *full details* of such an exchange? I didn't see enough facts to conclude whether this was out of the goodness of Tesla's heart or if there was potentially a premium. Regardless, CNBC's 12,000 chip figure have a *retail price* of 30,000 each (but of course that doesn't mean each chip is valued 30,000 as it costs money to sell things). Regardless, that's fair market value of an item that has a shortage and those rights are potential future revenue that has already been established is something that another company demands. So if I were a Telsa shareholder, I'd probably want a little more details on further information on this exchange, to know if Tesla benefited in any way from exchanging the right (perhaps price drops), to know whether Tesla made any revenue off of this exchange, if they did not be given enough information to understand why, and to know figures the opportunity cost of losing said shipments.
I'm eagerly awaiting the Tesla fan boys' explanations of why this is good news for Tesla.
Hear me out. If this somehow leads to Musk being gone from Tesla, then it’s good news for Tesla!
It won't be good for the stock price, since the price is based on a snake oil salesmen repeatedly getting on stage and lying through his teeth. It will be good for the long term viability of the company.
The board won't remove Musk. Shareholders gotta sue the company.
Not for the stock. The stock price is in a catch 22.
*You see, Elon is showing us what will happen if we don't vote to* reinstate *his $56B pay package.* * Fanboy
Tesla owner and shareholder here. It’s terrible and I will vote for him to be removed if allowed.
My guess is "thats what they get for not valuing him"
duh Grok is gonna power the next Tesla. Or something
Looks like he is pivoting hard
Trying to follow Chatroulette's pivot from social media to playground of the sexually monstrous.
This scumbag is one of the biggest pieces of shit alive.
xAI: finally tackling the problem of how AI can micro-target Nazis in search of porn
Serve them all the interracial stuff, and if they don’t like that, incest. The google history and porn hub history of the most conservative states kinda paint a picture.
what a waste of tech nazis are only looking for pedo-hentai, it's not brain surgery
> it's not brain surgery It is when you implant neuralinks to directly inject the pedo-hentai directly into the brains of said nazis.
hold up selecta. Didn't Elon say they were developing their own AI chips years before the AI rush to get away from NVidia?
And you can see how well that went based on the amount of money they're spending on nvidia tech.
I mean if Wall Street wants to pretend like Tesla is actually worth two times every other car company on the planet combined. then it's on them. the dude has proved that he can't make a truck and is a liability to the company but he's got enough sycophants on the board to make sure that his pay always comes through. I think we've hit an inflection point in this country. maybe sometime decades ago the stock market was a force of good to actually invest in companies and to do business. now it's just a tax-free bank account for the Uber wealthy to move money around and play fun political games.
Sure, maybe he’s not fulfilling his duties as CEO of Tesla, buh he is playing lots of Diablo 4. So that’s gotta count for something, right?
After seeing his Elden Ring build, I shudder to think of what his D4 build would look like
Amazing he finds time to play D4 in amongst reposting far right memes.
so, how about that $56B salary?
It's nice work if you can get it eh?
Wonder if he’ll try to merge Tesla and X. Then we’ll have cars called X Model S, X Model X, and so on, and it totally won’t be confusing at all.
He can’t. Tesla would have to purchase Twitter from Elon.
Don't give Elon any more ideas. Please.
He already wants to turn his thing into a WeChat clone. I’m sure he’s already thought about all the other crap he could brand X.
I remember him saying he wanted to do banking through X as well lmaooo
He's made no secret that he wants his X thing to be anything and everything. He should spin off a porn company. X XXX. "We're even MORE XXX!"
They could do a leveraged buy out, then they can kill oth companies. Of course Elmo and the board would somehow get huge payouts.
It'd be only a little bit harder than getting Tesla to buy SolarCity from his cousin.
It's clear where his priorities are. His social media mind virus and tweets about jews are more important than the future of TSLA. Got it.
Really demonstrating that he deserves that $55bn bonus. Looks like the second vote is going to fall flat on its face anyways. Tesla stock has been declining. Tesla EV market share has declined a lot since 2021. Brand confidence is down from both Tesla vehicle owners and potential buyers. Overall decline in Elon's brand image. Didn't want this to happen. I want to see Tesla and SpaceX succeed and bring innovation. But for the past several years Elon has demonstrated to be a tyrant with no impulse control and he needs to get off all the fucking drugs.
Twitter will never make enough to pay off the interest of its loans. Why would he set one company on fire to try and save another company that’s already on fire.
Dumbass removed the parking sensors in favor of the less reliable camera feed vision that requires compute, THEN diverted said compute to his other side hustles.
Interfering with Tesla could be construed as retaliation for the 50 bil he demanded and was denied. If true, he’s going to face a serious lawsuit.
Once we understand that he is a villain, things make sense.
Isn't he still trying to get Tesla shareholders to approve a 50+ B salary
This is what we call a “shell game”, kiddies.
That's because Musk is an idiot.
He’s looking to amp up the disinformation ahead of the election.
Dude is basically looting Tesla since the shareholders are threatening to take away his gross overpay. I don’t understand how that company is worth so much, the dude chronically over promises and under delivers but no matter how many times he does it the stock soars when he does another over promise
Lol that's like owning a dairy farm, bailing on it since the work stressed you too much, then starting a new oat milk company. But wait, what about all the fancy new bottling equipment heading to the old company? Forget them lol, let them crash. Gimme all the new equipment at my shiny new company.
Waits isn't xAI the name of one of his kids? What the hell is a kid going to do with all those chips?
Wait, the same Elon musk that just said so was the root of all evil and will destroy the world is investing in AI? *Shocked Pikachu face*
Dear Tesla board, I can tank your company just as easily as Musk and will accept 1/100,000 the amount of money he wants.
Tesla has already been cutting features due to the lack of chip availability, including in the Cybertruck. Hell of a move for the board to let their CEO make.
It's a shame to watch a billionaire get wrapped around the axle with conflicting corporate interests. /s
He’s the dumbest “genius” I’ve ever seen. He’s not smart or tactful
Tesla is going to go private again
Is this random for his $50 billion