I think this encapsulates the situation fairly well: Opinion | Tesla’s Pay Package Ruined Elon Musk. Shareholders Should Reject It. - The New York Times Elon hasn't been the same since the deal was passed, and the deal wasn't properly negotiated by the board. He, and the company, haven't been the same since.
i don't agree with him at all. he sounds like a disgruntled stock shorter. what tesla has done in the last 6 years is nothing short of unprecedented. the only question in my mind is if they can continue that level of growth and innovation without him.
I had not considered the Tesla "shorts" might be bidding up the stock price hoping the stock will crash. As long as they can not vote the shares they 'borrowed', no problem. Bob Wilson
There are some interesting academic studies of how long a CEO should remain in charge of a company. They divide the tenure into 5 stages but I'm not sure how those predict for a personality like Elon or a innovative startup culture/company. (summary Fortune June/July page 20) They mostly cover mature companies as they must cover 20 year spans (except for Warren). But they certainly show how the CEO's effect changes over time and it directly correlates to the companies financial success. There are outliers.
Been thinking about: I wonder if everyone who votes against the pay package can get a letter like this: June 14, 2024 Dear <name>, We noticed you voted against the Elon pay package. Obviously, Tesla has chosen to pay Elon for his services that you disagreed. No one should have to own a stock they don't have faith and confidence. So Tesla would like to buy back your shares for the TSLA closing price on June 13, 2024. Bob Wilson
Well, both resolutions passed (by a wide margin) according to Musk. I guess this isn't like an election where the result are known only at the end of the polls...
Watching the Tesla stock holder meeting. I understand Elon’s pay package was approved, the second time, along with the incorporation move from Delaware to Texas. The Q&A is where you really see Elon's direction. It might be interesting to hear from “McKinsey, found that 46% of EV owners in the U.S. say they will dump their EV and go back to ICE.” Ask them what they think about the vote versus their survey. Bob Wilson
One metric I wished they would have said during that meeting is the current millions (billions) of miles driven in FSD.
Because I am curious, I agree with the sentiment. But it is really is an NHTSA or better, U.S. Department of Transportation to conduct and share their studies. The reason is all driver assistance systems should be evaluated, using the same metrics. We really need a fair evaluation of the different systems. Bob Wilson
The Tesla press release: https://ir.tesla.com/press-release/tesla-releases-results-2024-annual-meeting-stockholders AUSTIN, TX, June 13, 2024 – At today’s Annual Stockholders’ Meeting, Tesla stockholders overwhelmingly approved the ratification of the 2018 CEO Performance Award and the redomestication of the Company to Texas. Tesla has submitted all filings to effectuate its conversion into a Texas corporation and can confirm that the Company is now incorporated in Texas. . . . Bob Wilson
Oh goodie. Get incorporated in a state which has little history of corporate governance and judicial oversight. If there is any reason to abandon Tesla and any similar company it is the uncertainty of the legal environment that is in Texas. Not to mention the judicial slant of the rulings that will control any decisions. down 2.4% day to day as I post. Waiting to see what the pay package vote does to the value of the ordinary investors in the stock. I Ignore Kathy and her ARC musings. Talk about a meme stock promoter. Bob how you doing on those recent tranches?
okay, you post when it's down, and i'll post when it's up. personally, i'm happy to see they are out of deleware and that crazy judge
There are reasons for being suspicious of Texas: PAICE has been pursuing patent litigation against Toyota for several years in the U.S. District Court in Texas. It has already presented its claims to a Texas jury. After trial, the District Court denied PAICE?s request for an injunction barring sale of hybrids. PAICE apparently seeks to bypass the District Court ruling by asking the International Trade Commission (ITC) to exclude the importation of Toyota hybrids The group filed the lawsuit in Amarillo, where all cases are heard by U.S. District Judge Matthew Kacsmaryk, a former religious liberty lawyer who previously litigated against abortion and contraception access before he was appointed to the bench by President Donald Trump There will always be a few 'bad actors' in any human endeavor but being from Oklahoma, I tend to remember the Texas ones. Bob Wilson
Sorry - but shareholders decided he was worth it. Twice now. Tesla shareholders approve CEO Elon Musk’s $45bn pay package | Business | The Guardian Put another way, shareholders gave the finger to the Delaware judge by reinstating what this self-important court officer thought she new better than. Icing on the cake & a parting shot to Delaware, Tesla is now Incorporated in Texas. Equally just, the shorters will likely lose enough to pay for a good chunk of what was already promised to Musk. .
After a few days, I still can’t find a simple answer. Toyota NA has their headquarters in Texas, but that doesn’t mean they are incorporated there. Here is a paywalled article from WSJ with some interesting analysis and details: https://www.wsj.com/business/tesla-texas-incorporation-delaware-edcbd0dd Basically, about 2/3rds of Fortune 500 companies are incorporated in Delaware. That leaves about 1/3 that isn’t. Texas is making a move to take some of that business from Delaware. Finding out where a company is Headquartered is easy. Finding the state of incorporation should be easy. The state in which they are incorporated is listed in the 2nd page (article 2) of a companies “Articles of Incorporation”. Unfortunately I haven’t found those either. In any event, I thought it was an interesting question.
