I don’t think Elon would leave Tesla if this fails. He would be offered another compensation package. I think he’d also know that asking for compensation for past achievements will be a tall order. I hope it passes but I do have my doubts.
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When Elon was selling those shares he was assuming that the compensation plan would go through, allowing him to get his 25% stake back. So no contradiction here.In other words, Elon went "do as I say, or I kill the company", and now investors are screwed either way.
If Elon leaves Tesla, he will likely bring his best people with him, which means that Tesla would likely struggle. Especially if competing with whatever different company Elon takes them to in order to keep working on AI and robots. FSD might not be finished, or might never be good enough.
Personally, I would want Elon to stay with Tesla, but on the other hand, seemingly threatening people to sink Tesla if he doesn't get his way doesn't sit well with me. And his excuse that he wants 25% so he won't have to worry about someone taking over the company... why did he sell tons of shares then?
Apparently those 25% in Tesla weren't very important to him when he started drooling over Twitter!
He dumped his shares, moved his ownership way down, and now he's complaining about a low ownership stake.
Sigh.
Truly - invalidation of his 2018 compensation plan is unprecedented. Really really hard to assume that was going to be invalidated in its entirety, and the shareholder vote that overwhelmingly authorized it would be nullfied.When Elon was selling those shares he was assuming that the compensation plan would go through, allowing him to get his 25% stake back. So no contradiction here.
Didn't Elon already leak the results of the voting? (Probably against SEC rules)
No he didn’t. He just said 90% of retail voted yes. But we don’t know how many retail actually voted. That’s the kicker since you need 50% of all voters, whether they voted or not to say yes.Didn't Elon already leak the results of the voting? (Probably against SEC rules)
So just a partial leak.No he didn’t. He just said 90% of retail voted yes. But we don’t know how many retail actually voted. That’s the kicker since you need 50% of all voters, whether they voted or not to say yes.
I think the SEC has rules about disclosing results before all the votes are in... at least that's what I read on the Internet.Is there some rule against that?
No there isn’t. Just regular FD disclosure — i.e., release to the public rather than selectively to certain parties. But funny to watch people speculate and manufacture nonsense to get outraged about.Is there some rule against that?
But if he does leave, that would be a net benefit. It is not that he has brought little to Tesla - in my view, he has done a lot, for the company and for the development of EVs generally. But it is also my view that at this point his negatives outweigh the positives that he brings. Further, there is much more talent at Tesla - past and present - than just Elon Musk and I have confidence that the company would be well led if he left, perhaps by one of the many employees who have departed under his recent leadership.I don’t think Elon would leave Tesla if this fails. He would be offered another compensation package. I think he’d also know that asking for compensation for past achievements will be a tall order. I hope it passes but I do have my doubts.