What can shareholders do to get him removed? He's cracked. His time is over.
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Elon Musk
- Thread starter graham
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Vote him out, as of right now Tesla stock is down to $170 per share.
cdub
OG 2011 Leaf / 2023 Model Y LR
Oh wow... What's the sudden drop there? What happened?
I was an EV and Tesla fan before I knew Elon existed. If he's not helping the mission anymore he needs to go.
Sunvalleylaw
Member
Ok, forced to resign (and pay personally, along with Tesla Inc. paying penalties) as part of basically a plea deal/settlement for securities fraud claims. (in a civil penalties context). Semantics. He entered essentially the equivalent of an "Alford" plea in a criminal matter (though apparently civil penalties were pursued here), where you don't completely admit your guilt but settle anyway and accept consequences. The vast majority of criminal matters are resolved by settlement (plea deal). That happened here to resolve the matter, with the significant penalties and cost to Tesla, the company. Still not awesome for the company, nor the shareholders is the point.
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JRP3
Hyperactive Member
Resigning from the board is not being fired, it's not semantics it's accuracy. There also wasn't any admission at all, not even a partial one, it was simply a settlement to avoid a drawn out court battle which would have negatively impacted the company. He was just as likely to win the case, a number of lawyers including former SEC members felt the SEC case was weak. I'm no fan of Elon's actions this year but let's not try to rewrite history.Ok, forced to resign (and pay personally, along with Tesla Inc. paying penalties) as part of basically a plea deal/settlement for securities fraud claims. (in a civil penalties context). Semantics. He entered essentially the equivalent of an "Alford" plea in a criminal matter (though apparently civil penalties were pursued here), where you don't completely admit your guilt but settle anyway and accept consequences. The vast majority of criminal matters are resolved by settlement (plea deal). That happened here to resolve the matter, with the significant penalties and cost to Tesla, the company. Still not awesome for the company, nor the shareholders is the point.
Ask yourself this question.... has any of the problems at Tesla been rectified?
1 Service
2. Quality Control
3. Parts availability
4. Warranty repair
1. Service has been terrible from quite some time, Elon tweeted about it over a year ago and the problem still exist
2. Quality control is still bad, not as bad as it used to be but just look at the tire wear issues on the Plaid for example
3. You make an appointment to have something repaired, it takes a month or so to get to a service center only to have your appointment moved serval times by Tesla and then you have to wait an extended period of time for the parts to come in to repair your car.
4. Tesla has been dodging some warranty repairs by dismissing the owners' complaint until the warranty runs out by saying it is not covered when it clearly is covered by warranty.
The sudden drop is Wall Street watching Elon's behavior and seeing the shift, that is not good for business. Corporations need a stable leader. Has Elon been stable recently?
cdub
OG 2011 Leaf / 2023 Model Y LR
This behavior is making me doubt picking up my Y in January. But I will as it's the best EV around.
Also making me want to sell my stock but I won't.
Also making me want to sell my stock but I won't.
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Gauss Guzzler
Safety Score = 42
As a direct result of Elon's irresponsible actions and the damage his actions did to Tesla, he is no longer the chairman of the board.
This isn't a master course on HR terminology. A perfectly good word to describe the punitive nature of his change in duties would be "fired".
Sunvalleylaw
Member
OK, accurate yes. But also semantics in that he engaged in conduct that someone of his intellect and business experience would know would likely lead to problems with the SEC. He rode the edge, and he and the company paid. It is also accurate to say that the man should not be engaging in such conduct that negatively impacts his company and to the company that so many here are shareholders of. It is not responsible conduct. That is also accurate.
I will also say that any kind of settlement with regard to fraud charges is not something that will help the résumé of anyone who is not a billionaire and can’t buy their way out of it. And in theory, he works for the shareholders, and I think they should fire him.
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heavyD
Member
LOL it's car for crying out loud. Are you proud of your refrigerator too? Or how about your toaster?
I see Elon "I'm actually a centrist" Musk seems to only be interacting with the absolute worst, far-right goons on Twitter.
What happened to "if you're pissing extremes off, you're doing it right?"
Elon showing his true colors, imo.
Despite Elon's antics (and if you search my post history, I have been critical of his antics for quite some time), I think Tesla still makes the best EVs around and are #1 choice. And because of the Supercharger network, it's the only EV to buy if you plan on road tripping, because all the EV charging networks are totally incompetent.
But other manufactures are making some decent EVs, and they may be good enough for a lot of people. I think there's two things that would get me to seriously consider another EV at this point:
1. Tesla opens up Supercharger network to all EVs (this appears to be coming, probably in 2023)
2. Enough of the other charging networks gets their crap together well enough to provide a charging experience you can rely on.
As far as what to with with TSLA, I think selling at this point if you are long is probably a bad idea, even though I think there is still significant downside risk in the next 12-18 months.
Long term, I think Tesla's vision is excellent and the company has excellent financials. But Elon's antics are a huge distraction and present a huge overhang on the stock. Historically, investors have looked past Elon's antics, but we appear to have reached a tipping point as there are many investors now backing away.
TSLA would be far better off by letting their products speak for themselves, instead of letting Elon speak for the product.
The question is - will anything change to make that happen?
Hindsight being 20-20, I believe that I really should have seen this overhang coming due to Elon's antics. There's a clear trendline there.
The usual suspects will disagree with this - but they are so blinded by Elon's aura they believe he can do no wrong - and even when he does, excuse it.
Leeclanual
Member
This is simple folks…. If you are so triggered with Musk to the point of having to post your concerns on a Tesla owners forum you should (1) sell any Tesla you might own, (2) cancel any outstanding Tesla orders, (3) don’t use Twitter, and (4) don’t use/cancel any subscription to Starlink.
That is not how it works. CEOs are accountable to their shareholders if they are a publicly traded company.
cdub
OG 2011 Leaf / 2023 Model Y LR
Yes I kinda wish I sold some when he said he was going to buy Twitter. But that ship has sailed.
Leeclanual
Member
His BOD and major shareholders love him… nickel/dime investors who own Tesla stocks don’t matter.
cdub
OG 2011 Leaf / 2023 Model Y LR
I don't think that's true. They didn't like it yes but they weren't cancelling any contacts.
cdub
OG 2011 Leaf / 2023 Model Y LR
All must worship Musk! To post concerns is heresy!
Leeclanual
Member
Fake news… SpaceX is making serious money on government contracts.
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