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Tesla's Supercharger Team was recently laid off. We discuss what this means for the company on today's TMC Podcast streaming live at 1PM PDT. You can watch on X or on YouTube where you can participate in the live chat.
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For such a short time frame, I wouldn't invest in the stock market. But...if you did, and bought 100 shares (so a bit more than 20K at the current price) you could lower the downside risk a bit by selling an August call against those shares (thus a covered call) and bank some guaranteed earnings. Come August, you were going to sell the shares anyway, so even if they get called away (meaning you are forced to sell your 100 shares at the strike price) you still made some profit on both the shares and the call. If the shares drop below your purchase price you lost a bit less than if you didn't cover.
sundaymorning
Active Member
According to Elon Flamethrowers start delivery in 2 weeks.
sundaymorning
Active Member
During Elon’s Q&A session, an employee asked Elon permission for a few more questions:
Elon: sure. As long as it’s.. (audience laughs).
Elon: (playing along) I get a lot of flack these days on questions (audience claps).
After Elon leaves, an audience member yells “we love you”.
Elon is back to joking around again. He seems much happier these days.
I remember he is paid $32,000 a year because of CA minimum wage law. But he donates it? I don't remember.
RobStark
Well-Known Member
One year Elon did not meet any of his compensation goals, none of his options vested, and he earned $0.
California regulators said no Dice, Tesla.
They forced Tesla to calculate how many hours Elon worked for Tesla and pay him minimum wage times hours worked. Plus overtime for working over 8hrs continuous or more than 12 hrs in a 24 hr period.
I guess that came out to $80k?
One in which he would be El Jefe. There are dozens of tech (and non-tech) companies that would welcome JB as CEO and could put together highly attractive compensation packages to give him a shot at seeing if he has the chops for the corner office.
The omitted sentence is:
In particular, we are highly dependent on the services of Elon Musk, our Chief Executive Officer, and Jeffrey B. Straubel, our Chief Technical Officer."
Having been involved with reviewing/editing verbiage (as opposed to numbers) in those documents for other filers, the process usually starts with the most recent prior language. Any changes undergo an iterative process to approve the new language. The Risk Factors section (where the omission has been made) is generally the purview of the inside and outside counsels, while operations personnel are more involved with the Management Discussion & Analysis section, but the lawyers still have to sign off on changes.
It may be immaterial that the wording change coincides with a publicly disclosed re-organization and the departure of other senior executives and managers. Rather than dismissing the possibility of JB's departure so cavalierly, why not contact investor relations and post the response?
In January 2012, the headline was "2 top engineers resign" The share price dropped 20%, and an un-scheduled conference call was arranged with analysts to quell a further decline. The share price recovered after the call when it turned out it was only Rawlinson and Sampson rather than JB, but the incident may be a pre-cursor of what could happen if/when JB leaves.
Also, early last fall there were reports that Jeff Evanson had moved on--some cited his hosting of the 3Q17 conference call in early November as disproof of the rumor. In hindsight that incident may just illustrate severance packages may take awhile to play out
Whatever the number comes to, it's academic. Musk doesn't cash the checks. Tesla mentions this in each quarterly report filling. His only accepted compensation has been stock for years.
Actually Brian did, and fully understands that JB's vested and un-vested option grants devolve from his longevity (and bonus awards none of those others could earn because they are for technical achievements.)
Much of the reported holdings of the other Named Officers are because of zero basis Restricted Stock Units--how many of those RSUs are in JB's holdings?
A large part of the option grants to Named Officers are "retention" grants that vest monthly over several years--JB has hung in there, the others haven't continually.
The other component of Named Officer grants are performance awards:
(a) aggregate vehicle production of 100,000 vehicles in a trailing 12-month period; (b) completion of the first Model 3 production vehicle; and (c) annualized gross margin of greater than 30.0% in any three years, in each case subject to the grantee’s continued service to us on each such vesting date.
That quoted excerpt was from the 2014 Plan for Named Officers. At the time the Plan was approved the eligible beneficiaries were JB, Deepak, Jerome Guillen, and Greg Reichow. The "subject to" is critical. Deepak left and later came back; Jerome took a leave of absence and lower level position when he returned, Greg took a leave of absence but never returned. Only JB has "continued service"
Finally, only JB and Deepak (off & on) have been around since 2008. Look at form 4s to see the percentage of his holdings and awards Deepak has sold versus the similar percentage for JB.
In the 10K, Elon’s name was also dropped from the same sentence as JB’s. Ominous.
Still appears here:
We are highly dependent on the services of Elon Musk, our Chief Executive Officer.
We are highly dependent on the services of Elon Musk, our Chief Executive Officer, Chairman of our Board of Directors and largest stockholder. Although Mr. Musk spends significant time with Tesla and is highly active in our management, he does not devote his full time and attention to Tesla. Mr. Musk also currently serves as Chief Executive Officer and Chief Technical Officer of Space Exploration Technologies Corp., a developer and manufacturer of space launch vehicles, and is involved in other emerging technology ventures
We are highly dependent on the services of Elon Musk, our Chief Executive Officer, Chairman of our Board of Directors and largest stockholder. Although Mr. Musk spends significant time with Tesla and is highly active in our management, he does not devote his full time and attention to Tesla. Mr. Musk also currently serves as Chief Executive Officer and Chief Technical Officer of Space Exploration Technologies Corp., a developer and manufacturer of space launch vehicles, and is involved in other emerging technology ventures
Crap. Then I guess you understand that JB is not likely to be jealous of other execs and certainly isn't likely looking to go to some nebulous company where the grass is greener, and you just decided to obtusely intimate otherwise for nefarious reasons.
My bad.
sundaymorning
Active Member
Brian, you joined TMC on April 28, 2011, when Tesla's share price closed at $27.66. Buying and holding TSLA at that time would have been the investment of a lifetime for many people, resulting in more than a 10X return in 7 years, even at the currently depressed share price.
There will always be risks with Tesla, along with enormous opportunities. Focusing only on the risks, while ignoring the opportunities, has historically not been a winning strategy for Tesla investors. There are no guarantees, but I know which side of that bet I want to be on.
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Snark aside, none of us can see inside the man's head. But having watched/listened to many interviews with him over the years, I can't fathom that there's somewhere he could go that would more closely match his dream job than his current position at Tesla.
He's very rich, and is doing what he loves.
sundaymorning
Active Member
Didn’t you pay attention to the last conference call? Tesla won’t answer to boneheaded questions.
I thought he took CA minimum wage. But I could be wrong.
From the latest 10Q (and many others dating back years):
Our CEO earns a base salary that reflects the currently applicable minimum wage requirements under California law, and he is subject to income taxes based on such base salary. However, he has never accepted and currently does not accept his salary.
Yes, isn't it fun, and far more entertaining than a crap table where each roll is an independent event (but a wad can be depleted quickly if you don't understand probabilities and the corresponding odds offered.)
Tesla is more like playing the ponies. Those who think they can read a Racing Form and gain an edge may or may not stay ahead of the house. In the end, it's all just gambling. Those who recognize it as gambling may win a little or lose a little, but not get wiped out.
One thing I noticed when I used to occasionally visit a track was that day's Racing Form was updated to include races by the horses on that day's race-card since my last visit. I believed any horse's later performances were more relevant to handicapping its performance on that day than its earlier outings. May have been deceiving myself.
YMMV
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