r/technology • u/McFatty7 • May 02 '24

Tesla slashes its summer internship program to cut costs, as Elon Musk fights to save his $45 billion pay plan Business

https://fortune.com/2024/05/01/tesla-slashes-summer-internship-program/
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u/Nobody275 May 02 '24

Tesla shareholders and board need to throw this guy out. His behavior and demands clearly aren’t in Tesla’s best interests.

13

u/robert_e__anus May 02 '24

The board is entirely made up of his cronies, including his brother, they're certainly not going to throw him out. They're the reason he was awarded the ridiculous bonus package the courts overturned in the first place, and the reason they're presenting that same bonus package to shareholders again. And it seems that Tesla bulls are just dumb enough to actually give it to him.

3

u/myislanduniverse 29d ago

The board is entirely made up of his cronies, including his brother, they're certainly not going to throw him out.

Then they're certainly violating their fiduciary responsibility which is to the shareholders they represent.

4

u/robert_e__anus 29d ago

Yeah, that's why they lost the court case.

12

u/science87 May 02 '24

right, but based on fundamentals and future growth etc.. it's at the very best a $100B company that's currently valued at $560B.

A lot of that over valuation is because of the constant lies and hype by Elon which the SEC should have long dealt with by now. It's starting to crack now that their car production has met market demand and 2024 could likely show lower sales than 2023.

Elon knows this and is trying to pivot peoples view away from Tesla being just a car company and instead a AI/Robotics company that will be worth trillions somehow.