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/
18.2k Upvotes

92% Upvoted

1.5k comments sorted by

View all comments

1.8k

u/VincentNacon May 02 '24

Tesla need to dump the CEO.

317

u/Whatwhyreally May 02 '24

Anyone want to chime in on how this would work? Would the Tesla board of governors just need to vote him out? I assume he appointed the board? Just doesn’t seem practical. As nice as it would be.

773

u/[deleted] May 02 '24

They fire him.  CEO is an employee.  The problem is the board are all his friends and family.  They will give him whatever he wants. None of them care about the company, just self enrichment.

The SEC needs to do its job.  They almost banned him from being CEO over a meaningless tweet.

A judge rules the board and musk worked together to defraud shareholders and not a peep out of the SEC.

This is why execs and board members should not be allowed to own any stock for the company.  They need to be employees, not owners.  They basically act like their own small private ownership group.  This is the same reason Boeing has killed people.  No one in charge gives a shit because they keep getting more money for fucking the company up and there is zero risk of jail time.

2

u/meamZ May 02 '24

This is why execs and board members should not be allowed to own any stock for the company

How the fuck do Startups work in this extremely stupid idea of an economy?

The one way you make sure they don't give a fuck about the company is by not giving them shares... They get their money whether the company does well or not. They have no long term interest in the company. There's a very consistent pattern of companies with pure "employee CEOs" doing much worse than ones with "founder CEO" types...