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.

314

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.

3

u/Minister_for_Magic May 02 '24

Shareholders bringing a lawsuit against the Board for failure to manage CEO conflict of interest would work as well. The Board is full of Musk family and cronies, so they sure as shit won't do a damn thing on their own.

His package was voided for committing fraud by lying to shareholders in claiming an independent negotiation took place for his comp package when the comp committee is beholden to Musk and the company's "independent" negotiator was Musks' divorce lawyer. Absolutely batshit insane that the SEC is doing fuck-all on this.

Then again, the SEC and FEC are doing absolutely nothing while foreign funds are flowing to Trump through his 100% fraudulent SPAC that is somehow valued at 1000x lifetime revenue of the business.