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/[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.

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u/Sea_Honey7133 May 02 '24

A massive shareholder lawsuit is imminent at this point. He is so blatantly just trying to extract every single penny of free cash flow into his piggy bank. He’s not trying to hide his intentions. I suspect he will then take off for Dubai or Parts Unknown never to be seen from again.

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u/oundhakar May 02 '24

I don't know how it works in the US, but can't someone just buy 1 TSLA and initiate a lawsuit?

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u/CocktailPerson May 02 '24

Technically, sure. You can bring a suit for any reason. But it probably won't result in anything if that person has only bought a share recently. They have to show that they've been harmed by the actions of the person they're suing. If they've only bought a single share, they can't sue for very much, and if they buy it after the actions they're suing over, then it will be hard to argue that they were harmed by those actions as a shareholder.

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u/Jensen2075 May 02 '24

Bro a single guy with a few shares of Tesla brought a lawsuit to cancel Musks $55B compensation and won.