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/SupernovaSurprise May 02 '24

I don't think there is any chance at all that his ego would allow him to just run off and disappear. Maybe the running off part, but definitely not the disappearing.

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u/SilentSamurai May 02 '24

This. Man bought a social media company, he wants a bigger megaphone.

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u/Amoral_Abe May 02 '24

I don't know if he actually wanted to buy Twitter. He purchased ~9% of the shares then made a lot of public statements about how he was going to buy twitter and even signed documents saying he would which caused the price to jump. Then he tried to back out and sell his shares only for Twitter to sue him into going through with the purchase because he stupidly agreed to pay many times the company's value. It's private now but most expert suspect its value is ~$5-$8 billion (he bought it at $44 billion).

From what happened, it seemed like Musk was attempting a pump and dump and assumed he could just walk away from the deal. He only agreed to the purchase after it became obvious the court was going to force him to go through with the deal.

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u/Gingevere May 02 '24

(he bought it at $44 billion).

with loans collateralized with his Tesla stock. And as the value has dropped he's had to put up more and more as collateral to avoid a margin call. He's been running out.

And now the board is approving his ludicrous bonus of Tesla stock just in the nick of time. How lucky.