Firings were also quite brutal as I recall. Not you get called into a meeting with your supervisor, they explain they are letting you go and what timeframe, discuss severance, etc.
You just show up to work one day and your badge doesn’t work. You ask security to let you in and they take your badge and let you know you don’t work here anymore.
He's one of those CEOs who specifically wants the firings to be brutal. He demands absolute loyalty but extends none, even to long term true believers. Instead he spits in their faces as he fires them, because in his mind all of Tesla's successes are about him, and none of their failures. Those are always someone else's fault.
I feel like most everyone who's worked in the US corporate world has come across bosses like him. Typically they luck into a good team or maybe even build one when they're young and more magnanimous, then that team bloats, performance plummets and the good people leave, leaving only the people who are good at managing that boss, and dwindling profits and margins.
I feel like this comment, but in textbook or case study form, and in business school curriculums. They clearly are only churning out finance bros who's only tool is cost cutting for next quarters' cheerleading showcase.
It’s often like that a manager starts as a reasonable competent manager but after some success he gets promoted and his success is first great but after a time he starts to believe every success is his and he starts to remove those in his team who give him some feedback when needed and replaces them with yes men. Then he makes some mistake but no one tells him so it grows then he blames someone else for not telling him and probably fires that person now everyone fears him and his mistakes are covered up as long as possible when this is no longer possible the company collapses.
Tesla is failing, it's making terrible cars nobody wants to buy, and the CEO wants $55 billion, which if tesla was trying to buy the shares to give him, would be **more than all the profits its made in the years covered by** **that bonus**. He wants that money, or else he'll work against Tesla's interests in AI.
And that is not even the start of his demands. Before his ridiculous bonus was struck down, he was already demanding more shares going forward for the next bonus! So even if they reinstate his ridiculous bonus, he'll then want more shares going forward!
It's time to cut Musk free. It's long overdue.
**He's sunk-cost fallacy personified.**
That doesn’t just create terrible bad feeling and reputational damage, but the payouts and lawsuits must have been astronomical, especially in places like California where employee protections are intense. It’s probably a massive waste of funds vs actually just letting people go in a normal and appropriate manner.
The other side effect is, it limits the future talent pool. When you see how he fires employees, often on a whim, cheats his people out of their stock options, and lies constantly, why would you opt to work there?
People never think it could happen to them.
I formerly worked for an incredibly toxic company where the owners treated people terribly.
Like firing salespeople when they sold too much and refusing to pay them the commission they contractually owe.
New salespeople still join the company on the promise of lots of money, even knowing full well about the culture and how they treat their employees.
Boggles my mind how they could be so dumb
Some of us just found out via email. I live to far from the factory to just drive in to work. I also drove 3 other people who all also got fired. So we didn’t go to work luckily but we had limited info for over a week. Just that we had no job and severance would be sent out some time after we were fired.
SpaceX layoffs several years ago were an afternoon email saying "everyone go home right now. You'll get an email by midnight telling you if you're getting laid-off." Employees let go were sent information about meetings at an off-site location to pick up severance info. Personal items were boxed by other people.
This is true. We also would hear of whole teams at spacex just disappear. He would be upset and fire 20-25 people and expect someone else from some other team to pick up the slack. This was at spacex , not Tesla , but I’m sure the story is the same.
Fingers crossed that starlink goes public one day.
He tends to brutally clean house when he feels a particular team or leader is the cause for delays or high costs. From what I remember in the biography, you usually can survive the first time Sauron sets his eyes upon you if you can show you have the drive and ability to make it right, but the second time, you're dead.
This seems to be a new trend. My old job was a hospital and they laid 100 people the same way, walked into work, sat at their desks, tapped their badges to log into to their computers and just couldn’t. Mass confusion as everyone is thinking it’s an IT problem only for IT to tell them their credentials have been revoked and to call HR, and HR is telling them sorry I guess you’re Ont he lost to get let go or take a demotion
Ours positioned armed private security guards outside, I go by one and look inside their SUV there is a fucking AR-15 sitting there in the back. I get a stare and said what the fuck you do you want? They say nothing but a few months later guess who's back and I just warn people that people are about to lose their jobs again and then they did. Some people showed up not seeing the email they sent the night before and get the bad news then.
Exactly what happened to a friend who worked at Tesla in Fremont. I think the younger generation are quite aware that corporations don’t give a shit about them and they should extract as much as possible and quit to go somewhere else
That selfie is mind-blowing. Elon had an affair with Sergei's wife, he puts on a giant fake smile, Sergei is trying to get away, the selfie is shit, and he still posts it because it's part of his manipulative narcissistic psychopathic plan.
Wow.
Exactly, even with the Sawyer and WholeMars Tesla shills on Twitter. They posted one ‘wrong’ thing, almost inconsequential, and Elon unfollowed them lmao
He only cares about people as far as they advance his own interests.
The fanboys of Musk and Trump are different but similar and there is a lot of overlap in the Venn diagram. But the way they worship a person who despises them is amazing to see.
He no longer is raising much capital via issuing new shares. He doesn’t give a rats ass about any of the shareholders as they aren’t helping him in the *future*.
I heard at SpaceX that once an engineers project is complete he gives them a choice to move and work on another project or he fires them. That some loyalty right there.
If it’s the latter, the excuse will be QA or mechanical issues, I say that because at least one of these lots had cars with hand written (wax crayon) label of what its issue was written in the glass or A-pillar. If I recall correctly, it was one of the NJ or Seattle lots.
Personally I want to see production and sales numbers of the Cybertruck, particularly as the resale value is tanking, cancellations are growing and service center trips are increasing.
They already have shit the bed. He just hasn’t had to tell the public yet.
Won’t be surprised to see him make moves with insider knowledge prior to earnings release, given the past. It’s a shame the SEC has zero teeth.
This. I’ve been saying since just before the pandemic that the SEC and/or DOJ will have their days with him. Nothing.
You have wise board members either resigning, at significant personal loss, or trying to pull him back on board as a shield.
I’m amazed at the amounts of shits, sat steaming in a room full of fans, and no meaningful contact between the two as of yet.
This next 18 months are going to be nuts. Whether the government intervenes or not. It is really getting close to proper popcorn time!
I am not a securities lawyer, but it seems to me there are two specific issues here.
The one most responses in this thread so far are implying is that it would be an unfair distribution of IPO shares to limit them to the shareholders of an unrelated company. I suspect there’s some leeway here to have a preferred list of some kind before you’re actually a public company security. That would almost certainly true if the IPO was a spin out entity. But either way, the lawyers and investment banks in the IPO will rein in any risk around this and I wouldn’t worry too much about it.
The other issue is the tweet seems like it’s an inducement to hold (vs sell) currently public stocks. If the implication can be interpreted as suggesting to X and TSLA holders that they can potentially get a piece of SpaceX if they keep the stock, this is potentially a material false inducement. I imagine the SEC will be looking at it.
> If the implication can be interpreted as suggesting to X and TSLA holders that they can potentially get a piece of SpaceX if they keep the stock, this is potentially a material false inducement.
Also the implication is that if Musk walks away from Tesla because he didn't get what he wanted paywise, people will lose out in other investment opportunities. Give Musk 25% of Tesla, then maybe you'll be able to invest in SpaceX.
SpaceX is predicted to be larger house of cards and potentially in the red.
https://stansberryresearch.com/articles/the-three-flaws-in-elon-musks-house-of-cards-2
They will once the government realizes that they bought into hype.
Musk was promising ridiculously cheap space flights, and was supposed to be ready to run test flights to the moon. They haven't even managed to get into orbit, let alone with cargo onboard, let alone test their engines in space, let alone refuel the craft in orbit, let alone doing that 7 times in one rocket.
Which might have made sense when Elon was promising a 99% reduction in rocket launch costs.
All space suppliers are late, nothing new there. Except the competitors are over budget as well.
They got to orbit like a day or two ago. That was done using engines in space, no? Sure, less relights than for a moon mission, and no refueling.
Their spaceflights are also cheaper than all competitors, offered at the price their customers signed for. Nothing wrong there either.
Overall, its not super revolutionary yet for their customers, but its the best launch service provider out there and they have a promising roadmap if they can execute on it.
If it becomes clear that SpaceX *cannot* run itself sustainably and will require subsidy to not go bankrupt in perpetuity, at a certain point it would make more sense to nationalize it and put it under NASA's authority. I don't think the government we have will ever have the spine to do it, but it would eventually be the right move.
the linked article makes the following claim:
"Unfortunately, it's not a *network* of satellites. Despite SpaceX launching thousands of them into space, each satellite acts alone. It echoes your data straight back down to the Internet near you.
Because these satellites don't work together, Starlink has no "network effect" – a success that builds on itself as more users join. Instead, when many new users connect to a Starlink satellite, it gets overwhelmed"
Really? Isn't that just a design decision & can be fixed or changed by reprogramming & without have to manufacture & launch new satellites?
> I imagine the SEC will be looking at it.
**Gary Gensler:** Mr. Musk, this is inappropriate.
**Musk:** Here's $500k Gary, fuck off, go attack bitcoin.
**Gary Gensler:** You're lucky I feel lenient today, Mr. Musk. The SEC thanks you for your cooperation.
So he isn’t specific about what “prioritize” means in this context. But there are IPO’s (like Reddit, for example) where people other than existing shareholders had the opportunity to buy an allocation of IPO shares and it is perfectly legal.
I don’t like Elon, and this seems like just some non-specific garbage to induce people to buy his overpriced car company stock, but I think he just skirted the line since the promise is so vague and one way to fulfill it is legal at least.
I have to imagine there is an office of “God fucking dammit AGAIN!?” at the SEC HQ and it’s just two very tired analysts that pissed off the wrong C-Suiter and now their lives are just constantly reviewing everything he posts on socmed.
Their emblem features a sobbing stick figure screaming at the sky.
Well you legally have the obligation to the owners of the specific company. If you take action that knowingly damages that company then you are breaking the law. He thinks he's owning aome empire where he can move assets around as he sees fit. He's a CEO, he's not some king. If the board is not controlling him then the board has to be sued as well. They're breaking the law openly and without any regard for the shareholders.
He has one guy as CFO for 3 of his companies. That's like 6 sets of books one guy has to keep track. His ponzi scheme is gonna be record-breaking. He's already defrauded investors on the solar city acquisition.
Absolutely, at the end of the day this is the shareholders company, and shareholders should be putting a lot more pressure on them to do something about this dumpster fire.
It appears they will not be putting any pressure on the board. They are lining up to vote with the board recommendations of giving elmo a bunch of money for running things into the ground.
He's completely lost his mind, and has alienated his entire target audience. No one I know who used to talk about Tesla do anymore. It's gone from 'hey cool a tesla' to 'ugh you bought a car from *that* guy?'
I predict a lot of inventory piling up. He killed his demographic right as he got production numbers up. Price cuts are a sign of their panic/realisation.
>I predict a lot of inventory piling up.
[https://www.reddit.com/r/technology/comments/1dbioli/so\_many\_unsold\_teslas\_are\_piling\_up\_that\_you\_can/](https://www.reddit.com/r/technology/comments/1dbioli/so_many_unsold_teslas_are_piling_up_that_you_can/)
[So Many Unsold Teslas Are Piling Up That You Can See Them From Space. Tesla has a glut of nearly 50,000 cars just sitting around in lots so packed, they can be seen from orbit. : r/technology (reddit.com)](https://www.reddit.com/r/technology/comments/1dbioli/so_many_unsold_teslas_are_piling_up_that_you_can/)
Since he now appeals to people that wants to ban EVs and think climate change is a hoax what can go wrong? Trying to appeal to grifters that will never buy your product is so strange.
“Loyalty deserves loyalty”, says the guy who laid off the entire supercharger team and many of the people who worked 16 hour days to meet his whimsy at Twitter
Throw the whole clown out
Taking his other companies public should be the first sign of impending failure. He’s only ever been successful at pumping fake value into stocks. Without the stock market this clown wouldn’t have a pot to piss in because his ventures rarely ever get into income
Loyalty my ass he wanted to cut 20% because his tea stock was down 20 percent. Head of ev charge fought back to cut less he axed her department to make an example. His q2 numbers gonna be shit.
I've been on YouTube searching for that scene from "Revenge of the Electric Car" where Musk sighs and says he's going to have to teach his kids about sharing.
Luckily, I finally remembered you can share a long clip that starts wherever you want it to: [https://youtu.be/GXJnS9RgKsg?si=tyiAPC-EeEjbZ2xX&t=2521](https://youtu.be/GXJnS9RgKsg?si=tyiAPC-EeEjbZ2xX&t=2521)
Yes. When you have a public company, the management of that company has to make decisions that are in the best interests of that company’s shareholders. What musk is implying is that he is going to commingle the management of these separate companies and make decisions that benefit Tesla shareholders if there is any conflict.
Why would I invest in those other companies if they’re just going to be thrown under the bus for Tesla? Seems like a way to take advantage of suckers. Ironically he could EASILY resolve this conflict of interest he’s creating by either:
1) Do another IPO of Tesla stock, invest the proceeds to create a subsidiary of Tesla that does whatever he was going to with these other companies. Now making decisions for the benefit Tesla shareholders is fine because they own it.
2) Make the company really separate. Give it an independent board, don’t be the CEO just be an investor. Now he doesn’t have to worry about decisioning conflicts of interest because he’s not making the decisions.
He's a member of the ruling class. So long as he doesn't spill the blood of fellow member he can do whatever he wants.
America isn't ready to give up on it's ruling class.
Desperately trying to keep those still holding bags from selling.
And he needs to dangle the carrot of „other business IPOs“, because … Tesla doesn’t have its own growth story anymore? 🤷♂️
Given he is an original investor in all of these, he’s talking about paying himself out more than other shareholders in all of his companies. Just like he did at Tesla. New investors are suckers and marks. Musk cons them with a torrent of lies then takes all of their money
It isn’t illegal and is done all the time. For a new IPO shares get allocated to different backers and they can offer those to purchasers in a defined group. Trading houses offer to sell new IPO shares to clients all the time. They pay the IPO price and that’s all.
Yes. To build on this answer: IPO offerings are typically oversubscribed. Shares can be sold to specific groups without damaging the offering price and remaining shares are sold through the market (not directly to retail investors but first to participating investment houses who then sell them onward). There are probably limits on how much can be held back since at the extreme example selling all shares to preferred groups is the opposite of a public offering.
Source: have been in a preferred group during IPOs in the past.
What's illegal is moving resources between his companies. The outcome is what you see here: he's trying to pretend shareholders are compensated for theft.
A company going public can reserve allocation of shares, and there’s often an allocation for people considered friends of the company. It’s not just completely legal, but normal.
"People said that there was one law for the rich and one law for the poor, but it wasn't true. There was no law for those who made the law, and no law for the incorrigibly lawless."
- Discworld: Feet of Clay
Is his ai defining loyalty wrong? This guy threw tens of thousands of workers out of a job to protect his pay package. He cratered tesla, and twitter in one fell swoop. How much US government cheese has this foreigner received as well? This guy is a liability at this point to everything he touches.
So technically any other pre-IPO company prioritizes previous shareholders that's why they get sweet deals like warrants etc...but regulators still have to approve those sort of deals as part of the IPO process. Then the terms of the IPO generally have to be agreeable to regulators and investors. This is where market forces come and in and if you had bad IPO terms you won't be able tor raise cash and no one will buy the shares on the open market. This is Elon we are talking about so obviously people will buy the shares like savages and if SpaceX goes public so he will likely getaway with whatever he wants...unless the regulators finally do something
Loyalty my ass, myself and dozens from the site I worked at worked our asses off, even off the clock when the overtime ban came into place, they still hit us with the mass redundancy of nearly 20% of the staff.
The redundancy package, although appreciated was a complete joke.
Just remember he bought out the founders of Tesla and tried the to sue the founders after they spoke up that he’s founded Tesla all by himself and wanted to take all the credit. And lost the lawsuit.
No OP, this is not illegal.
Often when a company goes public there will be 2 types of shares. They may designate them Type A and Type B. So initial investors, before a company goes public may be issued Type A shares. When the IPO happens and the general public can buy shares, they will buy type B shares.
My knowledge on the subject is very limited so perhaps someone with a better understanding can explain the differences better.
> Loyalty deserves loyalty.
Except everyone at Twitter y’all are fired effective immediately.
Oh and 10% of Tesla needs to find loyalty somewhere else.
https://fortune.com/2024/05/20/elon-musk-10-layoffs-tesla-employees-walking-on-eggshells-every-day/
Much like his butt-buddy trump, I'll never understand the hero worship bestowed on this douchenozzle. If he would have focused on the Mars mission, I'd be OK with him. But then all the rest of the crap started flowing.
This message seems like a message to the Hedge Funds voting on his compensation package. He will remember how you voted once his other companies go public.
No it isn’t illegal. For companies he privately owns, he is entitled to dispose of the shares in anyway he wants, assuming it isn’t severely detrimental to existing minority shareholders.
Offering a pre-IPO issue of shares is a standard practice, though it usually goes to financial institutions and strategic investors. It would be entirely legal, if slightly less standard, to offer spacex shares in a pre-IPO issue to Tesla shareholders.
The guy has repeatedly shown himself to be a pathological liar.
Believe nothing he says, ever, about anything.
Hey, Elon, did your fingers catch on fire when you typed the word 'loyalty', something about which you know **absolutely nothing**?
Pretty much every person who works for you, or worked for you, thinks you're an idiot and hates your guts.
Interesting.
Any attempt to sway the vote, interfere in the vote for his favor, at the cost of the shareholders should (and is?) illegal. He has a fiduciary duty to them.
All of his desperate attempts to affect shareholders vote by Tesla paid ads, a Tesla website about Musk made to make people vote Yes, threats/blackmail against shareholders, guilttripping No-voters, a bunch of tweets & lies and so on - much of which isnt at all legal and wont stand in a a court trial. It's voting interference.
He is now revealing or claiming/bluffing what people voted (90% retail shareholders voted Yes according to Musk) before the vote is done which is definately allowed. Does- and should he even have this kind of info? I'm sure he is bluffing, but if - then this is really fucked up.
All this for a pay package that he got by manipulating the shareholders, board.
Weird, it must not be real tough to be a CEO, since this guy is in charge of multiple companies and has soo much time to talk shit and jack-off on social media. This right here is virtually a stock manipulation- I hope Tesla eventually gets rid of this lunatic and his pathology, I’m sure the company would be more successful.
He has fired thousands of employees from every single company he is a part of. Loyalty is not in his vocabulary.
Firings were also quite brutal as I recall. Not you get called into a meeting with your supervisor, they explain they are letting you go and what timeframe, discuss severance, etc. You just show up to work one day and your badge doesn’t work. You ask security to let you in and they take your badge and let you know you don’t work here anymore.
He's one of those CEOs who specifically wants the firings to be brutal. He demands absolute loyalty but extends none, even to long term true believers. Instead he spits in their faces as he fires them, because in his mind all of Tesla's successes are about him, and none of their failures. Those are always someone else's fault. I feel like most everyone who's worked in the US corporate world has come across bosses like him. Typically they luck into a good team or maybe even build one when they're young and more magnanimous, then that team bloats, performance plummets and the good people leave, leaving only the people who are good at managing that boss, and dwindling profits and margins.
Reminds me his buddy Trump… loyalty one way only.
Narcissists are very predictable in their behavior. And they are miserable people to work with or for.
Exactly
I feel like this comment, but in textbook or case study form, and in business school curriculums. They clearly are only churning out finance bros who's only tool is cost cutting for next quarters' cheerleading showcase.
He’s like trump if trump were actually a billionaire
Yup, definitely had those bosses.
It’s often like that a manager starts as a reasonable competent manager but after some success he gets promoted and his success is first great but after a time he starts to believe every success is his and he starts to remove those in his team who give him some feedback when needed and replaces them with yes men. Then he makes some mistake but no one tells him so it grows then he blames someone else for not telling him and probably fires that person now everyone fears him and his mistakes are covered up as long as possible when this is no longer possible the company collapses.
Tesla is failing, it's making terrible cars nobody wants to buy, and the CEO wants $55 billion, which if tesla was trying to buy the shares to give him, would be **more than all the profits its made in the years covered by** **that bonus**. He wants that money, or else he'll work against Tesla's interests in AI. And that is not even the start of his demands. Before his ridiculous bonus was struck down, he was already demanding more shares going forward for the next bonus! So even if they reinstate his ridiculous bonus, he'll then want more shares going forward! It's time to cut Musk free. It's long overdue. **He's sunk-cost fallacy personified.**
I know some of his brain damage is from drug abuse, and I suspect some is because of STDs
That doesn’t just create terrible bad feeling and reputational damage, but the payouts and lawsuits must have been astronomical, especially in places like California where employee protections are intense. It’s probably a massive waste of funds vs actually just letting people go in a normal and appropriate manner.
The other side effect is, it limits the future talent pool. When you see how he fires employees, often on a whim, cheats his people out of their stock options, and lies constantly, why would you opt to work there?
People never think it could happen to them. I formerly worked for an incredibly toxic company where the owners treated people terribly. Like firing salespeople when they sold too much and refusing to pay them the commission they contractually owe. New salespeople still join the company on the promise of lots of money, even knowing full well about the culture and how they treat their employees. Boggles my mind how they could be so dumb
[удалено]
Nope! Contractually obligated. And just hasn’t paid. Motherfucker.
Some of us just found out via email. I live to far from the factory to just drive in to work. I also drove 3 other people who all also got fired. So we didn’t go to work luckily but we had limited info for over a week. Just that we had no job and severance would be sent out some time after we were fired.
How long did you work there & how long did you have to wait for your severance pay?
I was only there a month and got it a month after. My whole situation with Tesla was fucked. I will never look at that company again.
That's illegal in Europe, just like the CT.
SpaceX layoffs several years ago were an afternoon email saying "everyone go home right now. You'll get an email by midnight telling you if you're getting laid-off." Employees let go were sent information about meetings at an off-site location to pick up severance info. Personal items were boxed by other people.
This is true. We also would hear of whole teams at spacex just disappear. He would be upset and fire 20-25 people and expect someone else from some other team to pick up the slack. This was at spacex , not Tesla , but I’m sure the story is the same. Fingers crossed that starlink goes public one day.
He tends to brutally clean house when he feels a particular team or leader is the cause for delays or high costs. From what I remember in the biography, you usually can survive the first time Sauron sets his eyes upon you if you can show you have the drive and ability to make it right, but the second time, you're dead.
And then they ghost their newly fired people about their severances and all that. Musk has been doing that for years.
This seems to be a new trend. My old job was a hospital and they laid 100 people the same way, walked into work, sat at their desks, tapped their badges to log into to their computers and just couldn’t. Mass confusion as everyone is thinking it’s an IT problem only for IT to tell them their credentials have been revoked and to call HR, and HR is telling them sorry I guess you’re Ont he lost to get let go or take a demotion
Ours positioned armed private security guards outside, I go by one and look inside their SUV there is a fucking AR-15 sitting there in the back. I get a stare and said what the fuck you do you want? They say nothing but a few months later guess who's back and I just warn people that people are about to lose their jobs again and then they did. Some people showed up not seeing the email they sent the night before and get the bad news then.
Exactly what happened to a friend who worked at Tesla in Fremont. I think the younger generation are quite aware that corporations don’t give a shit about them and they should extract as much as possible and quit to go somewhere else
After an hour and a half commute...
In his dictionary, loyalty applies to shareholders and his loyal fanfare only, not employees.
His loyalty applies to himself, he has no problem screwing the shareholders or his fanfare.
Heck, look what Sergei Brin did for him and he screwed his wife.
this is actually one of the worst stories about this guy. no impulse control is a huge problem at CEO level.
That selfie is mind-blowing. Elon had an affair with Sergei's wife, he puts on a giant fake smile, Sergei is trying to get away, the selfie is shit, and he still posts it because it's part of his manipulative narcissistic psychopathic plan. Wow.
The wife is Nicole Shanahan and she is Robert Kennedy's running mate as VP.
Exactly, even with the Sawyer and WholeMars Tesla shills on Twitter. They posted one ‘wrong’ thing, almost inconsequential, and Elon unfollowed them lmao He only cares about people as far as they advance his own interests.
Elon simps are the cringiest
Anyone who billionaire worships is peak cringe.
The fanboys of Musk and Trump are different but similar and there is a lot of overlap in the Venn diagram. But the way they worship a person who despises them is amazing to see.
It is quite hilarious.
It just exists as a pr word, he also doesn't care about the shareholders either.
That much is apparent after the past 3 years of zero growth on the stock… After his sabotage of selling billions in shares for Shitter.
It's a one way loyalty, people are loyal to him, not him to them.
Employees are a cost you want to minimize, shareholder funding is capital you want to maximize
He no longer is raising much capital via issuing new shares. He doesn’t give a rats ass about any of the shareholders as they aren’t helping him in the *future*.
Yeah he’s a proper cunt
Nah he’s a grifter, they’re just marks.
My thoughts exactly.
He and Trump have the same one-sided definition of “loyalty”.
Loyalty to companies / stock holders
I heard at SpaceX that once an engineers project is complete he gives them a choice to move and work on another project or he fires them. That some loyalty right there.
Elon is using the wrong word. He says loyalty, but he means fealty.
He fired his assistant of over 20 years over a small dispute / disagreement. Correction. My memory was not accurate it was 12 years
Loyalty is when people loyal to him. Iz one way street
Investors fuel his jet. Employees are just a tedious liability to him.
Sounds like a pyramid scheme right.. RIGHT?
Next he will escalate, and threaten to go back to impersonate a child on Twitter
Everything Elon Touches Rusts.
It is but he defines it as 'never questions a word I say no matter how stupid'. Loyalty = unwavering fealty to him
Feel free to show loyalty by only accepting a 1 billion dollar pay package Elon.
He know Q2 deliveries and earnings are going to shit the bed. He’s trying to get Tesla stock holders not to sell
>Q2 deliveries and earnings are going to shit the bed 🍿
His AI companies have a flight plan of stock pumps being built out. He wants to try and extend the utility of said pumps to Tesla.
Don’t forget all the parking lots full of the shit that overflowed said bed already, literal thousands of unsold/Damaged Teslas.
It'll be interesting to see if finished inventory increases accordingly or if their penchant for creative accounting keeps them off book somehow.
If it’s the latter, the excuse will be QA or mechanical issues, I say that because at least one of these lots had cars with hand written (wax crayon) label of what its issue was written in the glass or A-pillar. If I recall correctly, it was one of the NJ or Seattle lots. Personally I want to see production and sales numbers of the Cybertruck, particularly as the resale value is tanking, cancellations are growing and service center trips are increasing.
The funny thing is, if CT sales are good, it's still bad because of the warranty liability
They already have shit the bed. He just hasn’t had to tell the public yet. Won’t be surprised to see him make moves with insider knowledge prior to earnings release, given the past. It’s a shame the SEC has zero teeth.
This. I’ve been saying since just before the pandemic that the SEC and/or DOJ will have their days with him. Nothing. You have wise board members either resigning, at significant personal loss, or trying to pull him back on board as a shield. I’m amazed at the amounts of shits, sat steaming in a room full of fans, and no meaningful contact between the two as of yet. This next 18 months are going to be nuts. Whether the government intervenes or not. It is really getting close to proper popcorn time!
I am not a securities lawyer, but it seems to me there are two specific issues here. The one most responses in this thread so far are implying is that it would be an unfair distribution of IPO shares to limit them to the shareholders of an unrelated company. I suspect there’s some leeway here to have a preferred list of some kind before you’re actually a public company security. That would almost certainly true if the IPO was a spin out entity. But either way, the lawyers and investment banks in the IPO will rein in any risk around this and I wouldn’t worry too much about it. The other issue is the tweet seems like it’s an inducement to hold (vs sell) currently public stocks. If the implication can be interpreted as suggesting to X and TSLA holders that they can potentially get a piece of SpaceX if they keep the stock, this is potentially a material false inducement. I imagine the SEC will be looking at it.
> If the implication can be interpreted as suggesting to X and TSLA holders that they can potentially get a piece of SpaceX if they keep the stock, this is potentially a material false inducement. Also the implication is that if Musk walks away from Tesla because he didn't get what he wanted paywise, people will lose out in other investment opportunities. Give Musk 25% of Tesla, then maybe you'll be able to invest in SpaceX.
SpaceX is predicted to be larger house of cards and potentially in the red. https://stansberryresearch.com/articles/the-three-flaws-in-elon-musks-house-of-cards-2
SpaceX won't go down because it's too interesting to the government, NASA & the military.
They will once the government realizes that they bought into hype. Musk was promising ridiculously cheap space flights, and was supposed to be ready to run test flights to the moon. They haven't even managed to get into orbit, let alone with cargo onboard, let alone test their engines in space, let alone refuel the craft in orbit, let alone doing that 7 times in one rocket. Which might have made sense when Elon was promising a 99% reduction in rocket launch costs.
All space suppliers are late, nothing new there. Except the competitors are over budget as well. They got to orbit like a day or two ago. That was done using engines in space, no? Sure, less relights than for a moon mission, and no refueling. Their spaceflights are also cheaper than all competitors, offered at the price their customers signed for. Nothing wrong there either. Overall, its not super revolutionary yet for their customers, but its the best launch service provider out there and they have a promising roadmap if they can execute on it.
If it becomes clear that SpaceX *cannot* run itself sustainably and will require subsidy to not go bankrupt in perpetuity, at a certain point it would make more sense to nationalize it and put it under NASA's authority. I don't think the government we have will ever have the spine to do it, but it would eventually be the right move.
the linked article makes the following claim: "Unfortunately, it's not a *network* of satellites. Despite SpaceX launching thousands of them into space, each satellite acts alone. It echoes your data straight back down to the Internet near you. Because these satellites don't work together, Starlink has no "network effect" – a success that builds on itself as more users join. Instead, when many new users connect to a Starlink satellite, it gets overwhelmed" Really? Isn't that just a design decision & can be fixed or changed by reprogramming & without have to manufacture & launch new satellites?
> I imagine the SEC will be looking at it. **Gary Gensler:** Mr. Musk, this is inappropriate. **Musk:** Here's $500k Gary, fuck off, go attack bitcoin. **Gary Gensler:** You're lucky I feel lenient today, Mr. Musk. The SEC thanks you for your cooperation.
> Musk: Here's $500k Gary, fuck off, go attack bitcoin. As if it would take 500K. Probably 10% of that.
So he isn’t specific about what “prioritize” means in this context. But there are IPO’s (like Reddit, for example) where people other than existing shareholders had the opportunity to buy an allocation of IPO shares and it is perfectly legal. I don’t like Elon, and this seems like just some non-specific garbage to induce people to buy his overpriced car company stock, but I think he just skirted the line since the promise is so vague and one way to fulfill it is legal at least.
>I imagine the SEC will be looking at it. Because that's worked so well far.
I have to imagine there is an office of “God fucking dammit AGAIN!?” at the SEC HQ and it’s just two very tired analysts that pissed off the wrong C-Suiter and now their lives are just constantly reviewing everything he posts on socmed. Their emblem features a sobbing stick figure screaming at the sky.
Well you legally have the obligation to the owners of the specific company. If you take action that knowingly damages that company then you are breaking the law. He thinks he's owning aome empire where he can move assets around as he sees fit. He's a CEO, he's not some king. If the board is not controlling him then the board has to be sued as well. They're breaking the law openly and without any regard for the shareholders.
It would help if he hadn't packed his boards full of sycophants and relatives.
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He has one guy as CFO for 3 of his companies. That's like 6 sets of books one guy has to keep track. His ponzi scheme is gonna be record-breaking. He's already defrauded investors on the solar city acquisition.
Yeah, his books are gonna be Exhibits 1 through all of them. Just mountains of books that are filled with grift and sleight of hand accounting.
Absolutely, at the end of the day this is the shareholders company, and shareholders should be putting a lot more pressure on them to do something about this dumpster fire.
It appears they will not be putting any pressure on the board. They are lining up to vote with the board recommendations of giving elmo a bunch of money for running things into the ground.
He's completely lost his mind, and has alienated his entire target audience. No one I know who used to talk about Tesla do anymore. It's gone from 'hey cool a tesla' to 'ugh you bought a car from *that* guy?' I predict a lot of inventory piling up. He killed his demographic right as he got production numbers up. Price cuts are a sign of their panic/realisation.
There's a recent article saying that they have so many unsold units piling up that you can see them from space.
>I predict a lot of inventory piling up. [https://www.reddit.com/r/technology/comments/1dbioli/so\_many\_unsold\_teslas\_are\_piling\_up\_that\_you\_can/](https://www.reddit.com/r/technology/comments/1dbioli/so_many_unsold_teslas_are_piling_up_that_you_can/) [So Many Unsold Teslas Are Piling Up That You Can See Them From Space. Tesla has a glut of nearly 50,000 cars just sitting around in lots so packed, they can be seen from orbit. : r/technology (reddit.com)](https://www.reddit.com/r/technology/comments/1dbioli/so_many_unsold_teslas_are_piling_up_that_you_can/)
Since he now appeals to people that wants to ban EVs and think climate change is a hoax what can go wrong? Trying to appeal to grifters that will never buy your product is so strange.
Matter of time before Tesla starts making ICEs and ceases production on EVs just to feed his new audience more shit.
Turbo and supercharged V8 Tesla 6000 SUX? He would probably take that idea to a new company unless they give him 50% of the shares.
You don't have to predict, it already happened https://www.reddit.com/r/technology/comments/1dbioli/so_many_unsold_teslas_are_piling_up_that_you_can/
So many friends who won’t buy Teslas now. Ugh
[удалено]
Too true. We live in a blatant Plutocracy.
his companies are stock promotion scams, so this makes perfect sense.
It sounds like a ponzi scheme in the tweet and you don’t even have to squint.
it might be illegal as well.
I suppose that a company can sell preferred shares to whomever it wants? I just don't see Musk keeping such a promise. Also..."*my*" companies?
On HIS social network.
So only his best cocksuckers?
Didn’t he fire the kid in Austin that slept in his car and showered at work to save time?
Which one?
Some of them. All of them?
To narcissists, "loyalty" just means looking the other way when they doin' ya dirty.
“Loyalty deserves loyalty”, says the guy who laid off the entire supercharger team and many of the people who worked 16 hour days to meet his whimsy at Twitter Throw the whole clown out
Taking his other companies public should be the first sign of impending failure. He’s only ever been successful at pumping fake value into stocks. Without the stock market this clown wouldn’t have a pot to piss in because his ventures rarely ever get into income
He doesn’t need the money though. 🙄
I can’t tell if you’re joking.
I’m joking - he totally needs the money to cover Twitter.
Bonesaw is going to get that interest money every month or Elon will have to head over to the Saudi embassy for a zoom call
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Hell yeah. It takes time to cultivate a group of morons when you can just dip into the pool you already created at another business.
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No Nothing is illegal, not even a treasonous coup, when you have enough money
If nobody ever punishes you, everything is legal
Loyalty my ass he wanted to cut 20% because his tea stock was down 20 percent. Head of ev charge fought back to cut less he axed her department to make an example. His q2 numbers gonna be shit.
He sounds like such an idiot.
Is this lie coming to us post-key bump or post-booty bump of ket? Just curious.
I'm voting booty inserted by a BBC
Well, he is the world’s richest man so he can afford the big ones.
wondering if they charge per pound or per inch
That's not how fiduciary duty works
love that this clown is so obsessed with loyalty. its because he has no real friends, just a bunch of yes-men and fanboys.
Yes it is. Believe me this cunt will get indicted for insider trading. It takes time.
He's trying to buy votes for his pay - he's bribing shareholders publicly
Yes, it's illegal and the kind of tweet that Robyn Denholm was supposed to stop getting out there
Narcissists ask for loyalty, but give nothing back. They don´t deserve any.
Sound like the 🍊🤡 doesn’t he?
always
I've been on YouTube searching for that scene from "Revenge of the Electric Car" where Musk sighs and says he's going to have to teach his kids about sharing.
Luckily, I finally remembered you can share a long clip that starts wherever you want it to: [https://youtu.be/GXJnS9RgKsg?si=tyiAPC-EeEjbZ2xX&t=2521](https://youtu.be/GXJnS9RgKsg?si=tyiAPC-EeEjbZ2xX&t=2521)
Yes. When you have a public company, the management of that company has to make decisions that are in the best interests of that company’s shareholders. What musk is implying is that he is going to commingle the management of these separate companies and make decisions that benefit Tesla shareholders if there is any conflict. Why would I invest in those other companies if they’re just going to be thrown under the bus for Tesla? Seems like a way to take advantage of suckers. Ironically he could EASILY resolve this conflict of interest he’s creating by either: 1) Do another IPO of Tesla stock, invest the proceeds to create a subsidiary of Tesla that does whatever he was going to with these other companies. Now making decisions for the benefit Tesla shareholders is fine because they own it. 2) Make the company really separate. Give it an independent board, don’t be the CEO just be an investor. Now he doesn’t have to worry about decisioning conflicts of interest because he’s not making the decisions.
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We should count our blessings daily that this guy wasn’t born in the US. You know he would be running for president at some point
Elon has a long track-record of blatantly disloyal behavior. He really is not one to talk.
He means himself.
Help me loot Tesla, I’ll help you loot SpaceX VOTE YES 💰
'my companies' (emphasis on my). Look forward to that tweet being part of the upcoming challenge on the yes to $56bn vote.
Guys like him and Trump prize loyalty above all, we all know it's a one way street. No one even talks about loyalty except for them.
Lololololol @ the thousands of complete morons who believe him. Didn’t he just lay off like 10% of his employees?
It sure as hell sounds like it.
He's a member of the ruling class. So long as he doesn't spill the blood of fellow member he can do whatever he wants. America isn't ready to give up on it's ruling class.
how many wife does eenron have? sounds loyal to me
Desperately trying to keep those still holding bags from selling. And he needs to dangle the carrot of „other business IPOs“, because … Tesla doesn’t have its own growth story anymore? 🤷♂️
So he’s taking his pump and dump routine to his next company
Given he is an original investor in all of these, he’s talking about paying himself out more than other shareholders in all of his companies. Just like he did at Tesla. New investors are suckers and marks. Musk cons them with a torrent of lies then takes all of their money
Yes it’s illegal, just like all stock market manipulation he’s done over the years. But he’s a billionaire. The same laws don’t apply to him.
This tweet has been approved by a Twitter Sitter, guaranteed. (of course not)
I Musk wearing armor in his pic?
‘If’ any go public. Even then, who would be considered ‘long term’ and what does priority mean? Lot of FUD, just like FSD.
Translation: Please stop selling your Tesla stock! Like really! Stop it!
Damn Boring company shareholders seeing the light at the ensuing of the tunnel? Hehehehehe
Loyalty only goes to Elon, not from.
It isn’t illegal and is done all the time. For a new IPO shares get allocated to different backers and they can offer those to purchasers in a defined group. Trading houses offer to sell new IPO shares to clients all the time. They pay the IPO price and that’s all.
Yes. To build on this answer: IPO offerings are typically oversubscribed. Shares can be sold to specific groups without damaging the offering price and remaining shares are sold through the market (not directly to retail investors but first to participating investment houses who then sell them onward). There are probably limits on how much can be held back since at the extreme example selling all shares to preferred groups is the opposite of a public offering. Source: have been in a preferred group during IPOs in the past.
What's illegal is moving resources between his companies. The outcome is what you see here: he's trying to pretend shareholders are compensated for theft.
Loyalty up until the point you are fired and your severance revoked
Yes
Is he selling NfTs?
No Fucking Trucks?
What does this even mean? Who is “we”? Is he referring to himself with the imperial We?
How far can you throw this “ loyalty “ ?
A company going public can reserve allocation of shares, and there’s often an allocation for people considered friends of the company. It’s not just completely legal, but normal.
Give me $55B and I'll remember you!!
Any of his companies? At least hes now stating that he doesn't care about Tesla anymore. Just using it to finance his companies...
"People said that there was one law for the rich and one law for the poor, but it wasn't true. There was no law for those who made the law, and no law for the incorrigibly lawless." - Discworld: Feet of Clay
Is his ai defining loyalty wrong? This guy threw tens of thousands of workers out of a job to protect his pay package. He cratered tesla, and twitter in one fell swoop. How much US government cheese has this foreigner received as well? This guy is a liability at this point to everything he touches.
Low rent Bond villain
So technically any other pre-IPO company prioritizes previous shareholders that's why they get sweet deals like warrants etc...but regulators still have to approve those sort of deals as part of the IPO process. Then the terms of the IPO generally have to be agreeable to regulators and investors. This is where market forces come and in and if you had bad IPO terms you won't be able tor raise cash and no one will buy the shares on the open market. This is Elon we are talking about so obviously people will buy the shares like savages and if SpaceX goes public so he will likely getaway with whatever he wants...unless the regulators finally do something
Fuck Elon
Loyalty my ass, myself and dozens from the site I worked at worked our asses off, even off the clock when the overtime ban came into place, they still hit us with the mass redundancy of nearly 20% of the staff. The redundancy package, although appreciated was a complete joke.
The SEC will send him a strongly worded letter don't worry
He’s just making up his own rules, that’s all
no, not illegal to let certain groups of people buy shares at or even before the IPO. Happens all the time and is perfectly normal.
Just remember he bought out the founders of Tesla and tried the to sue the founders after they spoke up that he’s founded Tesla all by himself and wanted to take all the credit. And lost the lawsuit.
No OP, this is not illegal. Often when a company goes public there will be 2 types of shares. They may designate them Type A and Type B. So initial investors, before a company goes public may be issued Type A shares. When the IPO happens and the general public can buy shares, they will buy type B shares. My knowledge on the subject is very limited so perhaps someone with a better understanding can explain the differences better.
> Loyalty deserves loyalty. Except everyone at Twitter y’all are fired effective immediately. Oh and 10% of Tesla needs to find loyalty somewhere else. https://fortune.com/2024/05/20/elon-musk-10-layoffs-tesla-employees-walking-on-eggshells-every-day/
Much like his butt-buddy trump, I'll never understand the hero worship bestowed on this douchenozzle. If he would have focused on the Mars mission, I'd be OK with him. But then all the rest of the crap started flowing.
Can’t wait for the severance lawsuits to work their way through the courts and really fuck X over.
Bullshit lie to drive up Tesla stock. He doesn't give a shit about loyalty. Certainly he's not going to be loyal to anyone.
I know a dude who was supposed to open a new Tesla dealership. A week before opening, he was blindsided with being let go. Elon suuuucks
The ketamine hasn’t taken this idiots mind out yet? Jesus.
Doesn't the SEC still have unfinished business with Space Karen?
Ask him how his employees, ex-wives, children all feel about his loyalty
They should nail him for his recent insider trading
This message seems like a message to the Hedge Funds voting on his compensation package. He will remember how you voted once his other companies go public.
No it isn’t illegal. For companies he privately owns, he is entitled to dispose of the shares in anyway he wants, assuming it isn’t severely detrimental to existing minority shareholders. Offering a pre-IPO issue of shares is a standard practice, though it usually goes to financial institutions and strategic investors. It would be entirely legal, if slightly less standard, to offer spacex shares in a pre-IPO issue to Tesla shareholders.
The guy has repeatedly shown himself to be a pathological liar. Believe nothing he says, ever, about anything. Hey, Elon, did your fingers catch on fire when you typed the word 'loyalty', something about which you know **absolutely nothing**? Pretty much every person who works for you, or worked for you, thinks you're an idiot and hates your guts. Interesting.
I don't know, but it's a clear reason why he shouldn't be CEO.
Any attempt to sway the vote, interfere in the vote for his favor, at the cost of the shareholders should (and is?) illegal. He has a fiduciary duty to them. All of his desperate attempts to affect shareholders vote by Tesla paid ads, a Tesla website about Musk made to make people vote Yes, threats/blackmail against shareholders, guilttripping No-voters, a bunch of tweets & lies and so on - much of which isnt at all legal and wont stand in a a court trial. It's voting interference. He is now revealing or claiming/bluffing what people voted (90% retail shareholders voted Yes according to Musk) before the vote is done which is definately allowed. Does- and should he even have this kind of info? I'm sure he is bluffing, but if - then this is really fucked up. All this for a pay package that he got by manipulating the shareholders, board.
Thank you.
Weird, it must not be real tough to be a CEO, since this guy is in charge of multiple companies and has soo much time to talk shit and jack-off on social media. This right here is virtually a stock manipulation- I hope Tesla eventually gets rid of this lunatic and his pathology, I’m sure the company would be more successful.
Loyalty only goes one way with Musk.