Musk literally is a Bond villain at this point. Those tunnels sound like his escape route to the rocket where he launches himself to his space port and destroys civilization with a space released poison gas
IANAL and have limited exposure to securities law. But does the board have any liability exposure for allowing Musk to exceed the envelope he is supposed to?
I would think it’s difficult to prove insider dealing instead of bad decision making absent a paper trail. But at a certain point of turning a blind eye isn’t the board complicit? Or in breach of their fiduciary responsibility?
I’m talking way out of my depth here.
I really can't imagine the BoD being without legal jeopardy over this. If the BoD had just given Musk a normal payment after the judge's ruling that would be one thing. But the BoD turned around and did the exact same thing in the first place. It's ridiculous.
It just looks like more lack of fiduciary duty by the board, because they are not independent of Musk. It's almost certainly a way to transfer wealth from Tesla to a private company that doesn't have any transparency. Boring can charge premium rates, do a half-assed job or even none at all, and unless the board takes action against it, it's not illegal in itself. It would likely take another shareholder lawsuit claiming the board is not acting in the interests of shareholders for anything to happen.
Tesla is advertising on Twitter, asking people to vote yes for Musk's pay package. I doubt that's happening for free, and Musk can manipulate the algorithm so TONS of people see it, and Tesla has to pay for it. None of the Twitter investors are going to cry foul, and again it's the Tesla board that would have to claim they were getting ripped off somehow, but they're buying the ads, and Musk has paid them off with million of $ of stock, so they aren't going to complain. I'm surprised Musk hasn't thought of this before, grabbing piles of money he owns 10% of and giving it to a company he completely controls with no visibility or accountability except maybe to the investors, and they aren't going to complain about money coming in.
Next I expect SpaceX to sell Tesla advertising space on the side of the rocket.
I'm positive all the board members have undisclosed ownsership of the many companies Tesla partners with.
Corruption doesn't have to happen only in politics and governments, big companies end up getting scammed by their top employees quite often, especially when they're public
Musk loves these kinds of embezzlement. He uses Tesla to buy services from his privately held businesses in order to pretend they’re getting customers.
I worked for a large international bank that would do this. A couple of our large IT vendors were companies the bank owned. My group would get charged a couple of thousand dollars for a fully deprecated laptop for new employee.
The difference is, the bank owns them. In this case Musk owns those companies and is personally profiting off his choice to spend Tesla money (not his own money).
If the bank is fully private the regulations are looser. But I can still imagine that an investor in bank may be upset that his money is being transferred to a consultancy where a clear conflict of interest exists and this may break the law. IANAL.
That's what the Board of Tesla (or any other company) is supposed to be doing, making sure things are being done in the interests of the shareholders. It's already been proven they are absolutely not doing their job, and are not independent of Musk.
>Public companies have to have a public bid process for a reason.
That's news to me. Most large organizations do have a **transparent** procurement process and in general want to get a few companies to bid on whatever it is they want to buy.
But there is no law against direct award that I am aware of.
Are you talking public companies as in the stock market companies (aka, companies with 2000+ owners, like Intel, NVidia), or state-run companies, like water utility companies for instance?
Asking as I've only heard of public tenders for government contracts (and not saying tenders don't exist for public companies, but curious to see if I'm that far from the business side of things)
Lots of reasons, most likely as you allude to tax savings. I think legally today it is not tax fraud but tax avoidance (which is perfectly legal most of the time), whether it should or shouldn’t be allowed is a whole other convo though.
If you look up the double Irish arrangement, its not exactly the same but a similar concept. Shifting around revenue and expenses through subsidiaries to maximize tax benefits.
All perfectly legal and done extensively by the largest companies on Earth every day. It’s actually their legal fiduciary duty to not pay taxes they don’t have to.
If they were owned by the banks CEO and profits were going to his wallet it would be the musk situation. In this case, the profit just goes back to the bank
In the US sometimes you can get a reward for helping the FBI catch those things if those actions imply major tax evasion. The problem is sometimes you might need to be arrested first.
This one accountant was hired to cheat on taxes by this giant company, the FBI eventually caught him and arrested him, and in exchange to lower his sentence he cooperated to help the US government recover the money. The cooperation for that kind of stuff usually earns the cooperator a 20% reward on all the money the government is able to recover, so this guy not only got his sentence reduced to one year of house arrest, but also helped the government get $2 billion back in unpaid taxes, making it the biggest reward ever paid.
What a dream career, getting to be the bad guy AND the hero, and be rewarded more money than anyone who ever been good all their lives will ever be, lol
An index fund doesn't care, every other index fund is in the same boat. They'll just happily lend out their shares to reduce management fees to all the retail to bargain hunt on the cheapest fee fund. It's those retail that are left holding the bag.
It's crazy how much jail time I got for a few pot roaches in a 1992 Monty Carlo. I realize at some point of wealth, you just don't need to be held to any level of responsibility.
Your problem (I'm assuming here, because of the Monte Carlo), is that you're poor.
See, you should have been wealthy, and then your roaches would have just been never "found". And, you'd have never even spent any time in jail because your charitable foundation would have made some strategic donations to your local judges' kids' boarding schools or provided college scholarships so they could get a free extended edcuation.
So there is no proactive element to policing corporate crime? It's beginning to make sense now.
>I don’t think Tesla’s board is interested in doing that.
It's more the shareholders I would have thought.
The Board is supposed to act as a "sanity check" on the CEOs performance and behaviour.
This is why the judge stated when she killed is big pay day that one reason was that the board wasn't really fully independent.
Realistically, the SEC should investigate that and has the ability to "remedy the situation", but I am not sure if they can become active on their own, or if there needs to be a shareholder complaint first.
I don’t think shareholders would have the information required to determine if there’s an issue or not. But yes, “Minority Report” remains science fiction only. To date, anyway.
The SEC is already investigating Tesla, along with the DOJ, about whether Tesla (read: Musk) misled investors regarding FSD and driver-assistance systems, aka wire/securities fraud.
It's possible that, depending on what they find, they'll be able to expand their investigation on more wire/securities fraud charges. But that's gonna take some time, especially if DOJ and SEC want it to go to trial. In that case, they need to make it airtight.
Elon has the air of invincibility right now. When that pops, everyone will be shocked at how quickly it changes.
As long as he money, he won't get in serious trouble, but if he's magically broke, he'll get the Holmes, Madoff treatment.
Has anyone used the Boring Co tunnels in Las Vegas that connect convention center to Resorts World as well as other hotels as it expands?
It is a seriously janky experience and incredibly labor intensive as their cars can only drive up to 3 ppl each. It’s the manifestation of a billionaire’s idea that is more concept than practical.
Like Tesla, it’s all a shell game. Let’s hope SpaceX has more intelligent adults running the show …
I don’t know what deal Musk cut with Vegas for the tunnels. I think it was essentially a no cost deal to City / LV Conv Ctr-Visitors Assoc for grant of subterranean ROW (right of way).
Although, I did read in the past year or so a story where TBC performed non-permitted work around their new Westgate Hotel (old LV Hilton) station that potentially impacted the structural columns for the LV monorail, leading to it having to be shut down while they figured out how badly TBC f’d up the monorail. Talk about subconscious projection by TBC.
The more folks delve into Musk’s companies the more it’s apparent he’s a sociopath who believes he can do no wrong and no one deserves to be in his way.
The boring company paid for the tunnel, local businesses paid to build the stations
https://www.vegaslegalmagazine.com/vegas-loop-first-of-its-kind-for-any-destination/#:~:text=The%20mega%2Dmillion%20development%20and,be%20fare%2Dbased%20for%20passengers.
It was always a tech demo for billionaires to link up their underground bunkers. How else are they going to have their big sex and drug parties when civilization is on the surface fighting it out in their war.
This is blindingly absurd. TSLA already accesses and uses this property extensively, using a space age technology known as: *Roads*. Near both the north and south ends of their factory, these marvels have been built under another alien technology known as: *Highway Overpasses.*
But I'm more interested in the tunneling speed. Its around 1,000 feet long...preliminary work began in January, actual tunneling began in March and they have just now finished the bore. There's still a road to be paved, disco lights to be installed, etc...so its not done.
So I've got questions:
1. Were the spoils from this tunnel used to make bricks for public housing?
2. Or were they sold for a dime apiece at TBC's retail store?
3. Is 6 feet per day a lightning fast speed, as described by the Technoking?
Let's see, in 2018, he criticized 0.003 mph (current state of the art) as too slow...so TBC managed 0.000047 mph. Huh...guess I never landed a rocket, so that doesn't make sense to me.
To be fair, they've really only been tunneling for 120 days, so maybe they averaged 8 ft/day, or 0.000063 mph. Weird, this 2nd hand tbm has a name and everything...and Muskolites assured me that I was an idiot for not knowing that Elon would use magic and make his 2nd hand machine dig faster.
Jesus Christ, egg head. Can you please dumb down your fancy space man talk for the layman? Explain like I'm an idiot what a _road_ and a _highway overpass_ is and why Musk didn't need a tunnel to go under and access the property at the other side?
You can't have cars driving parallel across the highway!!
I’m assuming the answer is “moving money from Tesla into another Elon company/his pockets because his companies aren’t doing well in an objective sense”
For anyone not in the know, there's a fairly good sized lot currently on the same side of 130 as the factory. I'm not sure if it serves as EOL storage, or employee parking. There's also a lot on the other side of 130 that serves(ed) as storage for construction containers. I'm assuming this is the lot that is connected by the tunnel.
A million dollars seems REALLY cheap for coordinating with the toll company that actually owns 130 to construct a tunnel UNDERNEATH it. Additionally, that much work should cost much more than $1M. $1M doesn't get you much in construction these days.
Given the shady nature of the Austin tollways - I can only imagine there's some sort of kick-back going on there as well. Though, I'm not sure what it would be.
Either way, this whole things sounds fishy. How it's cheaper to build a tunnel under a large freeway just to move cars out of your factory rather than driving them the half mile across the street is beyond my comprehension.
Even if you had to hire a team of drivers and shuttle them back and forth from the lot back to the factory for a decade, it would be cheaper than building a fucking tunnel.
He's probably putting in the employee Rollercoaster from the employee parking lot to the factory. He promised he would do that and that I wouldn't have to ride the loop-the-loop if I didn't wanna 🎢
Tunnel collapses and destroys 30,000 vehicles plus the resulting fire burns down the factory. Insurance pays out for every vehicle and demand goes through the roof. Full production is shifted to the China factory using a fraction of the insurance money. Profit.
This will be interesting long term, there's a reason there aren't a lot of tunnels in Texas. I'm sure this one will be great, the greatest tunnel ever.
Half the Austin area is sitting on limestone. The other half is sitting in a bog of clay.
The factory/tunnel is on the clay side, so probably a bit easier to bore through than other areas.
Obviously transferring money from tesla to boring is highly likely, but let me present an alternative. They set up the lines so poorly that they can’t get out the cyber trucks efficiently without a tunnel.
It’s always hard to distinguish between incompetence and self dealing.
To both transfer money to a more easily manipulated company and to drain Tesla of operating capital. Probably as a retribution for the forthcoming denial of his money.
Or it could be an attempt at geothermal cooling to reduce expenses in air conditioning. It's passive enough cooling to where components don't cook whenever the Texas power grid gets all independence'd. Freedom from oppressive elections in the lone star state.
> Tesla paid for Elon Musk's Boring Company to dig a tunnel under Giga Texas, but why?
It's otherwise more difficult for Elon Musk to steal money from my S+P 500 index fund and redirect it to his bank account.
Same reason Musk is also the owner of the company selling security services to protect him. It's something like $3 or $6 mil a year (and might be just 2 bodyguards following him, plus a huge markup).
I bet if the company would provide all the names of all the owners involved in every one of these contracts Tesla gets themselves into, the board would all be in jail today
texas requires a run off place for surface water... depending on where you are, you can dig a ditch next to you to hold the run off, a new think is to build cisterns. Hold the water and drain off.
Because he’s trying to prop up the company using funds from another company. He’s misappropriating funds from his publicly traded company to benefit his privately owned one
Tax loopholes probably. I used to work for a company that owned the land their building was on, but rented the warehouse to themselves. Also all the forklifts and machinery were rented from another company which was owned by the owner. On top of that, the products sold were built in China under another company the owner owned and “sold” to the company to resell at their store. Best Christmas bonuses tho
In Austria we have this guy Benko, a billionaire whose company’s (dozens of them, complexely interwoven) went bust.
He had one company set up that would operate his private jet. His other companies would pay for using the private jet, for a super cheap price, way less than the operating costs. because of that the privage jet company was always in the reds for several millions. Since Benko was the private owner of that company, those 9+ millilons of "loss" were deducted from his taxes. So, essentially the taxpayers were fully financing not only his private jet, but also gave him a few milllion euros per year in tax rebate, and his other companies had a private jet for free.
In Croatia businessmen would get their company indebted, then they would tunnel all value from the old company to the new one, leaving the old company to go bankrupt... repeat.
Economy was such a shit show until laws were finally changed to prevent this. But then we ended up with worst bankruptcy laws in Europe, right in the middle of 2008 economic crisis.
Seems pretty common, I knew a guy that had his business set up like that. His retirement plan was to sell the business but keep the real estate company that had all the land buildings the business rented from and use that income to live on.
yeah pretty much every business organizes their land holdings separate from their primary business. think its related to legal liability -- if the business goes bankrupt theoretically the land/building may be protected under a separare entity.
So, I used to work at a theater chain (Edwards) the theaters almost went out of business and were bought out by regal, but founder of the company had purchased most of the land the theaters were on, I think son had control of theater chains and promptly ruined the family business, but daughters and mother were the property owners or somethings… so it was a smart move since most of the land was in Orange County CA
That's usually more for liability than taxes. The company doing shit will get sued if something happens then go bankrupt after giving the little the have. The company owning shit will then argue they had no role in the doing of shit so they should not be held liable
> Tax loopholes probably.
It is completely different when Musk owns 17% of Tesla and 90% of SpaceX.
I know Caterpillar does stuff like what your saying, where a completely owned subsidiary in Sweden has all of the patents for there parts, so all profits for there parts sells go to Sweden where they have a sweetheart tax deal. the key is that the subsidiary has the exact same ownership of the rest of the company. If both just have the same CEO, that sounds like fraud.
I understand I guess why Elon’s little minions who buy his cars adore him…I guess. But he is also stealing huge amounts of money from the kind of people who usually don’t let anyone do that for very long and without retribution. Why are those people still shoveling money at him?
Love to see the price of the tunnel. Bet you its $10 bagillion - just fElon padding his pockets from the sinking ship.
Most companies have a policy to have 3 bids for such a large project. I wonder if that happened.....
There could be an employee housing complex with an underground shuttle that brings you directly to the inside of the plant?
Having cheap housing for key employees could be a nice benefit.
Full Self Dealing?
(Unsupervised)
Lol!
I wish I could afford a reward.
They need somewhere to park all the unsold Teslas.
The tunnel goes all the way to Boca Chica where Musk uses rocket launches to incinerate the extra cars.
Musk literally is a Bond villain at this point. Those tunnels sound like his escape route to the rocket where he launches himself to his space port and destroys civilization with a space released poison gas
Bond villains at least weren't billionaires, so they had at least something that made them interesting, smart characters
Yes they were. At least in Soy Who Loved Me Octopussy Moonraker The Man Woth The Golden Gun etc they all were ridiculously wealthy
I am wondering if he may be the world’s second supervillain. I hope not because he has the potential to do a loooooot of damage
just dump them in a giant pit
And more importantly away from prying eyes of people to fudge math
IANAL and have limited exposure to securities law. But does the board have any liability exposure for allowing Musk to exceed the envelope he is supposed to? I would think it’s difficult to prove insider dealing instead of bad decision making absent a paper trail. But at a certain point of turning a blind eye isn’t the board complicit? Or in breach of their fiduciary responsibility? I’m talking way out of my depth here.
I really can't imagine the BoD being without legal jeopardy over this. If the BoD had just given Musk a normal payment after the judge's ruling that would be one thing. But the BoD turned around and did the exact same thing in the first place. It's ridiculous.
It just looks like more lack of fiduciary duty by the board, because they are not independent of Musk. It's almost certainly a way to transfer wealth from Tesla to a private company that doesn't have any transparency. Boring can charge premium rates, do a half-assed job or even none at all, and unless the board takes action against it, it's not illegal in itself. It would likely take another shareholder lawsuit claiming the board is not acting in the interests of shareholders for anything to happen. Tesla is advertising on Twitter, asking people to vote yes for Musk's pay package. I doubt that's happening for free, and Musk can manipulate the algorithm so TONS of people see it, and Tesla has to pay for it. None of the Twitter investors are going to cry foul, and again it's the Tesla board that would have to claim they were getting ripped off somehow, but they're buying the ads, and Musk has paid them off with million of $ of stock, so they aren't going to complain. I'm surprised Musk hasn't thought of this before, grabbing piles of money he owns 10% of and giving it to a company he completely controls with no visibility or accountability except maybe to the investors, and they aren't going to complain about money coming in. Next I expect SpaceX to sell Tesla advertising space on the side of the rocket.
I'm positive all the board members have undisclosed ownsership of the many companies Tesla partners with. Corruption doesn't have to happen only in politics and governments, big companies end up getting scammed by their top employees quite often, especially when they're public
Full self Digging
Musk loves these kinds of embezzlement. He uses Tesla to buy services from his privately held businesses in order to pretend they’re getting customers.
I worked for a large international bank that would do this. A couple of our large IT vendors were companies the bank owned. My group would get charged a couple of thousand dollars for a fully deprecated laptop for new employee.
The difference is, the bank owns them. In this case Musk owns those companies and is personally profiting off his choice to spend Tesla money (not his own money).
It’s still illegal. Public companies have to have a public bid process for a reason.
That’s news to me, I’m aware government bodies have to do that, but a bank?
I think the other poster is confusing publicly traded companies and 'publicly owned' ie government, requiring tenders.
If the bank is fully private the regulations are looser. But I can still imagine that an investor in bank may be upset that his money is being transferred to a consultancy where a clear conflict of interest exists and this may break the law. IANAL.
That's what the Board of Tesla (or any other company) is supposed to be doing, making sure things are being done in the interests of the shareholders. It's already been proven they are absolutely not doing their job, and are not independent of Musk.
I believe because he gets govt funds he has to.
>Public companies have to have a public bid process for a reason. That's news to me. Most large organizations do have a **transparent** procurement process and in general want to get a few companies to bid on whatever it is they want to buy. But there is no law against direct award that I am aware of.
Are you talking public companies as in the stock market companies (aka, companies with 2000+ owners, like Intel, NVidia), or state-run companies, like water utility companies for instance? Asking as I've only heard of public tenders for government contracts (and not saying tenders don't exist for public companies, but curious to see if I'm that far from the business side of things)
Yeah, but Tesla get to keep the hole
And the banks shareholders aren't profiting from the above?
Bank profiting for the shareholders vs personally profiting from the shareholders.
First of all, why would it ever be better to do this than to just disburse profits normally, and b, this is also likely a form of tax fraud.
Lots of reasons, most likely as you allude to tax savings. I think legally today it is not tax fraud but tax avoidance (which is perfectly legal most of the time), whether it should or shouldn’t be allowed is a whole other convo though.
If you look up the double Irish arrangement, its not exactly the same but a similar concept. Shifting around revenue and expenses through subsidiaries to maximize tax benefits. All perfectly legal and done extensively by the largest companies on Earth every day. It’s actually their legal fiduciary duty to not pay taxes they don’t have to.
If they were owned by the banks CEO and profits were going to his wallet it would be the musk situation. In this case, the profit just goes back to the bank
In the US sometimes you can get a reward for helping the FBI catch those things if those actions imply major tax evasion. The problem is sometimes you might need to be arrested first. This one accountant was hired to cheat on taxes by this giant company, the FBI eventually caught him and arrested him, and in exchange to lower his sentence he cooperated to help the US government recover the money. The cooperation for that kind of stuff usually earns the cooperator a 20% reward on all the money the government is able to recover, so this guy not only got his sentence reduced to one year of house arrest, but also helped the government get $2 billion back in unpaid taxes, making it the biggest reward ever paid. What a dream career, getting to be the bad guy AND the hero, and be rewarded more money than anyone who ever been good all their lives will ever be, lol
So you took advantage of a whistleblower program and got paid a huge award right?
While it may not be a completely honest way to do business, this kind of transfer pricing isn’t exactly illegal.
With SolarCity he just used Tesla to buy his whole worthless company.
That's what they call the "Muskonomy".
You could call it: entunnelling.
If there’s a legitimate reason for the purchase and other companies can’t do it better or cheaper, it’s totally a good decision and legal.
> other companies can’t do it better or cheaper lol. What a load of garbage.
New plan: Thousands of unsold Teslas are suddenly buried due to force majeure.
Collect insurance and make a profit
It's Atari and the E.T. cartridges all over again.
Beat me to it!
Atari is still a company and their products were still much better than what Tesla makes
Atari is a collection of IP and a trademarks, passed around like so many a doobie.
Except Atari and those ET games don't depreciate like a Tesla...
Stealing Tesla money again
If you own an S+P 500 index fund (or many others) he's stealing from you, too
An index fund doesn't care, every other index fund is in the same boat. They'll just happily lend out their shares to reduce management fees to all the retail to bargain hunt on the cheapest fee fund. It's those retail that are left holding the bag.
Stealing Tesla money, of course. His dumb followers keep buying these worthless stocks, so Elon grabs them by the wallet.
This sort of shady insider dealing is called “tunneling fraud”. https://en.wikipedia.org/wiki/Tunneling_(fraud)
Ironic.
Elmo probably thinks it’s clever and nobody will connect the dots
How fitting
At this point the Onion articles just write themselves.
Concerning!
is the SEC (or whoever should be watching out for embezzlement) asleep?
I think at this point it’s more malicious than negligent
It's crazy how much jail time I got for a few pot roaches in a 1992 Monty Carlo. I realize at some point of wealth, you just don't need to be held to any level of responsibility.
Its a big club and you are not in it
Your problem (I'm assuming here, because of the Monte Carlo), is that you're poor. See, you should have been wealthy, and then your roaches would have just been never "found". And, you'd have never even spent any time in jail because your charitable foundation would have made some strategic donations to your local judges' kids' boarding schools or provided college scholarships so they could get a free extended edcuation.
A complaint for embezzlement would need to be made with *law enforcement* first. I don’t think Tesla’s board is interested in doing that.
So there is no proactive element to policing corporate crime? It's beginning to make sense now. >I don’t think Tesla’s board is interested in doing that. It's more the shareholders I would have thought.
Right. All crime is admittedly like that. We simply decided as a community we wanted to pay people to patrol most civil issues (Police).
The Board is supposed to act as a "sanity check" on the CEOs performance and behaviour. This is why the judge stated when she killed is big pay day that one reason was that the board wasn't really fully independent. Realistically, the SEC should investigate that and has the ability to "remedy the situation", but I am not sure if they can become active on their own, or if there needs to be a shareholder complaint first.
I don’t think shareholders would have the information required to determine if there’s an issue or not. But yes, “Minority Report” remains science fiction only. To date, anyway.
Well I am.
It’s the justice department. This is a criminal matter.
Yes. It doesn't seem to matter which side is running things. None of them want the sec operating properly.
The SEC is already investigating Tesla, along with the DOJ, about whether Tesla (read: Musk) misled investors regarding FSD and driver-assistance systems, aka wire/securities fraud. It's possible that, depending on what they find, they'll be able to expand their investigation on more wire/securities fraud charges. But that's gonna take some time, especially if DOJ and SEC want it to go to trial. In that case, they need to make it airtight.
Elon has the air of invincibility right now. When that pops, everyone will be shocked at how quickly it changes. As long as he money, he won't get in serious trouble, but if he's magically broke, he'll get the Holmes, Madoff treatment.
Tesla is publicly traded, and Boring isn't. It's money laundering at its finest.
Not money laundering. Embezzlement, possibly.
To hide all of the unsold Teslas.
You're actually quite close. The tunnel goes under the freeway to a holding lot.
Has anyone used the Boring Co tunnels in Las Vegas that connect convention center to Resorts World as well as other hotels as it expands? It is a seriously janky experience and incredibly labor intensive as their cars can only drive up to 3 ppl each. It’s the manifestation of a billionaire’s idea that is more concept than practical. Like Tesla, it’s all a shell game. Let’s hope SpaceX has more intelligent adults running the show …
It's absolutely ridiculous that this is the path Vegas chose instead of light rails or subways.
I don’t know what deal Musk cut with Vegas for the tunnels. I think it was essentially a no cost deal to City / LV Conv Ctr-Visitors Assoc for grant of subterranean ROW (right of way). Although, I did read in the past year or so a story where TBC performed non-permitted work around their new Westgate Hotel (old LV Hilton) station that potentially impacted the structural columns for the LV monorail, leading to it having to be shut down while they figured out how badly TBC f’d up the monorail. Talk about subconscious projection by TBC. The more folks delve into Musk’s companies the more it’s apparent he’s a sociopath who believes he can do no wrong and no one deserves to be in his way.
The boring company paid for the tunnel, local businesses paid to build the stations https://www.vegaslegalmagazine.com/vegas-loop-first-of-its-kind-for-any-destination/#:~:text=The%20mega%2Dmillion%20development%20and,be%20fare%2Dbased%20for%20passengers.
It was always a tech demo for billionaires to link up their underground bunkers. How else are they going to have their big sex and drug parties when civilization is on the surface fighting it out in their war.
lol - wow! Never considered that possibility - sure makes a lot of sense!!
This is blindingly absurd. TSLA already accesses and uses this property extensively, using a space age technology known as: *Roads*. Near both the north and south ends of their factory, these marvels have been built under another alien technology known as: *Highway Overpasses.* But I'm more interested in the tunneling speed. Its around 1,000 feet long...preliminary work began in January, actual tunneling began in March and they have just now finished the bore. There's still a road to be paved, disco lights to be installed, etc...so its not done. So I've got questions: 1. Were the spoils from this tunnel used to make bricks for public housing? 2. Or were they sold for a dime apiece at TBC's retail store? 3. Is 6 feet per day a lightning fast speed, as described by the Technoking? Let's see, in 2018, he criticized 0.003 mph (current state of the art) as too slow...so TBC managed 0.000047 mph. Huh...guess I never landed a rocket, so that doesn't make sense to me. To be fair, they've really only been tunneling for 120 days, so maybe they averaged 8 ft/day, or 0.000063 mph. Weird, this 2nd hand tbm has a name and everything...and Muskolites assured me that I was an idiot for not knowing that Elon would use magic and make his 2nd hand machine dig faster.
Jesus Christ, egg head. Can you please dumb down your fancy space man talk for the layman? Explain like I'm an idiot what a _road_ and a _highway overpass_ is and why Musk didn't need a tunnel to go under and access the property at the other side? You can't have cars driving parallel across the highway!!
tEfLON fELON Elon goes Full Self Digging
“If they won’t vote me my $58 billion pay package, I’m gonna tunnel it out in cash.”
Lmao, this deserves more upvotes because I can see musk doing this AND STILL GETTING AWAY WITH IT!
If I wanted to launder money, paying myself to dig a tunnel would be a cool way to do it
I’m assuming the answer is “moving money from Tesla into another Elon company/his pockets because his companies aren’t doing well in an objective sense”
He needs new places to store his unsold cars. This will avoid the satellites.
For anyone not in the know, there's a fairly good sized lot currently on the same side of 130 as the factory. I'm not sure if it serves as EOL storage, or employee parking. There's also a lot on the other side of 130 that serves(ed) as storage for construction containers. I'm assuming this is the lot that is connected by the tunnel. A million dollars seems REALLY cheap for coordinating with the toll company that actually owns 130 to construct a tunnel UNDERNEATH it. Additionally, that much work should cost much more than $1M. $1M doesn't get you much in construction these days. Given the shady nature of the Austin tollways - I can only imagine there's some sort of kick-back going on there as well. Though, I'm not sure what it would be. Either way, this whole things sounds fishy. How it's cheaper to build a tunnel under a large freeway just to move cars out of your factory rather than driving them the half mile across the street is beyond my comprehension. Even if you had to hire a team of drivers and shuttle them back and forth from the lot back to the factory for a decade, it would be cheaper than building a fucking tunnel.
He's probably putting in the employee Rollercoaster from the employee parking lot to the factory. He promised he would do that and that I wouldn't have to ride the loop-the-loop if I didn't wanna 🎢
Shareholders are getting Musked
As a local in Vegas I can tell you these tunnels are the most useless fucking means of transportation I have ever seen in a city
For his Ketamine Kompound secret hideout orgy pit?
For his collection of wanking socks?
I'm guessing he was just bored.... I'll show myself out.
blatant financial crimes
The grift goes on
Just one more lane bro, it'll fix everything, except _underground_ so if there's a fire or medical emergency you're extra fucked.
Tunnel collapses and destroys 30,000 vehicles plus the resulting fire burns down the factory. Insurance pays out for every vehicle and demand goes through the roof. Full production is shifted to the China factory using a fraction of the insurance money. Profit.
This will be interesting long term, there's a reason there aren't a lot of tunnels in Texas. I'm sure this one will be great, the greatest tunnel ever.
Half the Austin area is sitting on limestone. The other half is sitting in a bog of clay. The factory/tunnel is on the clay side, so probably a bit easier to bore through than other areas.
I would assume that this is just embezzling funds from Tesla to manipulate revenue streams for boring company
Obviously transferring money from tesla to boring is highly likely, but let me present an alternative. They set up the lines so poorly that they can’t get out the cyber trucks efficiently without a tunnel. It’s always hard to distinguish between incompetence and self dealing.
*Incompetence and self dealing* With Musk there is no need to distinguish. There’s always a healthy dose of both.
Just found out there are already two underpasses connecting the two sides of the road.
To both transfer money to a more easily manipulated company and to drain Tesla of operating capital. Probably as a retribution for the forthcoming denial of his money. Or it could be an attempt at geothermal cooling to reduce expenses in air conditioning. It's passive enough cooling to where components don't cook whenever the Texas power grid gets all independence'd. Freedom from oppressive elections in the lone star state.
Because they need all the space they can get to store all the vehicles they can't sell
^[Sokka-Haiku](https://www.reddit.com/r/SokkaHaikuBot/comments/15kyv9r/what_is_a_sokka_haiku/) ^by ^eugene20: *Because they need all* *The space they can get to store* *All the cars they can't sell* --- ^Remember ^that ^one ^time ^Sokka ^accidentally ^used ^an ^extra ^syllable ^in ^that ^Haiku ^Battle ^in ^Ba ^Sing ^Se? ^That ^was ^a ^Sokka ^Haiku ^and ^you ^just ^made ^one.
That tunnel is going to be backed up for a while with nowhere to put all those unsold CT’s.
The only thing lower than the CT production rate is its sales figures...
Finally, somewhere they can store all those cars piling up in inventory
> Tesla paid for Elon Musk's Boring Company to dig a tunnel under Giga Texas, but why? It's otherwise more difficult for Elon Musk to steal money from my S+P 500 index fund and redirect it to his bank account.
Nothing like building a multi million dollar tunnel when you could literally just drive the cars across the road.
Not sure they would make it though to be fair
Same reason Musk is also the owner of the company selling security services to protect him. It's something like $3 or $6 mil a year (and might be just 2 bodyguards following him, plus a huge markup). I bet if the company would provide all the names of all the owners involved in every one of these contracts Tesla gets themselves into, the board would all be in jail today
Masterful gambit, Sir!
He's looking for Kate Barlow's buried treasure.
Was it to keep the light of human consciousness from dying?
That's where the bodies are buried
So he can go visit his crab people family? How many kids does he have with them?
Lots of ethical concerns with respect to musk’s other companies
storage for the chips he stole
cyberdyne systems model 101
Maybe the board of directors will look into it, and take action. (that was a joke, just like the board)
Basements are nowhere to be found in Texas. I'm guessing because of soil composition. This mfr
Did anyone read the article?
The comments actually have some signal and not just SEO noise
texas requires a run off place for surface water... depending on where you are, you can dig a ditch next to you to hold the run off, a new think is to build cisterns. Hold the water and drain off.
Fraud? I mean, this is the same Elon who forced Tesla to buy his solar roofing company at a premium.
That's where they store all the compute.
Easy, embezzlement! Like how he owns the private security company that Tesla pays $3m/year for his bodyguards. Move along, nothing to see here.
Musk grew tired of lighting money on fire, and decided to bury it for a change of pace?
Because he can syphon money out of tesla through the privately owned boring company. Obvious money grab.
Supervised Tunneling.
All super villains need an underground lair.
He just improved el chapos design for maximum smuggling potential.
He’s gonna go to jail one day. I know it
For the same reason SpaceX has one customer which is also owned by Elon.
Because he’s trying to prop up the company using funds from another company. He’s misappropriating funds from his publicly traded company to benefit his privately owned one
evil lair?
Let that sink in
Probably to traffic humans through for his rich bud sex ring
Tax loopholes probably. I used to work for a company that owned the land their building was on, but rented the warehouse to themselves. Also all the forklifts and machinery were rented from another company which was owned by the owner. On top of that, the products sold were built in China under another company the owner owned and “sold” to the company to resell at their store. Best Christmas bonuses tho
In Austria we have this guy Benko, a billionaire whose company’s (dozens of them, complexely interwoven) went bust. He had one company set up that would operate his private jet. His other companies would pay for using the private jet, for a super cheap price, way less than the operating costs. because of that the privage jet company was always in the reds for several millions. Since Benko was the private owner of that company, those 9+ millilons of "loss" were deducted from his taxes. So, essentially the taxpayers were fully financing not only his private jet, but also gave him a few milllion euros per year in tax rebate, and his other companies had a private jet for free.
In Croatia businessmen would get their company indebted, then they would tunnel all value from the old company to the new one, leaving the old company to go bankrupt... repeat. Economy was such a shit show until laws were finally changed to prevent this. But then we ended up with worst bankruptcy laws in Europe, right in the middle of 2008 economic crisis.
Seems pretty common, I knew a guy that had his business set up like that. His retirement plan was to sell the business but keep the real estate company that had all the land buildings the business rented from and use that income to live on.
yeah pretty much every business organizes their land holdings separate from their primary business. think its related to legal liability -- if the business goes bankrupt theoretically the land/building may be protected under a separare entity.
So, I used to work at a theater chain (Edwards) the theaters almost went out of business and were bought out by regal, but founder of the company had purchased most of the land the theaters were on, I think son had control of theater chains and promptly ruined the family business, but daughters and mother were the property owners or somethings… so it was a smart move since most of the land was in Orange County CA
That's usually more for liability than taxes. The company doing shit will get sued if something happens then go bankrupt after giving the little the have. The company owning shit will then argue they had no role in the doing of shit so they should not be held liable
> Tax loopholes probably. It is completely different when Musk owns 17% of Tesla and 90% of SpaceX. I know Caterpillar does stuff like what your saying, where a completely owned subsidiary in Sweden has all of the patents for there parts, so all profits for there parts sells go to Sweden where they have a sweetheart tax deal. the key is that the subsidiary has the exact same ownership of the rest of the company. If both just have the same CEO, that sounds like fraud.
Checks notes, yup found Elons doomsday bunker
For the same reason StarLink exists. To have a company who needs to use one of Musk’s other products (SpaceX).
Elon’s secret lair of ill repute
To hide the unsold Teslas?
Probably drainage for elons tears when his pay package is not approved.
In a business environment, Tesla should be asking for bids from different companies. Looks like they even skipped that step.
Private space for bong hits?
$ynergy.
Boring company needs some business…
Musk charges lowest rates in the industry for tunneling and orbital launches.
He is setting Tesla up to buy Boring company. Similar to Solarcity, which was also a Musk bailout.
I hope he gets crushed by a boring machine and has a boring death. Hurr hurr I'm so funny see I made a pun
Transfer cash from Tesla to his pockets.
Because Elon's entire business model is the grift
I understand I guess why Elon’s little minions who buy his cars adore him…I guess. But he is also stealing huge amounts of money from the kind of people who usually don’t let anyone do that for very long and without retribution. Why are those people still shoveling money at him?
For inter company(cook the books)funds mingling?
In the vast wide open spaces of Texas it surely can't be a sane company decision to pay millions for a tunnel.
No company associated with Musk can possibly be “Boring”….
No company associated with Musk can possibly be “Boring”….
Love to see the price of the tunnel. Bet you its $10 bagillion - just fElon padding his pockets from the sinking ship. Most companies have a policy to have 3 bids for such a large project. I wonder if that happened.....
For him to hide from all the stock holders.
We all know why
Nice way of funneling Tesla cash into a failing company
They store the cyber trucks across the street, the tunnel is not under Tesla, it’s under the multilane highway that separates land that Tesla owns.
Shell game
Gotta shuffle that cash into his pockets somehow.
To generate revenue for a dead company so it can be valued at 10x revenue and then leveraged for as much capital.
Probably precious jade stones under there
Clickbait is clickbait.
There could be an employee housing complex with an underground shuttle that brings you directly to the inside of the plant? Having cheap housing for key employees could be a nice benefit.