Carmaker’s seventh biggest single investor will vote against package at annual shareholder meeting
Norway’s sovereign wealth fund has said it will vote against a $1tn (£765bn) pay package for the Tesla chief executive, Elon Musk.
The fund, which is the biggest national wealth fund in the world, said that while it appreciated the “the significant value created under Mr Musk’s visionary role” it would vote against his performance award.
“We are concerned about the total size of the award, dilution and lack of mitigation of key person risk – consistent with our views on executive compensation,” it said. “We will continue to seek constructive dialogue with Tesla on this and other topics.”
Wasn’t Tesla complaining about profit loss all year, stock tanking and all? Wasn’t this Musk’s fault as well? If I do shoddy work at my place, I get fired, not a trillion bucks extra paycheck, but maybe I’m just too stupid.
“Shoddy work” is a bit of an understatement. He personally turned the people most likely to buy Teslas (left-leaning, EV/tech fans, environmentalists, etc) against the company, promoted 2016 election lies, did a Nazi salute at a far-right rally, illegally decimated public services and fired 100s of thousands of career government workers despite never being confirmed by Congress, installed unauthorized servers at several government institutions and had his private companies access federal databases of all our individual personal information. He instituted an illegal “pay for votes” lottery scheme, and became the largest election donor by creating a $250 million super PAC for Trump. He’s so completely toxic to the brand people have sworn to never have anything to do with Tesla just because of him.
The neighborhood I live in has maybe 200 houses (this is all my eyeball, napkin math, butthole statistics), of those 200 houses about 30% of them are by appearance alone people of non-European ethnicity. There are maybe 15 Teslas in the entire hood, and all but about 2 of them are owned by PoC households.
Generally speaking the hood is pretty left-leaning, though not extremely most of them don’t put up any political affiliation propaganda. I have long since though that most people have to see Tesla as a societal status mark more than anything else. People talk about owning a Tesla the same way they do a Rolex or Louis handbag. It isn’t that they are bad brands or badly crafted object, but they are not worth the cost of materials.
So I can only think of the ratio of people in my area that own Teslas as essentially an attempt to, crude as it may sound, “Force the feeling of ‘Being American’”
Interesting. I assume this is in the US? Also, please keep your butthole napkins to yourself…
People talk about owning a Tesla the same way they do a Rolex or Louis handbag. It isn’t that they are bad brands or badly crafted object, but they are not worth the cost of materials.
So I can only think of the ratio of people in my area that own Teslas as essentially an attempt to, crude as it may sound, “Force the feeling of ‘Being American’”
I think I feel a bit sick now.
Sounds like a slam dunk treason case
Im guessing he’s trying to pay himself out and hide what money he can before declaring Tesla insolvent.
He bribed his way into government to end any investigation into crimes committed by him or Tesla. This alleviated billions in liability for both him and the company. He then turned around and awarded his own companies massive contracts, largely spaceX ones supplanting nasa, and got out.
Literal Robber Baron.
See if Tesla does well that proves musk is a genius and should be paid more. If it does badly it proves he was unmotivated and should be paid more.
Last I heard, Tesla was going to give him everything they’ve ever made in profit to “motivate” Elon to be less of a liability
They’ve done that already… Twice over.
So surely it must be an effective strategy then… Right? … Right?
When your bonus is twice the total profit the company has ever made x2, you must be amazing! Literally money out of nothing!
I still don’t understand why Tesla is worth much of anything at all. They should be the pets.com of vehicles right around the dot-com bubble meltdown…
It’s all the spying.
The product is data.
And toe sucking.
Finally some modicum of sanity.
Waiting for a follow up article that says they want him to get $2t 🙄
Throw him in prison
Claiming that payout is just another scheme by Musk, so he can claim it’s not his fault when Tesla goes under, it’s because he wasn’t paid enough.
The fund has more than enough money, so I’m not worried for them ultimately losing a lot of money on Tesla, but why the fuck do they have so much Tesla stock?Norway’s wealth is rooted in oil. They have intentionally positioned their investments to profit from shifts away from oil so that they can profit either way.
Tesla was the electric car stock for a long time. It’s a prominent face of the anti-oil shift.
Sucks to suck.
