this post was submitted on 13 Jun 2024
429 points (93.0% liked)
Technology
59569 readers
3431 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
I'd love to hear from anyone at all who can give me a reason why the shareholders would vote for this. The stock value has been going down for both the 1 year and 3 year time frames, so he's not doing great things today. The company only made a profit of $18B last year, so this is like wiping out 3 years of profitability in one step. This package is over half of the company's total revenue!! In what world do investors think it's a good idea to say one guy deserves almost as much as the entire company brings in for a year?
I'll wait for the financial analysts that I both trust, and I know hate Musk, before I have any confidence in answering that question.
But... my best uninformed guess is that it's less fanboy worship, and more fear that Musk is the only thing propping up the insane stock valuation.
I'm assuming that Musk has a complex web of possibly illegal and highly engineered financial instruments that keep that stock pumping, or at least, not crashing - yet.
Maybe those who voted to approve might be aware, or involved, in that house of cards and believe removing Musk would be akin to blowing on it.
But I'm just pulling all of this out of my ass, so who knows...
It might be as simple as the majority of Tesla shareholders who voted to approve, including the institutional ones, are really just submental morons.
This is probably the right answer.