The company and its CEO have a long history of making specific boasts about what the vehicles can do with regard to autonomous driving. In May, a separate lawsuit was given the green light to proceed after disgruntled owners complained that promises a Tesla car would be able to drive itself from Los Angeles to New York failed to materialize.
The lawsuit stated the claims become ever more specific, alleging the company's boss, Elon Musk, said in 2017 that it would be possible for Tesla owners to sleep while their cars drove.
While sleeping at the wheel is possible – if not recommended – in most moving vehicles, Tesla makes it clear on its website that a fully attentive driver, prepared to take over at any moment, is required for Autopilot and the Full Self-Driving capabilities of its vehicles.
However, old habits die hard, and the company also noted: "These features are designed to become more capable over time."
I mean, they could claim that Musk is just 'marketing puff' and that he should be ignored, but that might go against the claim elsewhere that they absolutely need Elon, to the extent that the Tesla board - many of whom are Musks little pals - are encouraging shareholders to approve a $50bn bonus for him....
This was all torn up anyway by the Delaware Court of Chancery, which voided the compensation in January after a shareholder alleged the award was excessive. The court decided it was illegally approved due to Musk's close ties with the board and substantial influence over the electric car company.
Since then, Denholm has been cracking the whip among shareholders to re-ratify the compensation and incorporate in Texas to avoid another awkward ruling. Now with days to go until polls close, her letter, submitted to the US Securities and Exchange Commission, appears to be a last gasp to make sure everyone's following the party line – that Musk gets his billions lest he ditch Tesla.
The thrust is that retaining Musk's extraordinary talent takes extraordinary compensation, and focuses on the lengths Tesla is willing to go in order to maintain his "attention" and "motivation" when his business interests are so vast and disparate. Also, a deal's a deal, right?
Not sure you can have it both ways
Re: Tesla Cyberpuke
Posted: Wed Jun 12, 2024 1:46 pm
by Mito Man
They've been pushing Elon's renumeration very hard https://www.votetesla.com
Protect your investment by voting for it
There's a pretty large group of shareholders voting against it. Apparently Elon will just walk away from Tesla if he doesn't get paid. More utter bullshit.
"In 2018, Tesla stockholders overwhelmingly approved
a CEO Performance Award that incentivized Elon Musk
to deliver transformative and unprecedented growth.
In order to receive any compensation whatsoever for his work as CEO, Elon needed to meet ultra-ambitious financial and operational targets over a 10-year period. Elon met these targets, which created tremendous value for stockholders."
Re: Tesla Cyberpuke
Posted: Thu Jun 13, 2024 6:32 pm
by DeskJockey
I might be misremembering, but I thought it was "within a ten year period" rather than "over it". Either way, it is obscene, and should never have been agreed to.
Stock at half the price it was a year ago, multiple recalls and pissing money into the black hole that is Cybertruck, a product that's getting them roundly mocked online and damaging their brand. Yeah, totally bonus-worthy.
Absolutely not a cult of personality among the shareholders
Re: Tesla Cyberpuke
Posted: Fri Jun 14, 2024 9:26 am
by Sundayjumper
So the bonus is shares, not cash, which he could sell off and tank the the price for all the shareholders who voted for it ? LOLZ.
Re: Tesla Cyberpuke
Posted: Fri Jun 14, 2024 9:42 am
by Simon
Also the shareholders basically just voted to dilute their own stock 10%. I wonder if they knew that? LOL, serves them right I suppose.
Re: Tesla Cyberpuke
Posted: Fri Jun 14, 2024 10:20 am
by Beany
The concern of the Delaware court was that the main shareholders are too close to Musk, meaning that if he did something like that, they could potentially benefit from it, rather than being the ones to stop him doing it - and that judgement (that he shouldn't be paid it) still stands I think, or at least that article suggests so - the vote doesn't actually change that?
Re: Tesla Cyberpuke
Posted: Fri Jun 14, 2024 10:39 am
by Mito Man
It's the end of the line for Tesla as a rapidly growing EV company, current car line up is ancient now, they're just facelifts of old cars. Cybertruck is a failure. FSD going nowhere. Ok there's that self driving city car but is that realistically going to get mass approval this decade? The tech doesn't have an edge anymore.
Could see Tesla's market cap fall in line with competitors - so still about 10 times less than it's currently worth. I think that would have always happened anyway, once the hype died down. Probably why Elon originally wanted to cash out when he did, before the court blocked him.
SpaceX far more interesting as a company if he takes that public.
