Musk gets his $56 billion and moves Tesla to Texas

6,522 Views | 75 Replies | Last: 13 days ago by techno-ag
techno-ag
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10:16a, 6/14/24
AG
https://www.bbc.com/news/articles/cleezyxjv4jo

Quote:
Tesla shareholders have backed a record-breaking pay package for boss Elon Musk and approved a plan to move the firm's legal headquarters to Texas.

The deal was blocked earlier this year by a judge in Delaware over concerns it was unfair to shareholders.

The vote is a victory for the multi-billionaire, who had campaigned fiercely for the payout, which is worth up to $56bn (43.9bn). The exact amount depends on the Tesla share price.

Alright alright alright. Good news. Looks like Elon is making the smart move and locating everything to a much more business friendly state.

And good for him in getting his payout. Capitalism, y'all.
Buy a man eat fish, he day, teach fish man, to a lifetime.

- Joe Biden

I think that, to be very honest with you, I do believe that we should have rightly believed, but we certainly believe that certain issues are just settled.

- Kamala Harris
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Decay
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10:17a, 6/14/24
AG
Media trying to paint someone getting the compensation they were contractually obligated to receive as a bad guy.

One of the stupidest angles the media has taken recently. And that's saying something
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AgNav93
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In reply to Decay • 10:34a, 6/14/24
AG
Decay said:
Media trying to paint someone getting the compensation they were contractually obligated to receive as a bad guy.

One of the stupidest angles the media has taken recently. And that's saying something
Well, he's not on their side, so, everything he does will be scrutinized.
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94chem
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In reply to Decay • 10:35a, 6/14/24
Decay said:
Media trying to paint someone getting the compensation they were contractually obligated to receive as a bad guy.

One of the stupidest angles the media has taken recently. And that's saying something
If he was contractually obligated, why was there a vote?
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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aggiehawg
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In reply to 94chem • 10:37a, 6/14/24
AG
94chem said:
Decay said:
Media trying to paint someone getting the compensation they were contractually obligated to receive as a bad guy.

One of the stupidest angles the media has taken recently. And that's saying something
If he was contractually obligated, why was there a vote?
Because of the stupid judge's ruling. Reauthorization.
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Finn
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10:38a, 6/14/24
AG
They are mad he is not as hurt from buying twitter.
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Decay
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In reply to 94chem • 10:38a, 6/14/24
AG
94chem said:
Decay said:
Media trying to paint someone getting the compensation they were contractually obligated to receive as a bad guy.

One of the stupidest angles the media has taken recently. And that's saying something
If he was contractually obligated, why was there a vote?

They agreed to the compensation and he met the requirements.

I have no idea why anyone had anything further to say (other than of course the political attacks)
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aggiehawg
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In reply to Decay • 10:41a, 6/14/24
AG
Quote:
They agreed to the compensation and he met the requirements.
He bet on himself to meet those goals and he did. Had he not met them, no requirement to award him the stock deal.
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Decay
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10:44a, 6/14/24
AG
Also I read the article and it looks like they voted again simply to reinforce the already agreed upon compensation, as well as a new item, move to Texas and give Delaware the middle finger for them interfering with the company's work.

It isn't clear they had to revote but it sure doesn't hurt. The first vote passed with 73%. After the media attacks he lost 1% of his support and only passed with 72%.
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Ducks4brkfast
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10:50a, 6/14/24
AG
How does Delaware get a middle finger? What do they lose by Tesla reincorporating in Texas?
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Funky Winkerbean
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In reply to AgNav93 • 10:51a, 6/14/24
AG
AgNav93 said:
Decay said:
Media trying to paint someone getting the compensation they were contractually obligated to receive as a bad guy.

One of the stupidest angles the media has taken recently. And that's saying something
Well, he's not on their side, so, everything he does will be scrutinized.


This doesn't deserve scrutiny.
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PA24
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10:52a, 6/14/24
AG
Abbott continues to make Texas a business friendly state, best in the nation if not the world. Even space X launches from south Texas and not Cape Caniveral FLORIDA ...

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94chem
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10:52a, 6/14/24
The real question to me is what the institutional investors will do once they manipulate the inevitable stock value bump. I predict a pump and dump, leaving the small investors holding the bag. I think that's why the institutional people voted for it overwhelmingly; they are probably colluding to get one more payday before it tanks, and making sure they are paying off their congressional cronies to keep the tariffs in place, since Tesla has no chance of winning in the non-luxury market.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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aggiehawg
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In reply to Ducks4brkfast • 10:52a, 6/14/24
AG
Ducks4brkfast said:
How does Delaware get a middle finger? What do they lose by Tesla reincorporating in Texas?
Crap ton of tax revenue. That's the business model for Delaware. Why so many companies are incorporated there.
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Ducks4brkfast
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In reply to aggiehawg • 10:53a, 6/14/24
AG
Gotcha. For some reason I thought the taxes were almost nothing.
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Hungry Ojos
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11:08a, 6/14/24
Fifty

Six

Billion…

With a "B"

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TexasAggie73
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11:11a, 6/14/24
AG
I thought F16 was against Tesla and electric vehicles, but now Texas is the home to the biggest manufacturer.
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aggiehawg
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In reply to Ducks4brkfast • 11:12a, 6/14/24
AG
Ducks4brkfast said:
Gotcha. For some reason I thought the taxes were almost nothing.
Compared to many other states, they were lower. But the regulatory environment was pro-business. Like I said, that was by design as a state tax revenue business model for a tiny state.
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Ragoo
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In reply to aggiehawg • 11:12a, 6/14/24
AG
aggiehawg said:
Quote:
They agreed to the compensation and he met the requirements.
He bet on himself to meet those goals and he did. Had he not met them, no requirement to award him the stock deal.
so, are you buying an electric vehicle now?
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Bobaloo
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11:13a, 6/14/24
Small investors holding the bag....What bag? Investing is not without risk. A lot of small investors have made a lot of money from TSLA as well.
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Medaggie
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11:13a, 6/14/24
The media do less research and just latch on tick tock talking points.

When the pay package was made, Tsla was worth 50 Bil. His Stock option package back then was about 1/12th or less than 5 Bil. He did not receive any other compensation including a salary for many years. Stock options, not cash. They put in some ridiculous metrics that even those anti Musk will admit was not achievable. He turned the company into a current 600B company and achieved all metrics.

Now this judge says that the board/shareholders did not understand the deal. WTH? They keep repeating a 50Bil payday but it really was a 5B when the contract was signed. There is a big difference. So the judge voided a deal that was agreed and metrics met.

This vote is not binding or reverse the judge ruling. It is just ammunition if it goes to appeal that the shareholders ARE aware and just voted 75% in favor.

In no other world do you have a contract, set out metrics, metrics met, and then some judge who probably can't even balance a checkbook have the final say. The amount should not matter but it does. If this was a $50 Mil stock option, she would never had a second thought. But for some reason 50Bil matters when legally the amount should not have a bearing when both sides negotiated in good faith.

Musk will end up winning, and if not, the board could just write up another contract because now they have backing from the super majority of voters.

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flakrat
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In reply to Finn • 11:13a, 6/14/24
AG
Finn said:
They are mad he is not as hurt from buying twitter.
Bingo, when he bought Twitter, he went from liberal hero to Dr Evil in the eyes of the libs. Now, anything he does is pure evil.
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captkirk
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In reply to Ducks4brkfast • 11:14a, 6/14/24
AG
Ducks4brkfast said:
How does Delaware get a middle finger? What do they lose by Tesla reincorporating in Texas?
Franchise tax
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Get Off My Lawn
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In reply to PA24 • 11:15a, 6/14/24
PA24 said:
Abbott continues to make Texas a business friendly state, best in the nation if not the world. Even space X launches from south Texas and not Cape Caniveral FLORIDA although that decision was a no brained. (See Disney).

Well… the Boca Chica SpaceX location is more about geography than FL being less business friendly. Abbott does some good stuff, but he's a day late and dollar short on a ton of issues. B Grade governor.
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Medaggie
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In reply to Bobaloo • 11:16a, 6/14/24
Bobaloo said:
Small investors holding the bag....What bag? Investing is not without risk. A lot of small investors have made a lot of money from TSLA as well.
Everyone made alot of $$$ other than the shorts. Even if he gets 50B, they all shared in the 500Bil that all have gone to investors.
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Get Off My Lawn
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In reply to TexasAggie73 • 11:19a, 6/14/24
TexasAggie73 said:
I thought F16 was against Tesla and electric vehicles, but now Texas is the home to the biggest manufacturer.
Youre being snarky/obtuse, but I'll take the bait: Most of us think them impractical and dishonest, but aren't against free market purchasing decisions by others. HTH
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techno-ag
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In reply to TexasAggie73 • 11:20a, 6/14/24
AG
TexasAggie73 said:
I thought F16 was against Tesla and electric vehicles, but now Texas is the home to the biggest manufacturer.
Nope. We're against government mandating EVs and meddling in the markets to try and kill internal combustion cars.

Pay attention.
Buy a man eat fish, he day, teach fish man, to a lifetime.

- Joe Biden

I think that, to be very honest with you, I do believe that we should have rightly believed, but we certainly believe that certain issues are just settled.

- Kamala Harris
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ItsA&InotA&M
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In reply to Ducks4brkfast • 11:26a, 6/14/24
Ducks4brkfast said:
How does Delaware get a middle finger? What do they lose by Tesla reincorporating in Texas?


If there was no nexus to Delaware, other than being a Delaware corporation, they would pay no more than $250,000 per year. Delaware and Nevada are two of the top friendly states for companies to incorporate. Delaware gets the edge because of the protections of many years of corporate favorable lawsuits.
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EskimoJoe
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In reply to flakrat • 11:52a, 6/14/24
flakrat said:
Finn said:
They are mad he is not as hurt from buying twitter.
Bingo, when he bought Twitter, he went from liberal hero to Dr Evil in the eyes of the libs. Now, anything he does is pure evil.


It doesn't help that he is by far the most successful African American in the country either.
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jeremiahjt
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In reply to ItsA&InotA&M • 12:39p, 6/14/24
ItsA&InotA&M said:
Ducks4brkfast said:
How does Delaware get a middle finger? What do they lose by Tesla reincorporating in Texas?


If there was no nexus to Delaware, other than being a Delaware corporation, they would pay no more than $250,000 per year. Delaware and Nevada are two of the top friendly states for companies to incorporate. Delaware gets the edge because of the protections of many years of corporate favorable lawsuits.
I thought Wyoming was the other big state for companies to incorporate in.
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Faustus
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In reply to PA24 • 12:46p, 6/14/24
PA24 said:
Abbott continues to make Texas a business friendly state, best in the nation if not the world. Even space X launches from south Texas and not Cape Caniveral FLORIDA ...

Ackchyually, SpaceX primarily launches from NASA's Kennedy Space Center and Cape Canaveral Space Force Station in Florida and Vandenberg Space Force Base in California. Very few of its launches are in Boca Chica, Texas, although that is where Starship has been launching (4 launches to date).

The Texas location is mainly a manufacturing and testing site and is privately owned by SpaceX, unlike its main 3 launch sites which are leased. At least that's what Google tells me. Some of the space thread regulars could probably clean that up.
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AggieVictor10
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1:09p, 6/14/24
AG
Elon the GOAT.
Less virtue signaling, more vice signaling.

Birds aren’t real.

RFK/brain worm 2024
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peacedude
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1:13p, 6/14/24
AG
Hopefully, he/they stick to far east Austin. Angleton and Alvin can't handle the influx of liberalism.
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fullback44
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1:27p, 6/14/24
AG
Elon carries his balls in a wheelbarrow
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SunrayAg
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In reply to TexasAggie73 • 1:31p, 6/14/24
AG
TexasAggie73 said:
I thought F16 was against Tesla and electric vehicles, but now Texas is the home to the biggest manufacturer.


I'm not at all against electric vehicles.

I'm violently against government mandates forcing electric vehicles down our throats.
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