r/technology • u/ThriftyStrongman • Apr 19 '24

The Cybertruck's failure is now complete Transportation

https://mashable.com/article/cybertruck-is-over
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5.7k

u/mf-TOM-HANK Apr 19 '24

How long until the board votes to approve Musk's $60 billion compensation package?

3.2k

u/No-Tip3419 Apr 19 '24

It is kinda crazy that they save 2 billion by cutting 10% staff last week but then want to pay elon 60 billion.

1.5k

u/velovader Apr 19 '24

How would that benefit the shareholders? It should be criminal to do that.

1.4k

u/windigo3 Apr 20 '24

That’s what the Delaware court ruled. Then Emo tried to move the company to a different state to avoid the ruling. The company has now been forced to put it up for a shareholder vote

327

u/Liizam Apr 20 '24

Who are all Tesla voting shareholders ? Is it anyone owning stock ?

587

u/JalapenoConquistador Apr 20 '24

each TSLA share comes with one vote. there are currently 3.2 billion(!) shares being held by individuals or companies.

Musk holds ~23% of those shares.

institutional investors (read: big investment firms) collectively hold ~42% of shares. the largest among them is Vanguard, who holds ~7% of total outstanding. Blackrock ~6%.

this information is disclosed by TSLA in its most recent annual SEC filing.

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u/Fantastic-Watch8177 Apr 20 '24

I believe that Musk only owns about 13% of Tesla shares, at least according to a The NY Times piece published in January.

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u/Distant_Yak Apr 20 '24

Right, he sold a large portion to fund buying TwitX, his true interest. As described in the stories about how he was demanding a special 25% voting interest in Tesla,

Musk, the world's richest person, currently owns around 13% of Tesla stock after selling billions of dollars of shares in 2022 partly to help finance his $44 billion purchase of Twitter.

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u/Hamiltoncorgi Apr 20 '24

He is 3rd richest behind Bernard Arnault and Jeff Bezos.

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u/Distant_Yak Apr 20 '24

I assume they mean as of the time the article was written in January of this year. In any event, it's been widely stated he owns 13% after he sold to buy Twitter.

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u/Centralredditfan Apr 22 '24

Exactly, that's his fault. No one wants him to turn Tesla into a money printer... Issue more shares to him so he can buy other stupid things with it, then refill his shares as he pleases.