April 30, 2018
Will Elon Musk keep mooching off the American tax payers forever?
If I was a shareholder of Tesla, you bet yer ass I’d be asking for Elong Musk’s resignation. How the hell are we supposed to make money selling “luxury” electric cars?
That’s just retarded. What if you need to go further than the length of the car’s electric cable? Sucks to be you, bud.
If Tesla shareholder want profitability, they need to bring in leadership that’ll switch production to what Americans want: monster trucks. Powered by plutonium.
These are the cars Americans crave.
Monster trucks would also make a hell of a lot better Mars exploration vehicles than Tesla Roadsters.
You can sign me right up for the Mars mission, fam. As long as I get to drive this sweet ride…
I’m glad that some people at Tesla have the same ideas as me.
Elon Musk faces a shareholder proposal that could take away his Chairman title as conflict of interest concerns and litigation compound Tesla’s lack of profitability challenges.
Just his chairmanship though. He’d still be CEO, I guess. But technically, the CEO still needs to take orders from the chairman, so you presumably would have a situation at Tesla where someone could talk some sense into Elon Musk, and force him to start making nuclear-powered monster trucks instead of gay electric cars.
Tesla, Inc. was founded by Martin Eberhard and Marc Tarpenning in 2003 after General Motors recalled and destroyed all of its pioneering EV1 electric cars. A year later, Musk put up most of the cash in a $7.5 million Series A venture capital funding that made him Chairman. With the founders out by 2008, Musk has been CEO ever since.
Musk owns about 20% of Tesla, which makes him powerful, but still allows the majority to overturn him if he does something ridiculous.
But Musk will face a shareholder proposal to split the CEO and Chairman roles at the company’s June annual meeting, filed by Jing Zhao, a holder of just 12 shares of Tesla.
Huh, so it’s some chink trying to get Musk out of that chairman seat. Do the Chinese intend on making their own stupid electric cars?
Hey Ching Chong, whatchu doin’?
The qualifying proposal to reign in Musk comes just three weeks after a Delaware Chancery Court ruled against a shareholder’s conflict of interest lawsuit challenging the company’s bail-out acquisition of SolarCity for a stunning $2.6 billion can proceed.
USA Today reported that Musk, on the Wall Street analyst conference call after the 2016 Solar City deal was announced, called the acquisition a “zero-doubt” move that “we should have done sooner.”
So basically, one of Musk’s failing businesses bailed out another one of his failed businesses. I can understand that shareholders would be concerned that the non-profitable company is buying some other non-profitable company for a high price.
But then again, all of Musk’s businesses are just corporate welfare programs where government funding is used to keep things afloat. I doubt anyone really thinks these businesses will ever turn a profit.