Tesla lays off almost all of its Supercharger and new vehicle development employees, causing concern for other automakers (Bloomberg)

SilentPanda · May 21, 2024

Excuse me said:
How does the shareholder vote work? How much of the votes they need in order to get his payday thorough? Apparently majority doesn't matter here since it would leave them open to shareholder lawsuits?

From what I read, it's one vote per share, and if you don't vote, it count as a No vote, it's why they are doing advertisement and contacting people to vote

beat · May 21, 2024

eonden said:
The payday is "easy" in that he only need 50% of the vote to be yes. It would still be liable to lawsuits but it would be much harder in the sense that they inform of the amount of money (tho the board pushing so aggressively and advertising for it would make it clear the board is again not impartial).

Can Elon Musk vote on his own compensation?

Excuse me · May 21, 2024

I would imagine even 50% for his payday would be difficult to achieve. Musk heads will vote for it sure, no matter what. But why would big institutional shareholders go for it, especially when outlook for EV markets seems to get more competitive from here on and Tesla's total market share will without a doubt decline. Then again, nothing makese sense when it comes to market confidence and Musk.

Jisgsaw · May 21, 2024

beat said:
Can Elon Musk vote on his own compensation?

Well he has shares, so yeah I'd think so.

Excuse me said:
I would imagine even 50% for his payday would be difficult to achieve. Musk heads will vote for it sure, no matter what. But why would big institutional shareholders go for it, especially when outlook for EV markets seems to get more competitive from here on and Tesla's total market share will without a doubt decline. Then again, nothing makese sense when it comes to market confidence and Musk.

Because they know Musk is the only reason the stock is as high as it is. Him not proping it up would make investors lose more than diluting their stock to appease him, could be one reasoning.
(Of course Musk's wealth is tied to the stock value too, so it's unlikely he wouldn't keep trying to keep its price up)

NekoNeko · May 21, 2024

Excuse me said:
But why would big institutional shareholders go for it,

because they know the stock is hugely inflated because of the Musk cult of personality. if he walks Tesla drops by a lot.

that's the irony, the company would be better off but the stock would tank.

behOemoth · May 21, 2024

Jisgsaw said:
... surely that would be illegal right? It's not his personal company, he has no right to take existing departments and transfer them to his personal companies.

How often did he manipulated deals over Twitter now? Also, iirc his first deal to keep Tesla afloat during the financial crisis a decade ago was lying to Mercedes and California that he will get money from each other so the investment isn't an astronomical gamble, but just a big gamble.

Exile20 · May 21, 2024

NekoNeko said:
because they know the stock is hugely inflated because of the Musk cult of personality. if he walks Tesla drops by a lot.

that's the irony, the company would be better off but the stock would tank.

Exactly. Many people said they would sell if he leaves tesla.

SilentPanda · May 22, 2024

A fire broke out at Tesla's Fremont factory once again

On Monday evening, a 2-alarm commercial fire occurred at Tesla's Fremont factory, which has experienced several fires over the past decade.

Per a press release from the Fremont Fire Department, the fire "started inside an oven" and was extinguished "within less than an hour of crews arriving at the scene."

Multiple fires have started at the Fremont factory over the years. In 2021, a fire caused by "molten aluminum and hydraulic fluid" occurred in a vehicle manufacturing stamping machine. The FFD, along with Tesla's fire response team, helped bring the fire under control, Business Insider previously reported.

In 2019, the FFD quickly put out a fire in an area containing hazardous waste. No injuries were reported.

CNBC reported in 2018 that the Tesla factory's paint shop had experienced four fires in four years.

Black workers at the factory said they experienced rampant racial abuse and discrimination at the plant — and that CEO Elon Musk failed to step in. Reuters reported that the company now faces a class action lawsuit from 6,000 Black employees

And in May, California regulators accused the factory of releasing tons of illegal air pollutants, CBS reported. The factory previously forked over $750,000 to settle dozens of air quality violations at its factory.

The Bay Area Air Quality Management District is seeking an abatement order to force Tesla to mitigate air pollution. Tesla is also facing a lawsuit from the Environmental Democracy Project for its air quality violations, CNBC reported.

A fire broke out at Tesla's Fremont factory once again, this time due to an oven

A 2-alarm commercial fire at Tesla's Fremont factory, which has faced multiple fires and controversies, was quickly extinguished.

www.businessinsider.com

Sobriquet · May 22, 2024

Things are looking pretty good

SquirrelSr · May 22, 2024

Exile20 said:
Exactly. Many people said they would sell if he leaves tesla.

That sounds like volatile stock that rich people who write books tell people to avoid.

Alcoremortis · May 22, 2024

Sobriquet said:
Yeah, I know a guy who left for JPL

Damn. I don't know what Tesla pays, but I'm willing to bet that JPL move was something around a 50% paycut. However, having worked at JPL, I can say that the working environment is almost certainly far better.

Greg NYC3 · May 22, 2024

Exile20 said:
Exactly. Many people said they would sell if he leaves tesla.

Sounds like Telsa stock is only slightly more solvent than DJT stock then.

opticalmace · May 22, 2024

Alcoremortis said:
Damn. I don't know what Tesla pays, but I'm willing to bet that JPL move was something around a 50% paycut. However, having worked at JPL, I can say that the working environment is almost certainly far better.

Nice! When did you work there and in what capacity if you want to share?

I was an intern at JPL a ways back and worked full time at NASA Ames up in the bay area.

I'm at another musk company (spacex) and the pay is way better than at NASA. Much worse work life balance though.

Alcoremortis · May 22, 2024

opticalmace said:
Nice! When did you work there and in what capacity if you want to share?

I was an intern at JPL a ways back and worked full time at NASA Ames up in the bay area.

I'm at another musk company (spacex) and the pay is way better than at NASA. Much worse work life balance though.

I was an intern as well in high school (back in eep 2007), only for a summer, but it was one of the better pre-college jobs I had. I would've love to work there again someday, but I ended up as a biologist, so the positions are very limited >_>. I really enjoyed the collegiate vibes and just hanging out with all the scientists there and learning stuff over lunch breaks.

opticalmace · May 22, 2024

Alcoremortis said:
I was an intern as well in high school (back in eep 2007), only for a summer, but it was one of the better pre-college jobs I had. I would've love to work there again someday, but I ended up as a biologist, so the positions are very limited >_>. I really enjoyed the collegiate vibes and just hanging out with all the scientists there and learning stuff over lunch breaks.

That's awesome! I was there as an intern in 2008 and 2009, go figure.

What do you do as a biologist now?

Alcoremortis · May 22, 2024

opticalmace said:
That's awesome! I was there as an intern in 2008 and 2009, go figure.

What do you do as a biologist now?

Well, right now I'm this bizarro position, a scientific administrator, where I do a lot of admin and lab management stuff, and then do some grant writing and experiments on the side (though I just started, so I haven't really gotten to the experiments much yet).

SilentPanda · May 23, 2024

A Tesla owner says his car's 'self-driving' technology failed to detect a moving train ahead of a crash caught on camera

View: https://streamable.com/iycip0

A Tesla vehicle in Full-Self Driving mode appeared to fail to detect a moving train and stop on its own, leading to a chaotic accident depicted in a video that has been viewed millions of times on social media.

Doty said his hands were on the wheel for the duration of the incident. The Tesla-generated crash report he provided to NBC News also shows that the system recognized that his hands were on the wheel just ahead of the accident.

The Tesla report shows that the car maintained a speed of around 60 mph while in Full Self-Driving mode before Doty slammed on the brakes and turned the wheel.

But he had at least one similar experience in which, he said, FSD appeared to fail.

Doty said the car nearly hit a moving train in November after it approached some tracks after a sharp turn.

He said that the Tesla did not slow down but that he was able to stop, still hitting the crossbar and damaging his windshield.

A Tesla owner says his car’s ‘self-driving’ technology failed to detect a moving train ahead of a crash caught on camera

A video viewed millions of times on social media shows a Tesla almost crashing into a train. Documents from Tesla show the car was in Full Self-Driving mode at the time.

www.nbcnews.com

Mr Paptimus · May 23, 2024

SilentPanda said:
A Tesla owner says his car's 'self-driving' technology failed to detect a moving train ahead of a crash caught on camera

View: https://streamable.com/iycip0

A Tesla owner says his car’s ‘self-driving’ technology failed to detect a moving train ahead of a crash caught on camera

A video viewed millions of times on social media shows a Tesla almost crashing into a train. Documents from Tesla show the car was in Full Self-Driving mode at the time.

www.nbcnews.com

Elon stans probably: just one more reason we should all switch too hyperloops!

whatsinaname · May 23, 2024

SilentPanda said:
A Tesla owner says his car's 'self-driving' technology failed to detect a moving train ahead of a crash caught on camera

View: https://streamable.com/iycip0

A Tesla owner says his car’s ‘self-driving’ technology failed to detect a moving train ahead of a crash caught on camera

A video viewed millions of times on social media shows a Tesla almost crashing into a train. Documents from Tesla show the car was in Full Self-Driving mode at the time.

www.nbcnews.com

I am scared to use basic-ass cruise control on wet roads and this dude went FSD in that fog/smog...

Greg NYC3 · May 23, 2024

SilentPanda said:
A Tesla owner says his car's 'self-driving' technology failed to detect a moving train ahead of a crash caught on camera

View: https://streamable.com/iycip0

A Tesla owner says his car’s ‘self-driving’ technology failed to detect a moving train ahead of a crash caught on camera

A video viewed millions of times on social media shows a Tesla almost crashing into a train. Documents from Tesla show the car was in Full Self-Driving mode at the time.

www.nbcnews.com

1. Good on NBC for putting "self-driving" in quotes lol
2. Why did this man trust the system after it already attempted to kill him before in the exact same way?

EagleClaw · May 23, 2024

Musk, or Tesla, clearly doesn't know what trains are.
Might have been the first time the AI has seen such a thing.
/jk

I guess it is the impaired camera vision because of the fog, which surely doesn't make this "self-driving" technology more trustworthy.
As a lawyer from Tesla said at court, who would expect "self-driving" without Lidar sensors.

Grimm Fandango · May 23, 2024

SilentPanda said:
A Tesla owner says his car's 'self-driving' technology failed to detect a moving train ahead of a crash caught on camera

View: https://streamable.com/iycip0

A Tesla owner says his car’s ‘self-driving’ technology failed to detect a moving train ahead of a crash caught on camera

A video viewed millions of times on social media shows a Tesla almost crashing into a train. Documents from Tesla show the car was in Full Self-Driving mode at the time.

www.nbcnews.com

"love the car tho!"

ruggiex · May 23, 2024

Greg NYC3 said:
2. Why did this man trust the system after it already attempted to kill him before in the exact same way?

Gotta help with testing.

cjelly · May 23, 2024

It doesn't look like he even braked… or if he did it was very, very late.

Jack Scofield · May 23, 2024

whatsinaname said:
I am scared to use basic-ass cruise control on wet roads and this dude went FSD in that fog/smog...

The number of people who blindly trust these systems is astounding to me. The dude had so much time to manually intervene. What the hell was he doing? Just staring at his phone or something?

firehawk12 · May 23, 2024

The officer also gave Doty a citation for "failure to control" a vehicle, which comes with a $175 fine. In a hearing Thursday, Doty pleaded no contest to the citation, and asked for leniancy, given that the car was in Full Self-Driving mode. Doty said the judge agreed to strike the citation if Doty proved by July that the damages to the rail would be fixed and paid for by Doty or his insurance.

"I think Elon Musk can show up and pay the fine," he said. "I understand that I am in control of the vehicle, but I don't go around causing mayhem and getting in wrecks and driving outlandishly out of control."

Also it's weird because he says he was in control of the car but literally didn't do anything even though he saw the train in front of him. Maybe it's a case of technology making us dumber in general.

Jack Scofield said:
The number of people who blindly trust these systems is astounding to me. The dude had so much time to manually intervene. What the hell was he doing? Just staring at his phone or something?

According to the article and the data, his hand were on the wheel - he was literally just watching as the car got closer to the training, expecting it to stop.

Rodney McKay · May 23, 2024

People drove cars into lakes because their GPS told them to back in the day, so that dude just doing nothing while driving into a train doesn't surprise me.

construct · May 23, 2024

i suspect this is a failure due to relying 100% camera vision instead of lidar

DJGolfClap · May 24, 2024

Is the car's internal report stating that his hands were detected on the wheel before the crash just another way that Tesla can say that the accident was ultimately caused by human error?

steejee · May 24, 2024

Honestly looked like the driver responded fairly well in my eyes. He only had a few seconds to do something once he realized the car wasn't reacting to the train (or the gates, or the warning lights) to stop it and saved himself from near certain death.

I agree that it seems like another flaw in relying wholly on vision based sighting and no LIDAR.

SilentPanda · May 24, 2024

Tesla slashes Model Y production in Shanghai

Tesla has cut output of its best-selling Model Y electric car by a double-digit percentage number at its Shanghai plant since March, according to industry data and a source.

The Shanghai plant, Tesla's biggest manufacturing hub globally, planned to cut Model Y output by at least 20% during the March to June period, said the person, who declined to be named as the matter is private.

It was not immediately clear if the output cut would be extended to the second half of this year or to Model 3 and if Tesla's plants in the United States and Germany also adopted similar output cuts.

Tesla has left out its goal of delivering 20 million vehicles a year by 2030 in its latest impact report published on Thursday, another sign the company was moving away from electric cars as it shifts focus to robotaxis. The company has been accelerating its pivot to bet on a breakthrough in artificial intelligence to bring new revenue growth.

https://www.reuters.com/business/autos-transportation/tesla-slashes-model-y-production-shanghai-data-shows-2024-05-24/

SilentPanda · May 24, 2024

Tesla Says Autopilot Is Safer for Drivers—but That's Not the Whole Story

In a statement posted on its website, Tesla compares its data to overall data collected by U.S. auto safety regulators, which, in 2022, found one crash for every 670,000 miles driven on U.S. roads. In other words, Tesla claims vehicles equipped with Autopilot are more than 11 times safer than other cars not equipped with the software.

As Electrek points out, Autopilot is primarily used on U.S. highways, while the National Highway Transportation Safety Administration's (NHTSA) data considers accidents on all roads. Accidents are more common on city roads and undivided roads. NHTSA data also accounts for incidents including all vehicles, including trucks, buses, and older car models. It's not a clean comparison.

Autopilot has been linked to more than 200 crashes and 29 deaths, according to the NHTSA. The agency has opened more than 50 special crash investigations into Tesla vehicles thought to be linked to Autopilot.

The company has been accused of false advertising by California's Department of Motor Vehicles and investigated by the state attorney general's office over its marketing practices related to Tesla's driver assistance software. The U.S. Department of Justice is also investigating whether CEO Elon Musk and Tesla's comments about the technology could constitute as securities fraud or wire fraud.

Tesla Says Autopilot Is Safer for Drivers—but That's Not the Whole Story

The company claims its controversial self-driving tech is 11 times safer on average. Should we trust that?

gizmodo.com

Saganator · May 24, 2024

So you're telling me cameras have a hard time seeing in fog? Crazy. Can't believe people are paying thousands of dollars to beta test FSD and risk their lives for their lord Elon.

sonnyboy · May 24, 2024

We all know that this system isn't what it's advertised to be... But you have to be a fucking idiot to not take over earlier in that situation.

My VW has a very minimal amount of automation built in but you get a feel for when it's detecting what it should be and you have to intervene if you believe that it's not going to do what it should. You can't wait and additional 2-3 seconds hoping it will stop...

SilentPanda · May 25, 2024

Tesla Shareholders Should Vote No On Elon Musk's $56 Billion Pay Deal, Glass Lewis Says

Tesla (TSLA) shareholders should reject CEO Elon Musk's proposed $56 billion compensation package, proxy advisory firm Glass Lewis said

Elon Musk has hinted he could develop artificial intelligence and robotics outside of Tesla if he doesn't get the pay deal reinstated, plus further compensation to give him 25% voting control. His XAI startup has already hired away a number of Tesla staff.

Glass Lewis also opposed Tesla's proposal to reincorporate in Texas from Delaware. It also opposed the re-electing Kimbal Musk, Elon's brother, to the Tesla board, saying he's not independent enough.

Even if Tesla shareholders approve the pay deal, it's possible the Delaware court could still block it.

Bloomberg - Are you a robot?

beat · May 25, 2024

SilentPanda said:
Tesla Shareholders Should Vote No On Elon Musk's $56 Billion Pay Deal, Glass Lewis Says

Oh wow. I wasn't really expecting the institutional investors to get onboard with the No side.

SilentPanda · May 30, 2024

US seeks records from Tesla in power steering loss probe

The U.S. National Highway Traffic Safety Administration (NHTSA) said on Wednesday it is seeking records from electric car-maker Tesla (TSLA.O), opens new tab in its investigation into Model 3 and Model Y vehicles over power steering loss reports.

The investigation covers about 334,000 Model 3 and Model Y vehicles from the 2023 model year and comes after the agency received 115 reports of loss of steering control.

The agency said the reports include steering or related failures, or steering becoming "stuck," "locked," or "immovable" or requiring high or increased effort. Other reports include "notchy" or "clicky" steering and steering-related error messages or warnings.

The Tesla documents showed that the automaker sought to blame drivers for frequent failures of suspension and steering parts it has long known were defective, Reuters reported.

https://www.reuters.com/business/autos-transportation/us-seeks-records-tesla-power-steering-loss-probe-2024-05-29/

SilentPanda · May 30, 2024

Elon Musk is mad at one of Tesla's biggest investors for saying it's voting against his pay package

Tesla is facing increasing pushback from investors regarding its bid to reinstate Elon Musk's $55 billion pay package.

On Wednesday, there was yet another sign that Tesla might be facing an uphill battle when the CEO of the California Public Employees' Retirement System, Marcie Frost, told CNBC the fund plans to vote against the proposal to reinstate Musk's pay plan, pending any future conversations with Tesla.

"We do not believe that the compensation is commensurate with the performance of the company," Frost said.

CalPERS is the largest public pension fund in the US and is among one of Tesla's 30 largest investors with about 9.5 million shares, according to Bloomberg. Frost told CNBC that the fund initially voted for Musk's pay package when it was taken to a shareholder vote in 2018, but CalPERS later corrected her comments in a post on X, clarifying that the fund voted against the proposal in 2018 as well.

"What she's saying makes no sense, as all the contractual milestones were met. CalPERS is breaking their word," Musk wrote on X.

Elon Musk is mad at one of Tesla's biggest investors for saying it's voting against his pay package

Tesla is facing increasing pushback from investors regarding its bid to reinstate Elon Musk's $55 billion pay package.

www.businessinsider.com

SilentPanda · May 30, 2024

beat said:
Oh wow. I wasn't really expecting the institutional investors to get onboard with the No side.

Tesla accuses advisory firm of 'scaremongering' after it urged investors to vote against Musk's pay package

Tesla was quick to fire back at Glass Lewis after the advisory firm encouraged shareholders to vote against the company's $55 billion compensation plan for Elon Musk.

"In its report, Glass Lewis omits key consideration, uses faulty logic, and relies on speculation and hypotheticals," Tesla wrote in a letter to investors titled "What Glass Lewis Got Wrong About Tesla."

"Glass Lewis may believe that Elon should have done so with more 'focus,' but the fact is that Tesla's performance speaks for itself," Tesla wrote. "Stockholders should care enormously about value creation (which Glass Lewis inexplicably ignores), and not about whether Elon's perceived 'focus' was strong enough."

In response, Tesla called the firm's claim that rescinding the award is acceptable "absurd." The company called Glass Lewis' concerns regarding moving the company's state of incorporation to Texas "scaremongering" and took issue with the firm's worries about Musk's commitment level to the company, saying its CEO created significant market value for investors between 2018 and 2023.

Tesla accuses advisory firm of 'scaremongering' after it urged investors to vote against Musk's pay package

Tesla was quick to fire back at Glass Lewis after the firm encouraged shareholders to vote against Tesla's $55 billion pay plan for Elon Musk.

www.businessinsider.com

SilentPanda · May 31, 2024

Elon Musk, Tesla Lash Out As Some Institutional Investors Reject CEO Pay Package

Tesla (TSLA) and its Chief Executive Elon Musk each fired their own salvos at institutional investors apparently reluctant to give the nod to a disputed $58 billion compensation package for the head of the electric-vehicle giant. Musk himself said one key Tesla stock investor had "no honor."

Glass Lewis is one of the two major proxy solicitation firms. The other is Institutional Shareholder Services, or ISS. Late Thursday, ISS recommended shareholders vote against approving Musk's pay package. However, ISS did recommend support Tesla's incorporation to Texas from Delaware.

On Musk's compensation package, ISS wrote that "although the structure of the grant's performance hurdles arguably contributed to, as well as reflect, the company's significant financial growth during the performance period, the total award value remains excessive, even given the company's success."

Back in 2018, ISS also recommended voting no on the pay deal.

Eight institutional investors have announced they oppose Musk's pay package, according to federal regulatory filings. The investors include Amalgamated Bank, New York City Comptroller, Nordea Asset Management, AkademikerPension and SOC Investment Group, among others.

Elon Musk, Tesla, Lash Out As Some Institutional Investors Reject CEO Pay Package

Voting is underway ahead of Tesla's June 13 annual shareholder meeting.

www.investors.com

SilentPanda · Jun 1, 2024

Tesla investor accuses Elon Musk of insider trading that banked him $7.5 billion

A Tesla investor accused Elon Musk of using insider information on his company to sell $7.5 billion worth of Tesla stock in 2022, according to a lawsuit filed Thursday in Delaware Chancery Court.

The investor, Michael Perry, alleged in his suit that Musk knew Tesla would miss fourth-quarter expectations that year on vehicle deliveries and sold $7,530,113,926 worth of Tesla stock in November and December 2022 before the financial report was made public in January 2023.

The lawsuit cited statements Musk made later on in a 2023 earnings call, during which the Tesla CEO said the company has a "daily real-time update of how many cars were ordered yesterday, how many cars were produced yesterday" and that the data "does not have latency" or delays.

In addition, the lawsuit alleged that "a change in Tesla's production and delivery logistics" at the time should have made it more likely that Musk had access to material non-public information on Tesla's fourth-quarter production and delivery numbers.

Last year, a group of investors filed a class-action lawsuit against the billionaire, accusing him of manipulating the price of Dogecoin, the Shiba Inu emblazoned cryptocurrency.

The lawsuit, which was filed in June 2023, is still ongoing.

Tesla investor accuses Elon Musk of insider trading that banked him $7.5 billion

Tesla investor Michael Perry alleged that Elon Musk knew the company would miss fourth-quarter projections when he sold $7.5B in Tesla stock.

www.businessinsider.com

cjelly · Jun 1, 2024

Elmo collecting lawsuits like Trump.

SilentPanda · Jun 4, 2024

Tesla investor, Norway's KLP, to support collective bargaining motion at EV maker's annual meeting

Tesla investor KLP, Norway's largest pension fund, will vote in favour of a shareholder proposal urging the U.S. electric vehicle maker to engage in wage and other labour negotiations as it continues to face industrial action in Sweden.

Sweden's AMF pension fund will back the motion as well, and was "actively working" to get other investors to support it.
"The freedom of association ... and the right to bargain collectively are fundamental human rights that are protected by international norms," it said in a May 17 statement.

KLP will also vote against a proposed plan to relocate Tesla to Texas from Delaware, and against ratifying a $56-billion pay package for CEO Elon Musk.

"We do not find the rationale (for the move to Texas) sufficiently strong and convincing," Aziz said, referring to Tesla describing Texas as its "home"
, opens new tab and the state where one of its top factories is located.

"It is not clear what tangible benefits the relocation would bring, whereas there is clearly additional costs and potential risks that may come with it," she said, without elaborating on those risks.

As for Musk's pay package, "We have voted against it back in 2018 when it was introduced, and we continue to see it as being both excessive and leading to extensive dilutive effects to current shareholders," Aziz said.

https://www.reuters.com/business/autos-transportation/tesla-investor-norways-klp-support-collective-bargaining-motion-ev-makers-annual-2024-06-04/

Tesla's China-made EV sales extend decline in May amid output cut

ales of Tesla's China-made electric vehicles dropped 6.6% from a year earlier to 72,573 units in May, extending a year-on-year decline for a second month, data from the China Passenger Car Association (CPCA) showed on Tuesday.

Chinese rival BYD with its Dynasty and Ocean series of EVs and plug-in hybrids, sold 330,488 passenger vehicles in May, up 38.2% year-on-year.

https://www.reuters.com/business/autos-transportation/teslas-china-made-ev-sales-fall-66-yy-may-2024-06-04/

SilentPanda · Jun 4, 2024

These early Tesla bulls are giving up on the stock

Some of Tesla's institutional shareholders are getting out, convinced that the electric carmaker's days of dizzying growth are in the rear-view mirror.

The company's shares are down nearly 30% this year and have fallen by more than 50% since their 2021 high, wiping out some $600 billion in market value as CEO Elon Musk has struggled with fierce competition and falling sales. Tesla's first-quarter results missed analyst expectations, though Musk said the company would release new models in 2025 that would be more affordable.

Of the 18 mutual funds tracked by Morningstar that have held Tesla shares since 2019, 10 reduced their positions in the last quarter, with four slashing their stakes by 15% or more, Morningstar data showed. Only five added shares.

"I think the story is over, is the best way to say it," said Gerber, who has whittled his position down to around 300,000 shares.
Gerber's complaints range from Tesla's public relations department, which he believes receives insufficient funding, to what Gerber calls Musk's distractions by political and cultural issues.

"Over the last year and a half, Elon's personal quests based on the way that he sees the world have superseded the interests of Tesla and its shareholders," Gerber said.

https://www.reuters.com/business/autos-transportation/these-early-tesla-bulls-are-giving-up-stock-2024-06-04/

SilentPanda · Jun 4, 2024

Emails show Elon Musk diverted a $500 million shipment of Nvidia chips intended for Tesla to X instead

Elon Musk diverted $500 million worth of AI processors meant for the carmaker, according to correspondence from Nvidia employees obtained by CNBC.

Instead, he sent them to his social media platform X, the report, which was published Tuesday, said.

The news comes after Musk said in the carmaker's first-quarter earnings call that the company would double the number of H100s by the end of the year. The chips, which cost upwards of $40,000, power AI technologies like ChatGPT and Anthropic. Delaying the GPUs could set back Tesla's supercomputer development and hinder progress on self-driving cars and robots.

The billionaire previously posted on X that Tesla would spend around $10 billion this year in "combined training and inference AI."

The diversion of chips from Tesla highlights the ongoing tension between Musk and shareholders who question his commitment to the EV company.

But, according to Musk, the diversion wasn't about prioritizing X.

"Tesla had no place to send the Nvidia chips to turn them on, so they would have just sat in a warehouse," Musk said in a post on X in response to a screenshot of the original report.

Emails show Elon Musk diverted a $500 million shipment of Nvidia chips intended for Tesla to X instead

Musk said he diverted the chips because "Tesla had no place to send the Nvidia chips to turn them on."

www.businessinsider.com

Spoit · Jun 4, 2024

SilentPanda said:
Emails show Elon Musk diverted a $500 million shipment of Nvidia chips intended for Tesla to X instead

Emails show Elon Musk diverted a $500 million shipment of Nvidia chips intended for Tesla to X instead

Musk said he diverted the chips because "Tesla had no place to send the Nvidia chips to turn them on."

www.businessinsider.com

Is that...legal?

smurfx · Jun 4, 2024

Love seeing musk eat it. Hopefully he doesn't get a damn thing that he wants and Tesla keeps failing.

SilentPanda · Jun 6, 2024

Elon Musk can't just ask 'his brother and his besties' at Tesla to pay him $46 billion, NYC comptroller says

At a meeting of Tesla investors on Tuesday, including New York City Comptroller Brad Lander, representatives made their case for voting against supporting Musk's 2018 pay package a second time at the company's annual shareholder meeting this month. Lander, whose office manages $271 billion in assets across five NYC retirement funds, said the Tesla board has repeatedly failed to provide the independent governance on behalf of shareholders that it is legally obligated to provide.

According to Lander, however, Tesla doesn't have a full-time CEO who is focused on growing the EV maker, and Musk is "chasing shiny new objects" at the moment. He and other investors in the past have complained that Musk isn't focused enough on Tesla and is distracted by social media and a half-dozen other companies where he holds leadership roles, including X, xAI, Neuralink, and the Boring Company

This vote is not a referendum on Elon Musk as CEO," said Lander. "He is a visionary whose role in Tesla in the past has been critical but there must be independent shareholder governance that makes sure pay packages are reasonable. This pay package is not reasonable."

When billionaires are allowed to flout the rules, normal people suffer," he said. "A billionaire can't just have his brother and his besties be the ones to decide what rules they'll follow, what courts they'll listen to, and what rules they'll abide by."

Suffice it to say that for Tesla to succeed, we need a management team that is on the ball," said Lierman. And an effective board at Tesla should "make sure somebody is standing up to the CEO when necessary

Elon Musk can’t just ask ‘his brother and his besties’ to pay him $46 billion, NYC comptroller says

Comptroller Brad Lander said the Tesla CEO’s pay package is “outrageously large and insufficiently governed” at a meeting of investors on Tuesday.

fortune.com

SilentPanda · Jun 6, 2024

Tesla Chair Signals Elon Musk Could Exit Without A 'Motivating' Pay Deal

Tesla (TSLA) Board Chair Robyn Denholm says it is imperative that Chief Executive Elon Musk's 2018 $56 billion compensation package is reapproved if the EV giant wants to continue "motivating him" to work for the company, according to a regulatory filing Thursday. TSLA shares angled lower early.

"If Tesla is to retain Elon's attention and motivate him to continue to devote his time, energy, ambition and vision to deliver comparable results in the future, we must stand by our deal," Denholm wrote to shareholders Wednesday

Denholm added that with Musk being one of the richest people in the world, the deal is "obviously not about the money."

Adam Jonas, Morgan Stanley's high-profile autos analyst and a Tesla bull, wrote on June 4 that if Musk does not achieve a 25% voting stake in the EV giant, "Tesla shareholders should be prepared for Tesla to significantly slow down/curtail its direct investment in sensitive/advanced AI efforts."

Tesla Chair Signals Elon Musk Could Exit Without 'Motivating' Pay Deal

Tesla holds its annual shareholder meeting next week.

www.investors.com

HStallion · Jun 6, 2024

SilentPanda said:
Tesla Chair Signals Elon Musk Could Exit Without A 'Motivating' Pay Deal

Tesla Chair Signals Elon Musk Could Exit Without 'Motivating' Pay Deal

Tesla holds its annual shareholder meeting next week.

www.investors.com

If its not about the money then Musk should be fine not getting a cent.

Tesla lays off almost all of its Supercharger and new vehicle development employees, causing concern for other automakers (Bloomberg)

A fire broke out at Tesla's Fremont factory once again

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A Tesla owner says his car's 'self-driving' technology failed to detect a moving train ahead of a crash caught on camera

A Tesla owner says his car's 'self-driving' technology failed to detect a moving train ahead of a crash caught on camera

A Tesla owner says his car's 'self-driving' technology failed to detect a moving train ahead of a crash caught on camera

A Tesla owner says his car's 'self-driving' technology failed to detect a moving train ahead of a crash caught on camera

Saw the truth behind the copied door

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Tesla Shareholders Should Vote No On Elon Musk's $56 Billion Pay Deal, Glass Lewis Says

Tesla Shareholders Should Vote No On Elon Musk's $56 Billion Pay Deal, Glass Lewis Says

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Elon Musk is mad at one of Tesla's biggest investors for saying it's voting against his pay package

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Emails show Elon Musk diverted a $500 million shipment of Nvidia chips intended for Tesla to X instead

Emails show Elon Musk diverted a $500 million shipment of Nvidia chips intended for Tesla to X instead

Elon Musk can't just ask 'his brother and his besties' at Tesla to pay him $46 billion, NYC comptroller says

Tesla Chair Signals Elon Musk Could Exit Without A 'Motivating' Pay Deal

Tesla Chair Signals Elon Musk Could Exit Without A 'Motivating' Pay Deal