Tesla to vote on Elon Musk's $56 billion pay package after mass layoffs

Tesla is asking shareholders to vote again on a $56 billion pay package for CEO Elon Musk. This comes after the company announced layoffs that would impact its global workforce. Javier E. David, CBS News contributor Javier David has more.

#elonmusk #news #tesla

[nateh]

No thanks. I will stick with my 2015 Toyota.

[Ray__E]

Laying off workers but voting to see if this clown deserves 56 billion. Everything that's wrong with capitalism.😐

[mikapeltokorpi]

In other news: 14% fired in Tesla's Buffalo site (only hours after those images of Musk on the red carpet). Tesla sales in EU decline 30% YoY in March.

Tesla 2018 - 2022 (timespan of the comp plan):

Revenues: $191.4 Billion
Gross profit: $45.2 Billion
Net income: $17.9 Billion

So, the CEO compensation should be $56 Billion?

[PeterSedesse]

Shareholders have lost $700 billion in the last 2.5 years, the stock is at it's 52 week low and less than half the price it was 3 years ago. They have missed earnings numbers 4 quarters in a row, along with deliveries. In each of the last 4 conference calls, it was a complete clown show with no adults in the room giving any real information. They just laid off 10% of their workforce, almost all were in production. So yeah, great time to give a dude $54 billion for running the company into the ground. In my perspective, with Elon Musk, this stock should be valued at $80. Without Musk, it would be $100-$110. The earnings report next week is going to be horrible, we already know that... but if the conference call is as amateur as the last 4, this stock hits $100 very soon. Nobody is going to hold this stock at $150 with the only upside being that robotaxis might make a profit 4 years from now.

[IGOBYTHENAMELOVE]

He’s definitely a bottom for some of the investors

[jamesching]

as a investor in tsla, why would you want the largest investor in the company to steal $56 billion from telsa? how does that help the smaller investor position and the company?

[DabsDad]

buy for Twitter for 40 billion and give yourself a 56 million dollar salary. Nothing shady about that at all. Shareholders must be thrilled.

[dallasj]

laughable if he's paid that! we joke, but I think the stress has gotten to him. wouldn't they be better off if they made a new leader for the company?
I can't see why he'd be given more than $50 mil, let alone $56, 000, 000, 000.00 - that's just ridiculous!

[frhyuhy]

Bottom line. This is not a private company, and it should be responsible to the shareholders, not Elon Musk

[Firearrowljnn]

I voted yes last time but voting No this time just 300 shares . Reason : i bought the crappy plastic MY for 60K in 22 . That thing is worth 36k now after all the price cuts . Worst purchase in my life.

[DCGreenZone]

I'd get out before the class actions start too. Smart move. 😂

[nicknames]

The company only has 20 billion in profits and that is over the past 4 years. It's absurd to pay him more than the company is earning and while they're recalling 3, 000, 000 cars. That's almost every US car they've sold.😂

[fightersfan]

Incoming Musk cult members thinking the money should be paid to him rather than shareholders

[vic]

That's considered success? Laying off a whole workforce?

[leonardschoenborn]

Don't give Musk another dime until the stock reaches $500 a share -- then vote on a pay package. His pay should hinge on "PERFORMANCE".

[Buttersausage]

That money should be given to employees

[martincday]

Tesla announce an arbitrary 10% number of lay-offs, with Musk writing "There is nothing I hate more, but it must be done, " followed-up very quickly with, "Now give me my $56 billion pay award" maybe laying off Tesla employees isn't quite the problem for Musk that he claims it to be.

[fritzthecat]

Elon should just sell all of his shares and retire. Would probably be fun for him to watch it all fall apart and EVERYONE get fired lmao

[jackcarraway]

"If you work hard you will achieve your dream of me being richer." —Something Elon Musk would say

[Easore]

I hope for a yes vote. But I dont expect it. Most people dont seem to understand that all the requirements for the payout were met long ago. Even media claimed back then that the payout plan was impossible to achive. But Musk delivered. Now that the media bias has changed, it all of a sudden is "unfair". I as an investor knew very well about all the critics the judge mentioned. I mean cmon: Kimbal Musk, his brother, is one of the board members. How can the judge overvote 73% of investors. We all knew very well that the board had familiy members. The goals for the payout plan were very suprising for me back then, thinking they were waaay to harsh laying out those impossible goals.

Thats the power of bias and how it changes peoples mind. From full support back the "unfair".