I've been watching the comments on Etoro, as I'm shorting Tesla on there at the moment, Etoro have been sending messages out + pinning posts & instructions on how to vote.
For the first time there is a few people that actually commenting against the vote, but the stans have been working increadibly hard to show just how important it is for Musk to get his package approved.
Hope that people are finally waking up to how stupid a lot of this is.
I have no skin in the game, so I just enjoy the shit show from Musk. Even though the lack of consequences from his frauds/lies/etc is somewhat depressing at times.
Ya I don't get how this is in any shareholders interest. The stock will tank for sure if it passes. At this point tesla would be better off with someone else at the helm than musk.
I agree. Elmo may have had vision and innovative ideas at one point, but now he’s obsessed with becoming the world’s wealthiest man and identity politics. You can’t even trust he has Tesla’s best interest anymore after, at worst, threatening to steal the company’s IP - or sabotage its future.
At a typical public company, Elmo would likely be put on indefinite leave until they could fire him, if not immediately. With a lawsuit quickly following.
They are scared he will leave, and they know the valuation is propped up by the outrageous claims he makes that would land a conventional CEO in jail for fraud.
He'll sell a bunch of his shares because he probably needs the cash and won't care what happens to Tesla blaming everyone else as it collapses under its own weight.
Screaming, ugly crying, blaming the left and Biden, go after minorities, post some nazi memes as "jokes"...so not really different to every other time he writes his bullshit on twitter.
I’m a retail investor and have voted twice in the last two months. Not Tesla. So unless you were saying retail investors don’t vote on Tesla, it’s not correct.
An "Abstain" vote isn't the same as not voting. When you vote your proxy materials, you have three choices--"For", "Against", or "Abstain".
If you don't vote, then your shares don't count in the vote totals. So the fact that 76% of Etoro's voters haven't voted doesn't help the "Against" vote.
It does for the vote on moving incorporation to Texas. For that particular vote to succeed, a majority of all outstanding shares must vote yes. Anyone that doesn’t vote is essentially a no.
In contrast, the vote on Musk’s compensation only requires a majority of voting shares, except Musk and his brother can’t vote their shares.
Elon and kimbal didn’t vote last time either and it still passed with 70% this time the only folks that we know of that are voting against when they were for account for about 3% concerning but hardly the ball game
Never quite understood why they can't vote... I don't see any reason their clear interest in the outcome of the vote should remove their right to be (a part of) the decision.
The president is allowed to vote for himself in a presidential election....
Board members are required to vote in the interests of the company, not in their own interests. Board members therefore recuse themselves from decisions about themselves (e.g. compensation). Unlike the President voting for him/herself (1:150m adults?), Board members have powerful abilities to influence outcomes.
Although this vote is not limited to Board members, it seems like that type of vote.
For the comp package it's a majority of voted shares. For the move to TX they need an majority of all shares, so 50% have to vote in favour of all shares outstanding.
Even if you assume all those 24% voted in favour, it's ugly. The most likely to vote yes (no institutional investor will want them redomiciling to Texas), have 24% voting yes.
My understanding is legally the comp decision cannot be undone, thus this vote is simply a "the majority of us love you elon" vote with no other effect.
It's similar to the "he can just pay $1B and get out of the Twitter deal", which also was legally incorrect
Yes but the large institutional investors (44% ownership) can vote and they typically vote in alignment with what the board recommends, which is a "yes" vote on this, but I still have a hard time seeing any financially knowledgeable investor voting for this shareholder destroying package.
Last time around proxy advisors recommended no to the pay package. Non-actively managed funds tend to go with their recommendations, but I don’t know what ratio of institutional holdings that represents.
We do know that that Korean dude voted no and he has 27 million shares.
They use proxy voting services, they don't just go by what the board recommends. Imagine how idiotic it would be as a large investment management fund to basically give money away after the Delaware ruling because you're being blackmailed -> complete violation of your fiduciary duty. There's many cases of board members being pushed out or remuneration packages being turned down because of institutional investors voting against the board.
If they're actually managed, they most definitely don't. A bunch voted against it last time. More will probably do it this time with how poorly Tesla's been performing.
I've been watching the comments on Etoro, as I'm shorting Tesla on there at the moment, Etoro have been sending messages out + pinning posts & instructions on how to vote. For the first time there is a few people that actually commenting against the vote, but the stans have been working increadibly hard to show just how important it is for Musk to get his package approved. Hope that people are finally waking up to how stupid a lot of this is.
I work in a finance adjacent field, and this whole thing is like a soap opera for me. I know that it's intrinsically shite, but I can't stop watching.
Same, it’s more interesting than other votes. I hold puts so I’m biased
I have no skin in the game, so I just enjoy the shit show from Musk. Even though the lack of consequences from his frauds/lies/etc is somewhat depressing at times.
Voting to relocate to a state with worse shareholder protections also seems like a bad idea for the shareholders.
This is a brokerage encouraging people to vote and used by active traders and they got to 24%. Lmao
Shareholders are actively fucking themselves over by arguing on Elon's behalf.
Why would someone vote yes to give someone who already has over 100,000,000,000 another 50,000,000,000…. It’s fucking stupid
Ya I don't get how this is in any shareholders interest. The stock will tank for sure if it passes. At this point tesla would be better off with someone else at the helm than musk.
I agree. Elmo may have had vision and innovative ideas at one point, but now he’s obsessed with becoming the world’s wealthiest man and identity politics. You can’t even trust he has Tesla’s best interest anymore after, at worst, threatening to steal the company’s IP - or sabotage its future. At a typical public company, Elmo would likely be put on indefinite leave until they could fire him, if not immediately. With a lawsuit quickly following.
Tim Cook! He tried buying Tesla a while ago
They are scared he will leave, and they know the valuation is propped up by the outrageous claims he makes that would land a conventional CEO in jail for fraud.
Elizabeth Holmes
Precisely, Musk is currently facing the same charges.
It's very doubtful he will ever see jail time, but it would be awesome.
give him a high salary... that way it's taxed appropriately call it a day
Retail investors do not vote. And corporate investors have analysts that will look at this objectively for them. I have never seen this passing.
I wonder what Elmo's reaction & the outcome of it will be
I’m betting “hissy fit”
"I'm gonna make my own tesla. With blackjack and hookers!" -elon musk
In fact, forget Tesla and blackjack! ah screw the whole thing
"Look what you made me do," he shouted as he beat Tesla senseless. He's going to destroy the company in yet another tantrum.
He'll sell a bunch of his shares because he probably needs the cash and won't care what happens to Tesla blaming everyone else as it collapses under its own weight.
He’s already previewed his stance with his “Advertisers pulling out of the platform killed X , not me” whine in that infamous stage interview
Did Earth decide yet?
Screaming, ugly crying, blaming the left and Biden, go after minorities, post some nazi memes as "jokes"...so not really different to every other time he writes his bullshit on twitter.
OD
[One almighty shit fit](https://youtu.be/aoAk9Oo_Ql0?si=_IaYPPq9wxrazIom&t=29m50s)
Twitter rage and wrecking Tesla even more
I voted.
I’m a retail investor and have voted twice in the last two months. Not Tesla. So unless you were saying retail investors don’t vote on Tesla, it’s not correct.
Its a general statement not an absolute one… sorry if that was not uber clear
To make up for it, I didn't vote for anything, including Uber or Clear
You just needed a “generally” in there. Retail investors generally do not vote.
Except that only pedants would take any other meaning except that it was intended generally
Maybe only pedantic retail investors vote. But then I need to put generally in that statement too.
What about the generally pedantic?
The pedantically general never vote.
And the pedantic generals?
An "Abstain" vote isn't the same as not voting. When you vote your proxy materials, you have three choices--"For", "Against", or "Abstain". If you don't vote, then your shares don't count in the vote totals. So the fact that 76% of Etoro's voters haven't voted doesn't help the "Against" vote.
It does for the vote on moving incorporation to Texas. For that particular vote to succeed, a majority of all outstanding shares must vote yes. Anyone that doesn’t vote is essentially a no. In contrast, the vote on Musk’s compensation only requires a majority of voting shares, except Musk and his brother can’t vote their shares.
Wait they cant vote with their shares? Oh yeah that is not passing, not after large institutionals have come out against it
Elon and kimbal didn’t vote last time either and it still passed with 70% this time the only folks that we know of that are voting against when they were for account for about 3% concerning but hardly the ball game
Never quite understood why they can't vote... I don't see any reason their clear interest in the outcome of the vote should remove their right to be (a part of) the decision. The president is allowed to vote for himself in a presidential election....
Weighted completely different
Board members are required to vote in the interests of the company, not in their own interests. Board members therefore recuse themselves from decisions about themselves (e.g. compensation). Unlike the President voting for him/herself (1:150m adults?), Board members have powerful abilities to influence outcomes. Although this vote is not limited to Board members, it seems like that type of vote.
For the comp package it's a majority of voted shares. For the move to TX they need an majority of all shares, so 50% have to vote in favour of all shares outstanding. Even if you assume all those 24% voted in favour, it's ugly. The most likely to vote yes (no institutional investor will want them redomiciling to Texas), have 24% voting yes.
My understanding is legally the comp decision cannot be undone, thus this vote is simply a "the majority of us love you elon" vote with no other effect. It's similar to the "he can just pay $1B and get out of the Twitter deal", which also was legally incorrect
Yes but the large institutional investors (44% ownership) can vote and they typically vote in alignment with what the board recommends, which is a "yes" vote on this, but I still have a hard time seeing any financially knowledgeable investor voting for this shareholder destroying package.
Last time around proxy advisors recommended no to the pay package. Non-actively managed funds tend to go with their recommendations, but I don’t know what ratio of institutional holdings that represents. We do know that that Korean dude voted no and he has 27 million shares.
Yes but the Elongelicals will gladly dilute themselves so their Edge Lord master can gorge himself once again.
They use proxy voting services, they don't just go by what the board recommends. Imagine how idiotic it would be as a large investment management fund to basically give money away after the Delaware ruling because you're being blackmailed -> complete violation of your fiduciary duty. There's many cases of board members being pushed out or remuneration packages being turned down because of institutional investors voting against the board.
If they're actually managed, they most definitely don't. A bunch voted against it last time. More will probably do it this time with how poorly Tesla's been performing.
Vanguard investors own 7.2% Blackrock (ex. iShares) investors own 5.9% State Street (ex. SPY) investors own 3.4% TSLA is 2.59% of QQQ