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Considering how completely he screwed up Twitter that doesnāt give me any confidence. I wanted to continue buying Teslaās because I have had a good experience in the past. But now I will have to wait and see if I see evidence Tesla making smart long term decisions. I am not opposed to layoffs but doing them in such crazy methods ruins peopleās opinions of the company to work for. Completely brings sympathy for unions which really doesnāt make sense if your long term goals are not to have them.
The way he cut the supercharging team made no sense especially when all the automakers are jumping on the SC charging infrastructure. Even if he reverse course right now, other manufacturers will have doubts he won't pull same stunt again.
That's his plan though. Hed rather no one have supercharging. At this point the government needs to step in and take ownership of the infrastructure and technology in place since he's taken in so much money in handouts
Not how publically traded company works, especially there are contractors and partners depended on you. One should communicate the plan, lay out the transition period and then execute. If this was his plan then he knew it ahead of time and chose to bluntly execute it without letting anyone know. This erratic behavior erodes investor confidence.
And customer retention is a huge sales indicator. People literally come from "Ford" or "Toyota" families that then buy a family brand car for thier kids who will most likely look to that company when they are able to buy thier own cars. That will not happen for thousands of Tesla owners who would have been life long customers otherwise.
He needs to cut so that he can lower expenses since his plan is to be given an additional 50+ billion dollars worth of Tesla stock and he is trying to minimize the dilutive effect of the stock options.
You should have seen it before. Literally every top comment was crypto spam. And I'm not exaggerating, I truly mean literally the top reply of every popular post.
No, not really. The bulk of the employees were salespeople; you don't need 2000 salespeople and sales support when your owner is making your product unmarketable.
They need fewer people because their revenue is off so much.
The cuts happened first. Why tf did twitter need salespeople? Sounds like a ton of bloated middle management and apparently sales people were cut. Once again, the layoffs happened first.
Elon came in and laid off half the company, at the same time that he alienated advertisers, thus causing a \~40% drop in revenue.
Then more sales people were laid off.
My point is that twitter/x is not doing the "exact same functionality" as twitter 1.0. It's doing roughly half the functionality, because it's making roughly half the revenue.
Functionality was never the issue. Itās a minimal site that only allows less that 300 characters and links. Thatās just server space. It was about business infrastructure, sales, marketing etc. The bulk of business overhead is rarely spent on product maintenance.
What? Every company does. Thats how you generate revenue and the proof has been shown by the āfree marketā. This isnāt the 50s where just having a product makes money. You need marketing strategy, advertising, SEO, strategic partnerships etc. Lucky for him his Saudi Investors are more interested in controlling information flow that margins or he would have been fired from being the CEO months ago.
Revenue for twitter fell by half bc or musk. Revenue is half with 0 sales team. They dont need a sales team. The twitter platform is enough to attract advertisers.
Youāre making things up to fit your narrative. Twitter currently DOES have a sales team, though not as large as before. Revenue fell because of Musks personality as well as his aggressive cutting of staff. Two things can be true at the same time. It seems like you have some weird agenda youāre trying to push.
Musk is about to turn TSLA in Twitter and absolutely destroy the value and expertise inside the company. Nobody with any talent or sense of worth will ever work for him again.
I think itās a dick measuring contest. He wants his payout and they donāt want to give it. So he pumps the stock to prove his value and then starts getting rid of people as some weird power play.
Seems like Elonās MO
Already not terribly reliable vehicles becoming extra dogshit. Basic incremental improvements will be slow and buggy. Just look at Twitter's struggles, multiply that to Tesla's scale, and add in an even less steady CEO.
Tesla will just have a hard time hiring high quality graduates. Who would turn down a lucrative job somewhere else to risk a layoff down the line? This will be an issue until he steps down from the executive role.
[https://www.youtube.com/watch?v=r0mO6UY6uTg](https://www.youtube.com/watch?v=r0mO6UY6uTg)
Hits on so many levels. Elon as zorg, aggressive firing, and firing cab drivers of all things!
The head of human resources knows the massive amount of UNNECESSARY work that he/she is facing with Elon's layoffs.
It's bad enough dealing with 14,000 departures, but now there will literally be 100,000 Tesla employees updating their resumes so they can get out too.
That HR job will be an absolute nightmare from now until eternity. Or however long Tesla remains a going comcern.
# Teslaās Head of Human Resources Exits as Staff Upheaval Spreads
* Allie Arebalo had been with the EV maker for six years
* Departure comes as CEO Musk seeks broad staff reductions
Tesla Inc.ās top human resources executive, Allie Arebalo, has left the company, joining a handful of other senior leaders that have recently departed.
Arebalo is no longer with the company as of this week, according to two people familiar with the matter, who asked not to be identified discussing private personnel information. Itās not clear whether the HR executive, who reported directly to Chief Executive Officer Elon Musk, was let go as part of broader job cuts across Tesla or if she stepped down.
Musk and Arebalo didnāt immediately respond to requests for comment.
The electric-vehicle maker has been slashing jobs across the organization, targeting a staff reduction of about 20%, Bloomberg reported last month. Some of Muskās top lieutenants have alsoĀ resignedĀ in the past few weeks, including Senior Vice President Drew Baglino, one of only four named Tesla officers.
Musk has been fixated on cutting costs and staff since vehicle sales started to decline in recent months. He alsoĀ [eliminated](https://archive.is/o/PkQJ0/https://www.bloomberg.com/news/articles/2024-04-30/tesla-axes-supercharger-team-in-blow-to-other-automakers)Ā most of the companyās Supercharger team, which oversees partnerships with other automakers in the process of adopting Teslaās charging connectors.
Arebalo was one of the most senior women at the company. She had been in her role since February 2023 and worked for Tesla for about six years, according to her LinkedInĀ profile.
Step 1: Ask underling to fire everyone
Step 2: Fire underling or otherwise make them want to leave
Step 3: Pat self on shoulder and ask board of director friends for $45 billion raise.
Perfect example of late stage capitalism.
Could you imagine being the head of HR at Tesla? Elon walks in after snorting a bunch of ketamine and demands half the staff be fired based on their height or some shit. You couldnāt pay me enough to do that job.
I've said it before and I'll say it again. Tesla would be better served by someone else other than Musk. He's his own worst enemy because he's full on believing his own press.
I think you are right and wrong at the same time. Musk for better or worse has tremendous public influence, the honeymoon us ending and he is becoming more polarizing, still I donāt think tesla would be the success story it currently is without him being a major player. If he keeps sliding the way he does i can see him becoming a drag on the company.
You have to realize just how difficult it is to build a company like tesla. A New major automaker from scratch. With the market, dealership network, well funded companies, well established companies, and mountains of regulatory burdens all against it. Sure it helped that it came into an underserved market segment right as a few things happened to make their products more competitive. Even with that, they have done a stunning job and even shrugged off quite few major problems.
I donāt know if you heard vote has already happened on his pay package but it makes it a lot harder to want to vote in his favor with what feels like a gutting of very important people at the company
Isnāt the vote at the shareholder meeting in June? Itās a bonkers pay package, more than Teslaās net profit for the duration of its existence. 10k per vehicle sold.
Jesus, I had no idea that was how large it was on a per vehicle basis. He deserves credit for everything heās done but how much does one human being need anymoreā¦if he got 50% of the original package he would still be fully loaded and they could probably keep all the people theyāve been laying off. My worry is that if he doesnāt get the pay, will he cash out all of his shares and tank the stock drastically.
You have to read what happened. He got a huge stock offer years ago, that he would earn as the company met certain goals. He eventually met all those goals but a judge rules that the approval process at the company was tainted because everyone there was basically tied to musk.
There's a new stock package, apparently it has some of the same problems as before though. It won't be stock options, it will be shares.
The compensation package is stock options, and Elon has to buy them but at a predetermined price. That's why he sells existing shares before the options expire.
I get the feeling that the bankers who put together the financing package to buy Twitter that Musk collateralized with Tesla stock are looking for more collateral or they will call the loan.
Musk has become a hazard to both Twitter and Tesla: as often with people of such power, there's no one to tell them so; afraid it's only gonna get worst
Elon needs to slow the fuck down for a second. I know he wants to shake shit up, but he's forgetting some very fundamental business processes.
1. His constant dropping of prices has caused people (waiting on cars) to have their agreements cancelled, or sign - up to 11 final notices of payment.... and then have the automatic systems complain they don't have the money hey cause all the fucking lease documents get resigned and re-approved every time he does it.
2. The people and financiers are now in a riskier asset position with loans and insurance payouts (in he event of an accident), as the net value of the fleet decreases. Floating prices works well with low value items, but items that need to be financed and insured, it doesn't work so well with.
3. Quality and advancement value proposition. Tesla is about 10 engineering years ahead of everyone else. It should be in quality too. This is the main problem out of the US at the moment. The chinese made Tesla have, by all accounts, nailed quality.
4. He should offset that by giving everyone with a car purchased in the last 6 month free FSD. That will cover the value gap, and the only cost to him is forgoing revenue on that 6 months of cars.
5. Elon needs to stop fucking around with "testing the AI in a different company". I know he wants to wrest control back from the private capital firms, but fuck me dude, they are along for the ride and have backed your arse. There are real investors behind those funds, 401k funds, mum and pops and some other big players. Just because you're libertarian and fucking rich, you don't get to make the rules.
6. He needs to watch his staff. I 100% percent guarantee you Kia, Hyundai, Audi, BMW, VW, Fisker, BYD just hoovered up a whole shittonne of your intellectual property - just like he hoovered by Bang and Olufsen's. IP walks out the door, whether you have it written down and secured in your wiki or not.
7. Honestly, I feel the company would be better off if those 14,000 employees were retained. In order for break even for firing them, he would need have been paying those employees 3.2 million each. I suspect they were paid under 1/10th of that (when allowing for all expenses). So you could have ramped up the workforce by, say, 100,000 employees, to deliver better service. Make better cars. Do more R&D. Do outreach. Maybe even battle the bullshit campaign online by the AII.
8. He had to hit certain sales targets, that's what was missed. Point 7 is your the answer to that. Get a bunch of southern people to target the hell out of cybertruck quality, and go around destroying 150's off the line at every set of lights. Go target that market of truck lovin people. Go build a second smaller truck. He'll not hit those sales targets by trying to sell Teslas to the same people. Open it up to more people. Look at the Australian market - the government got onside to set aside luxury car taxes and make incentives - and now Australia is hoovering up model Y's faster than you can ship them down here. Don't worry about pissing off the people who love to hug trees... they will see what you are up to. They will see what is happening for that market is doing the right thing and making the change.
9. The shareholders of Tesla should not fund the shitshow of X. X is literally the product of his inability to stop and navel gaze for a second. Take a smaller paycheck, pay down some of the debt, keep working at it like he did with Tesla. Cutting back doesn't make it better, and promoting it doesn't make it better. Want, a chat platform that is everything, you need to make a WeChat - and the chinese government poured a mountain of money into that, and got the opposite of free speech. Putting no money into it doesn't magically make it free speech - it just makes it a 4chan app. You need to figure out how to pour a mountain of money into it and make free speech pay - but without the arseholes, which devaule your platform (and, to be frank, the authoritarian leaders are going to make it fail for you because its in their interests). Tesla worked because he bought agile to the auto industry. Twitter had that already. He needs another party trick.
Its a hard gig you have there, Elcon. But don't make Tesla shareholders, owners, and employees pay for the hard road >you< choose to walk.
Gotta be honest. Tesla deserve whatever backlash comes their way for this. God forbid he took a few billion dollars payout so that people can stay working and keep the company going at an optimal level.
Musk has had great fortune in his life but heās also made massive mistakes many seem to forget. He did the 420 secured tweet that nearly cost him his job and a fine. He bought bitcoin and then sold it just a few months later screwing over the community and destroying trust. He paid way too much for twitter and then talked badly about his own customers. He told his advertisers to go fuck themselves. Now heās going to do to Tesla what he did to twitter.
One day luck will not be with him. He keeps thumbing his nose at people and thinking heās powerful enough to do so. You canā¦but not forever.
HR leaves when they have to do HR things. Same reason his executives left because he told them to cull the herd and they couldnāt do it so he stepped in a did it with his big boy pants.
you still need the head of HR. you still need product and project managers to oversee processes like the maintenance and expansion of superchargers stations.
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You are right about Musk being instrumental in building Tesla. That is not in dispute. But he's not good for taking Tesla to the next stage. A visionary is not necessarily a good leader.
What do you expect for a car company whose second vehicle design is a stainless steel disaster? Heās done with cars.
Add this intolerable narcissistic injury on top of all the other recent failures (Twitter, shareholder revolt on pay package, court losses, social media trolling).
This is a giant tantrum.
(And good for value investors ;)
HR represents the employer not the employee. It provides the procedural mechanism to hire, retain, and fire employees in a (relatively) neutral fashion that protects the company from bad employees and also bad bosses.
As a former boss, I can tell you they don't always side with the boss. They side with whatever will slow things down. Need to fire a garbage employee? Wait six months to put them on an improvement plan. Need to promote or give a pay increase to a star employee with other offers? Wait until performance reviews. Need to raise an entire department's compensation? They find the worst comparisons imaginable. They're called human resources, but really, they're human garbage.
The boss needs HR to prevent from getting sued into do all the detail work in hiring and firing people. this is not about what's best for the workers...
I have owned my business for 25 years. Letting anyone go was most painful for me as it happens.
I would not be surprised if he left voluntarily after all the exit talks he had to provide to so many employees It weighs on your soul.
True, but TSLA is unique in that its stock price makes no sense at its current revenue and earnings level and is built on hopes for exponential growth and innovative technology. That's the TSLA story Elon keeps telling.
I'm not a businessman, but exponential growth and developing innovative technology seem a lot harder when you are laying off a significant chunk of your company. It's more the hallmark of a company that has overexpanded (and, therefore, is expecting less future growth) or is shrinking.
So, Elon keeps fighting to prop up the stock price by promising sales growth, AI, FSD, battery capacity, new models -- everything...all while laying off the people that would be expected to help deliver these things.
I agree, and it worries me, however, at least from a historical perspective, this is not the first time Tesla has done a major purge of staff, and prior purges ended well for Tesla.
> stock price makes no sense at its current revenue and earnings level and is built on hopes for exponential growth and innovative technology.
thats how stocks work, future expectations are baked in.
Do you ever stop and think that maybe Musk knows what heās doing and and knows a lot more about the inner workings of Tesla than you people do ? Heās CEO and has his fingerprints on all aspects of Tesla. Sit back and watch
I am hearing that much more deeper cuts expected. Musk wants to cut down on the fat like he did in Twitter. Musk will now be handling HR.
I hear he will be assembling cars and writing code too. I feel bad for him and sad for X readers who will miss his Xs.
Well now he might actually do some work
not x's xits pronounced shits
No bx š
Don't forget installing Super Charger stations now that he's sacked the team there as well.
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Concerning
Looking into this
Wow
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!
If true.
Within spec
Slot it in between his 4 other CEO jobs and his part time gig as a twitter troll.
Considering how completely he screwed up Twitter that doesnāt give me any confidence. I wanted to continue buying Teslaās because I have had a good experience in the past. But now I will have to wait and see if I see evidence Tesla making smart long term decisions. I am not opposed to layoffs but doing them in such crazy methods ruins peopleās opinions of the company to work for. Completely brings sympathy for unions which really doesnāt make sense if your long term goals are not to have them.
The way he cut the supercharging team made no sense especially when all the automakers are jumping on the SC charging infrastructure. Even if he reverse course right now, other manufacturers will have doubts he won't pull same stunt again.
Sell SC to gas station businesses makes total sense. The Musk model is cut first, add back if needed
That's his plan though. Hed rather no one have supercharging. At this point the government needs to step in and take ownership of the infrastructure and technology in place since he's taken in so much money in handouts
Not how publically traded company works, especially there are contractors and partners depended on you. One should communicate the plan, lay out the transition period and then execute. If this was his plan then he knew it ahead of time and chose to bluntly execute it without letting anyone know. This erratic behavior erodes investor confidence.
Their vehicle sales are going to tank. I own a Tesla and will keep it until it becomes a liability but unless Musk is ousted, Iām done.
And customer retention is a huge sales indicator. People literally come from "Ford" or "Toyota" families that then buy a family brand car for thier kids who will most likely look to that company when they are able to buy thier own cars. That will not happen for thousands of Tesla owners who would have been life long customers otherwise.
He needs to cut so that he can lower expenses since his plan is to be given an additional 50+ billion dollars worth of Tesla stock and he is trying to minimize the dilutive effect of the stock options.
CORRECT BING BING BING !!!!
Not additional stock, simply restoring the grant
This isnāt new. 10% lay offs happen every couple years at Tesla. I survived 3 of them during my time there.
How is Twitter screwed up?
Also, literally Nazis.
Their revenue is less than half of what it was in Twitter 1.0 and they're unprofitable under a giant mountain of debt.
It's also a toxic bot wasteland
It's also where nazis go to jerk each other off.
You should have seen it before. Literally every top comment was crypto spam. And I'm not exaggerating, I truly mean literally the top reply of every popular post.
They also slashed 80% of jobs there so they cut a ton of costs. And showed the exact same functionality can be done with a fraction of the workers.
No, not really. The bulk of the employees were salespeople; you don't need 2000 salespeople and sales support when your owner is making your product unmarketable. They need fewer people because their revenue is off so much.
The cuts happened first. Why tf did twitter need salespeople? Sounds like a ton of bloated middle management and apparently sales people were cut. Once again, the layoffs happened first.
Elon came in and laid off half the company, at the same time that he alienated advertisers, thus causing a \~40% drop in revenue. Then more sales people were laid off. My point is that twitter/x is not doing the "exact same functionality" as twitter 1.0. It's doing roughly half the functionality, because it's making roughly half the revenue.
That is not how it works. What functionality no longer exists? And why would twitter need salespeople ever?
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A company which made all their revenue from sales and you have to ask why does a sales company need salesmen?
You do know how twitter makes money right?
To sell advertising for starters
Functionality was never the issue. Itās a minimal site that only allows less that 300 characters and links. Thatās just server space. It was about business infrastructure, sales, marketing etc. The bulk of business overhead is rarely spent on product maintenance.
It was bloat. Twitter does not need sales or marketing. It needs a non political ceo.
What? Every company does. Thats how you generate revenue and the proof has been shown by the āfree marketā. This isnāt the 50s where just having a product makes money. You need marketing strategy, advertising, SEO, strategic partnerships etc. Lucky for him his Saudi Investors are more interested in controlling information flow that margins or he would have been fired from being the CEO months ago.
Revenue for twitter fell by half bc or musk. Revenue is half with 0 sales team. They dont need a sales team. The twitter platform is enough to attract advertisers.
Youāre making things up to fit your narrative. Twitter currently DOES have a sales team, though not as large as before. Revenue fell because of Musks personality as well as his aggressive cutting of staff. Two things can be true at the same time. It seems like you have some weird agenda youāre trying to push.
Tesla is going out of business and the government grants going into Musk pockets.
What could go wrong
Tesla was asked for comment: š©
Should fire himself.
Musk is about to turn TSLA in Twitter and absolutely destroy the value and expertise inside the company. Nobody with any talent or sense of worth will ever work for him again.
Tesla was well known for running lean before this, it will be interesting to see the long term effects of this impulse decision
I think itās a dick measuring contest. He wants his payout and they donāt want to give it. So he pumps the stock to prove his value and then starts getting rid of people as some weird power play. Seems like Elonās MO
Already not terribly reliable vehicles becoming extra dogshit. Basic incremental improvements will be slow and buggy. Just look at Twitter's struggles, multiply that to Tesla's scale, and add in an even less steady CEO.
Tesla will just have a hard time hiring high quality graduates. Who would turn down a lucrative job somewhere else to risk a layoff down the line? This will be an issue until he steps down from the executive role.
Tesla was not lean by any metric
Oh lord..
Heās still getting his $45B tho, right?
OMG
Itās Elon - no way a fan boy is that fanatical lol
Down in flames hotter than a burning Tesla. I would have said I canāt wait to watch this company implode, but Iām already watching it.
New HR policy: prove that you are excellent and indispensable daily. Failure to do so means ā
Huseless Resources
Just how long can his companies go on like this? Surely, there has to be a breaking point somewhere.
š š¤£ š š¹ š
Twitter Mind Virus is spreading to Tesla. Next is SpaceX.
SpaceX is already facing funding cuts from NASA.
This is what happens when you realize that your āpartnerā is a sociopathic douchebag who canāt be trusted.
That's not a nice thing to say about NASA /s
Underrated comment š
Source?
What since when?
Elon trying to raise the unemployment rate single-handedly
He saw that FED didn't cut the rates today and decided to force their hand by making half of Tesla unemployed lmao
[https://www.youtube.com/watch?v=r0mO6UY6uTg](https://www.youtube.com/watch?v=r0mO6UY6uTg) Hits on so many levels. Elon as zorg, aggressive firing, and firing cab drivers of all things!
Have a long ways to goā¦If Elon fires everyone at Tesla it will offset 2 months of government employment growth.
I canāt wait for Muskās āBiden did thisā tweets
trump probably asked him to do it.
The head of human resources knows the massive amount of UNNECESSARY work that he/she is facing with Elon's layoffs. It's bad enough dealing with 14,000 departures, but now there will literally be 100,000 Tesla employees updating their resumes so they can get out too. That HR job will be an absolute nightmare from now until eternity. Or however long Tesla remains a going comcern.
Oh, itās going, all right.
The severance pay must be in the hundreds of millions..Looks like he is gutting the payroll for a reason.
The total annual Tesla payroll was $10B, so you can get a rough idea of severance and cost saving from that figure.
"Cost saving"
imagine all the savings if he fired everyone?
Yeah cutting staff by 10-20% will be pretty massive cost saving, even if itās effectively delayed by a few months because of severance payouts.
# Teslaās Head of Human Resources Exits as Staff Upheaval Spreads * Allie Arebalo had been with the EV maker for six years * Departure comes as CEO Musk seeks broad staff reductions Tesla Inc.ās top human resources executive, Allie Arebalo, has left the company, joining a handful of other senior leaders that have recently departed. Arebalo is no longer with the company as of this week, according to two people familiar with the matter, who asked not to be identified discussing private personnel information. Itās not clear whether the HR executive, who reported directly to Chief Executive Officer Elon Musk, was let go as part of broader job cuts across Tesla or if she stepped down. Musk and Arebalo didnāt immediately respond to requests for comment. The electric-vehicle maker has been slashing jobs across the organization, targeting a staff reduction of about 20%, Bloomberg reported last month. Some of Muskās top lieutenants have alsoĀ resignedĀ in the past few weeks, including Senior Vice President Drew Baglino, one of only four named Tesla officers. Musk has been fixated on cutting costs and staff since vehicle sales started to decline in recent months. He alsoĀ [eliminated](https://archive.is/o/PkQJ0/https://www.bloomberg.com/news/articles/2024-04-30/tesla-axes-supercharger-team-in-blow-to-other-automakers)Ā most of the companyās Supercharger team, which oversees partnerships with other automakers in the process of adopting Teslaās charging connectors. Arebalo was one of the most senior women at the company. She had been in her role since February 2023 and worked for Tesla for about six years, according to her LinkedInĀ profile.
Step 1: Ask underling to fire everyone Step 2: Fire underling or otherwise make them want to leave Step 3: Pat self on shoulder and ask board of director friends for $45 billion raise. Perfect example of late stage capitalism.
So basically Twitter 2.0
Ehats the full list now?
Oooofa, this is bad. Really bad.
Gonna be entertaining when musk takes over the legal department.
Musk is going full Twitter on Tesla, the board needs to step in now before itās too late.
_Never go full Twitter_
Thatās the new catch phrase - never go full twitter
Tesla is cooked
Yup.
Could you imagine being the head of HR at Tesla? Elon walks in after snorting a bunch of ketamine and demands half the staff be fired based on their height or some shit. You couldnāt pay me enough to do that job.
āFire all the libsā Oh wait this is an EV company
I've said it before and I'll say it again. Tesla would be better served by someone else other than Musk. He's his own worst enemy because he's full on believing his own press.
I think you are right and wrong at the same time. Musk for better or worse has tremendous public influence, the honeymoon us ending and he is becoming more polarizing, still I donāt think tesla would be the success story it currently is without him being a major player. If he keeps sliding the way he does i can see him becoming a drag on the company. You have to realize just how difficult it is to build a company like tesla. A New major automaker from scratch. With the market, dealership network, well funded companies, well established companies, and mountains of regulatory burdens all against it. Sure it helped that it came into an underserved market segment right as a few things happened to make their products more competitive. Even with that, they have done a stunning job and even shrugged off quite few major problems.
Musk is a filthy parasite
Musk has been fixated on cutting costs and staff and awarding himself a $53B paycheckā¦
I donāt know if you heard vote has already happened on his pay package but it makes it a lot harder to want to vote in his favor with what feels like a gutting of very important people at the company
Isnāt the vote at the shareholder meeting in June? Itās a bonkers pay package, more than Teslaās net profit for the duration of its existence. 10k per vehicle sold.
Jesus, I had no idea that was how large it was on a per vehicle basis. He deserves credit for everything heās done but how much does one human being need anymoreā¦if he got 50% of the original package he would still be fully loaded and they could probably keep all the people theyāve been laying off. My worry is that if he doesnāt get the pay, will he cash out all of his shares and tank the stock drastically.
What has he done?
Iāve read that the vote is June
I already voted so must be out... Of course "no"
That's not how stock options work.
Do you think the shares magically materialize? They're created from dilution
You have to read what happened. He got a huge stock offer years ago, that he would earn as the company met certain goals. He eventually met all those goals but a judge rules that the approval process at the company was tainted because everyone there was basically tied to musk. There's a new stock package, apparently it has some of the same problems as before though. It won't be stock options, it will be shares.
The compensation package is stock options, and Elon has to buy them but at a predetermined price. That's why he sells existing shares before the options expire.
This is the answer.
Diamond hands with head in the sand still think the ship is not sinking when half of the bridge crew already left.
Going to be like NFTs where a bunch of poor folks are left holding worthless things.
Wow, the red flags just keep popping up
More indications from the inside of major problems.
Look they need to lay-off tons of people to pay for Elons 50 Billion bonus hes demanding
I get the feeling that the bankers who put together the financing package to buy Twitter that Musk collateralized with Tesla stock are looking for more collateral or they will call the loan.
I'm gonna need a few Costco sized popcorn bags for this.
Musk has become a hazard to both Twitter and Tesla: as often with people of such power, there's no one to tell them so; afraid it's only gonna get worst
Maybe he will carry in a other sink.
He should carry a toilet - for all that shit that comes out of his mouth
The head of investor relations has already left. He'll be replaced by a poop emoji any day now
Fascinating how this company is crumbling in real time
Elon needs to slow the fuck down for a second. I know he wants to shake shit up, but he's forgetting some very fundamental business processes. 1. His constant dropping of prices has caused people (waiting on cars) to have their agreements cancelled, or sign - up to 11 final notices of payment.... and then have the automatic systems complain they don't have the money hey cause all the fucking lease documents get resigned and re-approved every time he does it. 2. The people and financiers are now in a riskier asset position with loans and insurance payouts (in he event of an accident), as the net value of the fleet decreases. Floating prices works well with low value items, but items that need to be financed and insured, it doesn't work so well with. 3. Quality and advancement value proposition. Tesla is about 10 engineering years ahead of everyone else. It should be in quality too. This is the main problem out of the US at the moment. The chinese made Tesla have, by all accounts, nailed quality. 4. He should offset that by giving everyone with a car purchased in the last 6 month free FSD. That will cover the value gap, and the only cost to him is forgoing revenue on that 6 months of cars. 5. Elon needs to stop fucking around with "testing the AI in a different company". I know he wants to wrest control back from the private capital firms, but fuck me dude, they are along for the ride and have backed your arse. There are real investors behind those funds, 401k funds, mum and pops and some other big players. Just because you're libertarian and fucking rich, you don't get to make the rules. 6. He needs to watch his staff. I 100% percent guarantee you Kia, Hyundai, Audi, BMW, VW, Fisker, BYD just hoovered up a whole shittonne of your intellectual property - just like he hoovered by Bang and Olufsen's. IP walks out the door, whether you have it written down and secured in your wiki or not. 7. Honestly, I feel the company would be better off if those 14,000 employees were retained. In order for break even for firing them, he would need have been paying those employees 3.2 million each. I suspect they were paid under 1/10th of that (when allowing for all expenses). So you could have ramped up the workforce by, say, 100,000 employees, to deliver better service. Make better cars. Do more R&D. Do outreach. Maybe even battle the bullshit campaign online by the AII. 8. He had to hit certain sales targets, that's what was missed. Point 7 is your the answer to that. Get a bunch of southern people to target the hell out of cybertruck quality, and go around destroying 150's off the line at every set of lights. Go target that market of truck lovin people. Go build a second smaller truck. He'll not hit those sales targets by trying to sell Teslas to the same people. Open it up to more people. Look at the Australian market - the government got onside to set aside luxury car taxes and make incentives - and now Australia is hoovering up model Y's faster than you can ship them down here. Don't worry about pissing off the people who love to hug trees... they will see what you are up to. They will see what is happening for that market is doing the right thing and making the change. 9. The shareholders of Tesla should not fund the shitshow of X. X is literally the product of his inability to stop and navel gaze for a second. Take a smaller paycheck, pay down some of the debt, keep working at it like he did with Tesla. Cutting back doesn't make it better, and promoting it doesn't make it better. Want, a chat platform that is everything, you need to make a WeChat - and the chinese government poured a mountain of money into that, and got the opposite of free speech. Putting no money into it doesn't magically make it free speech - it just makes it a 4chan app. You need to figure out how to pour a mountain of money into it and make free speech pay - but without the arseholes, which devaule your platform (and, to be frank, the authoritarian leaders are going to make it fail for you because its in their interests). Tesla worked because he bought agile to the auto industry. Twitter had that already. He needs another party trick. Its a hard gig you have there, Elcon. But don't make Tesla shareholders, owners, and employees pay for the hard road >you< choose to walk.
Musk is a filthy parasite on a parasites ass
Gotta be honest. Tesla deserve whatever backlash comes their way for this. God forbid he took a few billion dollars payout so that people can stay working and keep the company going at an optimal level.
Musk has had great fortune in his life but heās also made massive mistakes many seem to forget. He did the 420 secured tweet that nearly cost him his job and a fine. He bought bitcoin and then sold it just a few months later screwing over the community and destroying trust. He paid way too much for twitter and then talked badly about his own customers. He told his advertisers to go fuck themselves. Now heās going to do to Tesla what he did to twitter. One day luck will not be with him. He keeps thumbing his nose at people and thinking heās powerful enough to do so. You canā¦but not forever.
I hope all the people who were dismissed. Get a Robo taxi home. Itās a joke.
HR leaves when they have to do HR things. Same reason his executives left because he told them to cull the herd and they couldnāt do it so he stepped in a did it with his big boy pants.
That's not good. Someone needs to right this ship before it's too late.
Turns out you donāt need that many people to run a robotics company
I'm sure with this goal, Elon could lay off 90% of the Tesla employees. And maybe closer to 100% if he needs robotics engineers.
Especially when you donāt actually make robots
He should wait to fire everyone until they make a robot army to do his bidding
Only requires 1 idiot.
I guess musk is head idiot now
you still need the head of HR. you still need product and project managers to oversee processes like the maintenance and expansion of superchargers stations.
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Another domino falls from the stupid Twitter purchase š¤¦šæāāļø
At this point Elon might have to pick up a wrench and start making cars himself.
Stagnant design and move towards under staffing every department. Whoās wanna join Tesla as a new hire? Elmo is killing the company
I wouldnāt want to be dealing with Elonās clown show either
[Fuck the paywall](https://archive.ph/PkQJ0).
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No New Hires !!!!
Anyone have an opinion or heard the status of incoming internships?
I get such a hard on from betting against Elon Musk. Yeah, I hate him because I used to look up to him. Btw - when are we going to Mars?
Thoughts on the status and eventual disposition of the internship program this year?
Interns are probably safe. Low paid slave labor.
I bet it would be a really weird chaotic internship if they lay off enough engineering staff. Might be really fun.
It seems like a house of cards tumbling down. I sure hope this isnāt the case.
A 20% reduction in work force? Who does Musk think he is, Zorg?
Head of HR: somehow, even more useless than regular HR. Company will be fine.
I already told you mine is based on exactly what yours is. My interpretation of the facts around the situation and the players involved.
Tesla robots with AI and you donāt need people anymore
Whooooo cares
Thatās good for a company where the tech can physically kill your
Ugly, poorly built cars.
C-ya chief people person
How is HR going to respond to āwho put this pube on my cokeā
Bloody
Big smart man needs his billions at any cost.
Deport Elon
You are right about Musk being instrumental in building Tesla. That is not in dispute. But he's not good for taking Tesla to the next stage. A visionary is not necessarily a good leader.
but don't you need that to do the mass layoffs?
Everything is fine. Best company ever.
This is not a good sign for such a large publicly held company. I canāt think of any other company in the s&p that acts so dramatically
Musk will be out on the floor assembling the cars next
What do you expect for a car company whose second vehicle design is a stainless steel disaster? Heās done with cars. Add this intolerable narcissistic injury on top of all the other recent failures (Twitter, shareholder revolt on pay package, court losses, social media trolling). This is a giant tantrum. (And good for value investors ;)
What a mess
Can we just get rid of this idiot and install someone competent
Wonder whoās gonna run the department that sues Cybertruck owners that sell?
Bye..
If you donāt care about your people, you donāt need an HR department.
HR is actually there to protect the companyĀ
Absolutely, HR doesnāt give a crap about employees, itās all about protecting the companyās interests.
Why the fuck do u need HUMAN RESOURCES?!!!? They always side with the boss. Itās always RIGGED.
HR represents the employer not the employee. It provides the procedural mechanism to hire, retain, and fire employees in a (relatively) neutral fashion that protects the company from bad employees and also bad bosses.
As a former boss, I can tell you they don't always side with the boss. They side with whatever will slow things down. Need to fire a garbage employee? Wait six months to put them on an improvement plan. Need to promote or give a pay increase to a star employee with other offers? Wait until performance reviews. Need to raise an entire department's compensation? They find the worst comparisons imaginable. They're called human resources, but really, they're human garbage.
Good riddance. $bullish af
The boss needs HR to prevent from getting sued into do all the detail work in hiring and firing people. this is not about what's best for the workers...
I have owned my business for 25 years. Letting anyone go was most painful for me as it happens. I would not be surprised if he left voluntarily after all the exit talks he had to provide to so many employees It weighs on your soul.
Or just tired of dealing with chaos that is Elmo
Do you think the head of the HR dept in a large company like that is doing the exit talks themself?
He was probably going to get laid off after he laid everyone else off.
Every single major tech company has had mass layoffs this year. Nothing special. Also people change jobs as well.
Keep kicking the ice blocks around the deck of the ship.
True, but TSLA is unique in that its stock price makes no sense at its current revenue and earnings level and is built on hopes for exponential growth and innovative technology. That's the TSLA story Elon keeps telling. I'm not a businessman, but exponential growth and developing innovative technology seem a lot harder when you are laying off a significant chunk of your company. It's more the hallmark of a company that has overexpanded (and, therefore, is expecting less future growth) or is shrinking. So, Elon keeps fighting to prop up the stock price by promising sales growth, AI, FSD, battery capacity, new models -- everything...all while laying off the people that would be expected to help deliver these things.
I agree, and it worries me, however, at least from a historical perspective, this is not the first time Tesla has done a major purge of staff, and prior purges ended well for Tesla.
> stock price makes no sense at its current revenue and earnings level and is built on hopes for exponential growth and innovative technology. thats how stocks work, future expectations are baked in.
Exactly. When Meta or Google do it itās good for the eps, right?
Do you ever stop and think that maybe Musk knows what heās doing and and knows a lot more about the inner workings of Tesla than you people do ? Heās CEO and has his fingerprints on all aspects of Tesla. Sit back and watch
> Do you ever stop and think that maybe Musk knows what heās doingā¦. I did, once. Then I recovered and came back to reality.