Sales tank as investors get ready to decide whether to make Musk a trillionaire.
Tesla’s shareholders are ready to vote tomorrow on whether to give Elon Musk an even more vast slice of the company in an effort to keep him focused on selling electric vehicles. Currently, the trolling tycoon appears a little obsessed with the UK, a place he appears to conflate with Middle Earth, which investors may or may not take into account when making their decision. What they ought to take into account is how many cars Tesla sold last month.
Although Tesla only publishes quarterly sales figures and does not divide those up by region, slightly more granular data is available from some countries via monthly new car registrations. And the numbers for October, when compared year on year to the same month in 2024, should be alarming.
The realistic issue is he doesn’t need the money. No one needs that amount of money. And to be honest, it’s not money, it’s unrealized wealth in stocks.
He wants more control of Tesla.
When Tesla was incorporated, they decided not to have dual class shares as it was more frowned upon at the time, so it’s impossible to grant him voting shares, that at the same time aren’t worth anything stock price wise.
Companies like Meta have this dual share structure and it’s how Zuckerberg has majority control (58% voting rights) but does not have the value of majority of shares. If Meta didn’t have dual shares and Zuckerberg still had 58%, he’d be worth $899 billion at todays stock price.
The really stupid thing is that Musk had greater control, and then he sold it off to buy Twitter because suddenly Twitter was this life or death for humanity thing to him (lol). This was AFTER for years saying he’d never sell his shares, he’d be first in last out, except for some charity stuff and living expenses.
So we have undeniable proof he’s willing to say he won’t sell shares, and then at a whim buy something worth tens of billions, so without a doubt in my mind, if he gets this extra trillion, his words are worthless on not spending it. He’ll wake up one day and decide to
saverule the world he needs to buy CNN, CNBC, PBS etc etc and control everything.You could also see when he sold stock to buy twitter, that even though on paper he was worth $XYZ the moment he started selling billions of stock, the price plummeted, because the stock price doesn’t actually represent real money, it’s all unrealized until someone tries to use it.
I mean sure. But he can use it as collateral. That’s the thing. He can go to the bank and be like, let me borrow some money. So, while he still has to meet certain obligations to get these shares, it’s just like why? He has enough already? Why does he need majority anyway? Why not just put in the work anyway?
Oh also, I don’t understand why they couldn’t put creating dual class shares to a shareholder vote. They claim it’s not possible, but I feel like there are ways around it. Like how alphabet now owns google. Make something that owns Tesla and have that be dual class shares? You could even create rules in the new corporation like new voting right only shares can only be granted by a supermajority of shareholders voting to create them?
That’s a really good point too. I honestly think he just wants to say he’s the first trillionaire if that ever happens. Just all ego of a sociopath
He claims he doesn’t want to develop certain things if he can be easily ousted, and if he can’t have that control, he’ll do it elsewhere.
That’s if we take the control part at his word.
Edit: Also not majority, but 20-25%