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Why I voted FOR the proposal to ratify Elon Musk's 2018 Tesla Pay Package
$Tesla (TSLA.US)$ $BYD COMPANY (01211.HK)$ $NIO Inc (NIO.US)$ $XPeng (XPEV.US)$ I voted FOR the proposals to ratify Elon Musk's (EM) 2018 Tesla Pay Package and the redomestication of Tesla from Delaware to Texas. See screenshots below. When I read the reasons posted by Tiff Burner in X, I concur with him. Here are the 7 reasons (also mine):
1) A deal is a deal. The high risk, high reward compensation package was approved by 73% of shareholders in 2018. EM asked for no salary and set ridiculous growth targets for Tesla. At the time most people said these targets were ‘unachievable' and ‘laughable’ - if he didn’t hit them he would get nothing.
2) Since 2018 the market capitalization of Tesla has grown from $50 billion to $550 billion creating a 10x return for shareholders. Tesla has been one of the best investments of the decade.
3) Despite what the proxy advisor said, this compensation is not a ‘$52 billion cash bonus’. It is a share options scheme, giving EM the option to buy an allocation of Tesla shares at a discounted share price of $23. The options are not exercisable for 5 years which can motivate EM to stay at Tesla for the long term. The options have already been allocated and WILL NOT cause dilution to existing shareholders.
4) It is not about the money, it is about control. EM wants 25% control of Tesla, enough control to prevent a rogue party taking over and using artificial intelligence technology for wrong causes. Seeing the world’s richest man living in a basic $50k house with few material possessions convinces me this sentiment is true.
5) EM has proven to be one of the best capital allocators in history. If he ever decides to cash in his Tesla shares, not only will it create one of the biggest personal tax events in history, it’s likely the funds will go to projects that will contribute towards humanity. I believe that his other companies (xAI, SpaceX, Boring, Neuralink and X) can help Tesla achieve to become a leading Tech and AI company.
6) The future value of Tesla depends on the pace of innovation. After reading insights from employees such as x.com/@aelluswamy/(Autopilot/AI at Tesla) (Autopilot/AI at Tesla) and x.com/@milankovac (Optimus program at Tesla) (Optimus program at Tesla), it is clear EM is a hands-on CEO, driving forward AI and robotics technology that could redefine the future. In my opinion, FSD, Robo-taxis and Optimus will be the primary drivers of growth for Tesla in the near future. Without EM at the helm such drivers will be taken away and Tesla will just be a car maker.
7) Had it not been for one very small shareholder (9 shares!) who decided to sue, the compensation plan would have been approved. The Delaware court was able to reverse a board level decision that had majority shareholder approval. This is a dangerous precedent. What is more, the prosecutors law firm who accused Elon of ripping off shareholders are now claiming over $5 billion legal fees payable in Tesla shares. I think this is wrong.
Source:
$BYD COMPANY (01211.HK)$ $BYD Co. (BYDDF.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Tesla (TSLA.US)$ $VOLKSWAGEN A G (VWAGY.US)$ $NIO Inc (NIO.US)$ $Li Auto (LI.US)$ $XPeng (XPEV.US)$ $General Motors (GM.US)$ $Ford Motor (F.US)$ $Rivian Automotive (RIVN.US)$ $MERCEDES-BENZ GROUP AG (MBGAF.US)$ $TOYOTA MOTOR CORP (TOYOF.US)$ $GEELY AUTO (00175.HK)$ $Stellantis NV (STLA.US)$
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RC 111 : I VOTE NO!
101662029 : What to select for the 12 question if I am supporting Elon Musk?
Ct Chee : Can you share me the link or how to access the form
Ct Chee : I want vote for Elon for his package
101662029 :
ZnWC OP : I posted in X.com
ZnWC OP : You can watch the Tesla Shareholder Meeting live at Moomoo on June 14, 4:30 am.