Tesla, as a publicly traded company, does not exist to serve the interests of Elon Musk, its CEO. Rather, it must act in the interests of all its shareholders. The electric car company ran into some trouble in this regard when it agreed to a massive compensation package for Musk in 2018. The deal resulted in Musk being awarded more than $50 billion in stock options, which, combined with his existing shares of Tesla and other assets, made him the richest person in the world.
Unbelievable. It’s astounding that so much of the world’s wealth is hoarded by just a handful of greedy individuals. I wouldn’t drive a Tesla if you paid me. A friend of mine has one … she has a bumper sticker on it that says “I bought this before I knew he was an asshole.”
Go ahead and pay Musk the $50 billion — but then tax it at 90% so he has to pay $45 billion to the IRS. That's nearly enough to give Medicare to every person including the currently uninsured health coverage.
Then make that the permanent tax rate on all income > $1 billion. That could possibly snag some more money from people who can afford it. Hell, they won't even miss it.
I seem to remember 90% was, after all, the ore-Reagan tax rate for the ultra wealthy, during the post WW2 period that “conservatives” love. Haven’t fact checked that, just my memory talking.
The top tax rate was during the Eisenhower administration at 90%. What Reagan did was lower it from 79% to 37% I believe. I could be wrong — going for memory.
The top marginal rate in 1944 was 94%. It stayed at around 90% during nearly all of the 50's, 'cause that's the price America needed to pay the American people from whom the government borrowed over $10 trillion to make sure the national language wasn't German or Japanese after WWII. We paid back $9 trillion until Reagan blew a whole in the budget with his "trickle on" economics.
Tesla and other Musk entities have benefited greatly from our tax dollars. He has billionaire$ disease. Spending OPM & wanting more. Also loudly denouncing the idea that anyone else would receive assistance - while pocketing theirs.
I’m sure these numbers have grown at a much faster rate than the Tesla stock value.
I certainly agree with that. It seems that sometimes certain people, but not all of them who accumulate too much money, have something click in their brains and they turn into greedy and insensitive fascists.
I read the article & after seeing the information in it — it’s amazing how much he’s gleaned from our federal & state governments and how greedy these people can be.
If Musk is worth $250 billion, why are we giving him millions of dollars for anything?
MSM should be ashamed for not using this as an ongoing report to expose all the politicians involved and the total amount of money they gave him.
He’s not exactly a man for the people. For instance, he favors his grandfather’s idea about a form of government called “technocracy.” Interesting in light of the way AI has exploded into our consciousness.
Yeah, and never thinking about how it works and the dangers it presents to every aspect of modern life and only blindly ignoring the power of AI. Seems like a dream tool for any autocrat, despot, or dictator.
Reminds me of the saying, “watchout what you wish for”.
Musk-another egotistical individual with too much money, too much of an opinion of himself, and enough power to accomplish many wonderful things for humanity. It's too bad he isn't interested in humanity.
Here is Bernie Sanders' nightmare in living color! Strikes me that his aim is to win the competition of "richest" against Jeff Bezos. As with many of today's corporate boards, profit outweighs safe functioning and transparency. Thank you Judd for such a deep dive analysis.
Musk has a long history of unfulfilled promises. I purchased a Tesla Model 3 with 'Full Self Driving' in 2018. Six years later, the FSD software is still in 'beta' but now called 'supervised FSD.' One must still be vigilant when using FSD. NHTSA has been investigating Tesla for several years and issued a number of recalls.
I can't fathom how they'll have 'driverless' RoboTaxis by August and can't believe much of what Mr. Musk says (or tweets!)
Great analysis of greed. Every Tesla has been recalled due to design flaws. The board has made much off loyalty to him while his Tesla business has seen less of him. He has a Trumpian touch. "Gimme more " while his stockholders lose money.
Aw the 1%.
Thanks for this enlightening article Judd and Company
The end of Musk is coming. He may be brilliant in some areas, but he's unstable, can't be counted on to keep his promises, and believes he should run the world. Too bad he's managing to screw up everything. Good luck in Texas.
Yes! I am sure that he believes that he can fix all our problems because I am sure he believes he is infallible. It seems that there is a very small group of “ elites” who feel this way. It is hard to get my head around the idea that people feel that their control of all things is ok.
Why is this not front and center at all news outlets. Oh, the orange blob is plastered everywhere. Thank you for plugging holes that our MSM leaves open. He’s just another malignant narcissist who will destroy everything in his path of greed. Just like his twin evil.
Isn’t it strange? Musk is Out-Grifting the Master Grifter, Trump, but he is preying upon his own corporation. Or, maybe not—he is preying upon the shareholders. He is unstable; he is incompetent and shareholders should demand that he be routinely tested for drugs.
Where his satellite program is concerned, I think the US should seize the assets and deport Musk, revoking his [questionable] citizenship because he uses the company to conduct foreign affairs contrary to the US Government policies. He is his own shadow government, aiding and abetting the larger, RNC shadow government aligned with Putin.
I could care less how many degrees he has and where he earned them. Charles Koch is similarly, highly educated. However, BOTH are avowed libertarian fascists dedicated to the overthrow of this democracy. BOTH operate without a conscience. Both poise and existential threat to this nation and need to be charged with treason, placed on a prison ship to await trial. They can deny and delay from there.
Been saying this for years that Musk isn't all he's cracked up to be. Add in the fact that he's now a far-right bigot, and i've lost all interest in anything involving him. He's a jr trump, a pathetic liar at every possible opportunity.
Of course the Texas legal system will be "more fair" to Elon and his board than is the Delaware system. The Texas' legal system is know throughout the land as a beacon of progressive, even-handed and fair law enforcement. 😁
No human being needs 50 billion dollars. Not 50 billion accrued, not 50 billion in a single year. He is stealing from his own company with this 50 billion entitlement.
Unbelievable. It’s astounding that so much of the world’s wealth is hoarded by just a handful of greedy individuals. I wouldn’t drive a Tesla if you paid me. A friend of mine has one … she has a bumper sticker on it that says “I bought this before I knew he was an asshole.”
Go ahead and pay Musk the $50 billion — but then tax it at 90% so he has to pay $45 billion to the IRS. That's nearly enough to give Medicare to every person including the currently uninsured health coverage.
Then make that the permanent tax rate on all income > $1 billion. That could possibly snag some more money from people who can afford it. Hell, they won't even miss it.
I seem to remember 90% was, after all, the ore-Reagan tax rate for the ultra wealthy, during the post WW2 period that “conservatives” love. Haven’t fact checked that, just my memory talking.
The top tax rate was during the Eisenhower administration at 90%. What Reagan did was lower it from 79% to 37% I believe. I could be wrong — going for memory.
The top marginal rate went from 73% to 28% during Regan's tenure.
Not so coincidentally, the budget deficit grew from about $74B to over $220B from 1980 to 1990.
The top marginal rate in 1944 was 94%. It stayed at around 90% during nearly all of the 50's, 'cause that's the price America needed to pay the American people from whom the government borrowed over $10 trillion to make sure the national language wasn't German or Japanese after WWII. We paid back $9 trillion until Reagan blew a whole in the budget with his "trickle on" economics.
Tesla and other Musk entities have benefited greatly from our tax dollars. He has billionaire$ disease. Spending OPM & wanting more. Also loudly denouncing the idea that anyone else would receive assistance - while pocketing theirs.
I’m sure these numbers have grown at a much faster rate than the Tesla stock value.
https://www.businessinsider.com/elon-musk-list-government-subsidies-tesla-billions-spacex-solarcity-2021-12#spacex-lands-a-289-billion-contract-with-nasa-in-april-2021-1
I certainly agree with that. It seems that sometimes certain people, but not all of them who accumulate too much money, have something click in their brains and they turn into greedy and insensitive fascists.
I read the article & after seeing the information in it — it’s amazing how much he’s gleaned from our federal & state governments and how greedy these people can be.
If Musk is worth $250 billion, why are we giving him millions of dollars for anything?
MSM should be ashamed for not using this as an ongoing report to expose all the politicians involved and the total amount of money they gave him.
Right. I'll not be holding my breath…
He’s not exactly a man for the people. For instance, he favors his grandfather’s idea about a form of government called “technocracy.” Interesting in light of the way AI has exploded into our consciousness.
https://www.businessinsider.com/who-was-elon-musk-grandfather-joshua-haldeman-technocracy-incorporated-party-2023-9
Yeah, and never thinking about how it works and the dangers it presents to every aspect of modern life and only blindly ignoring the power of AI. Seems like a dream tool for any autocrat, despot, or dictator.
Reminds me of the saying, “watchout what you wish for”.
Musk-another egotistical individual with too much money, too much of an opinion of himself, and enough power to accomplish many wonderful things for humanity. It's too bad he isn't interested in humanity.
Here is Bernie Sanders' nightmare in living color! Strikes me that his aim is to win the competition of "richest" against Jeff Bezos. As with many of today's corporate boards, profit outweighs safe functioning and transparency. Thank you Judd for such a deep dive analysis.
What a nest of thieves! How much longer will US citizens tolerate being suckers?
What an excellent exposé on Elon Musk!
Musk has a long history of unfulfilled promises. I purchased a Tesla Model 3 with 'Full Self Driving' in 2018. Six years later, the FSD software is still in 'beta' but now called 'supervised FSD.' One must still be vigilant when using FSD. NHTSA has been investigating Tesla for several years and issued a number of recalls.
I can't fathom how they'll have 'driverless' RoboTaxis by August and can't believe much of what Mr. Musk says (or tweets!)
Great analysis of greed. Every Tesla has been recalled due to design flaws. The board has made much off loyalty to him while his Tesla business has seen less of him. He has a Trumpian touch. "Gimme more " while his stockholders lose money.
Aw the 1%.
Thanks for this enlightening article Judd and Company
The end of Musk is coming. He may be brilliant in some areas, but he's unstable, can't be counted on to keep his promises, and believes he should run the world. Too bad he's managing to screw up everything. Good luck in Texas.
His increased instability may be because he's off his ketamine, which was discussed during the recent Don Lemon interview - https://www.youtube.com/watch?v=hhsfjBpKiTw
All the more reason why he should NOT get all that money and that Tesla needs to be in other people's hands besides his and his cronies.
Unfettered capitalism and corporate greed
Yes! I am sure that he believes that he can fix all our problems because I am sure he believes he is infallible. It seems that there is a very small group of “ elites” who feel this way. It is hard to get my head around the idea that people feel that their control of all things is ok.
Exactly the way the Kings of England and France felt in the 16th century.
Why is this not front and center at all news outlets. Oh, the orange blob is plastered everywhere. Thank you for plugging holes that our MSM leaves open. He’s just another malignant narcissist who will destroy everything in his path of greed. Just like his twin evil.
Isn’t it strange? Musk is Out-Grifting the Master Grifter, Trump, but he is preying upon his own corporation. Or, maybe not—he is preying upon the shareholders. He is unstable; he is incompetent and shareholders should demand that he be routinely tested for drugs.
Where his satellite program is concerned, I think the US should seize the assets and deport Musk, revoking his [questionable] citizenship because he uses the company to conduct foreign affairs contrary to the US Government policies. He is his own shadow government, aiding and abetting the larger, RNC shadow government aligned with Putin.
I could care less how many degrees he has and where he earned them. Charles Koch is similarly, highly educated. However, BOTH are avowed libertarian fascists dedicated to the overthrow of this democracy. BOTH operate without a conscience. Both poise and existential threat to this nation and need to be charged with treason, placed on a prison ship to await trial. They can deny and delay from there.
Been saying this for years that Musk isn't all he's cracked up to be. Add in the fact that he's now a far-right bigot, and i've lost all interest in anything involving him. He's a jr trump, a pathetic liar at every possible opportunity.
How you disgust me, Elon, let me count the ways.
Of course the Texas legal system will be "more fair" to Elon and his board than is the Delaware system. The Texas' legal system is know throughout the land as a beacon of progressive, even-handed and fair law enforcement. 😁
Enjoyed your sarcasm. Many of us Texans are disgusted by the Taliban Trio: Abbott, Patrick and Paxton.
Didn't even need the /s for that!
No human being needs 50 billion dollars. Not 50 billion accrued, not 50 billion in a single year. He is stealing from his own company with this 50 billion entitlement.