As top shareholders dump their Tesla stock, Musk is now begging the rank and file to hold onto their equity.

Keep it going. Canada, you’re doing great.

  • bean@lemmy.world
    471·
    2 days ago

    Musk has previously bragged that employee stock awards helped fend off unionization efforts in Tesla factories.

    Indeed, Tesla is currently the only major American automaker whose workforce isn’t represented by a union. Musk’s strategy has previously been to pay employees much lower salaries than other American auto companies, offset with those Tesla stock awards.

    Now that employee stock holdings are in the toilet, the leverage Musk once had over his laborers is quickly slipping through his fingers. The deeper Tesla’s stocks plummet, the closer Musk pushes his underpaid workforce toward the bargaining table — which would be a huge cut to his own personal fortune.

    But that’s something only Tesla’s employees can decide. In the meantime, calls on Musk to step down as Tesla CEO are only getting louder.

      • captainlezbian@lemmy.world
        9·
        2 days ago

        I expect hungry laborers who watched friends and family die in unsafe working conditions to do what is necessary.

        Labor and capital have fought literal battles here before

        • LeninOnAPrayer@lemm.eeEnglish
          3·
          2 days ago

          Yep. They done fucked up letting this entire country arm themselves to the teeth. It’s time for some armed labor movements on factory floors. Worker takeover of the company.

  • justOnePersistentKbinPlease@fedia.io
    28·
    3 days ago

    It’s poor sales *from last year Q1 compared to 2023 Q1.

    We’re not even looking at 2024 Q2-4 or 2025 Q1 yet. Telsa might be completely underwater at this point.

    • Auli@lemmy.caEnglish
      91·
      3 days ago

      Or just returning to where it should be. The stock should never have been valued that high.

  • topperharlie@lemmy.world
    15·
    3 days ago

    so this bad use of oxygen psychopath has the nerve to ask his employees, who always exploits, and have a high chance of losing their job soon, to keep the investment on the swasticar so they have double the risk: their salary and their investment.

    And all for personal gain… why I’m not surprised? and why is he still wasting precious oxygen?

    • LeninOnAPrayer@lemm.eeEnglish
      5·
      2 days ago

      It surprises me that people that get stock rewards in their company don’t instantly sell them. Yes, you pay more in taxes because of capital gains, but you can avoid that by waiting a year to sell if you really want to.

      I work for a tech company that offers ESPPs and gives stocks as bonuses. I sell those instantly and just take the guaranteed profit and turn them into index funds. There is just no way in hell I’m linking my employment AND my stock portfolio to a single company.

      COULD I potentially make more by waiting? Sure, but that is not a risk I ever want to take. I’m not gonna be holding my companies stock and have it tank in value AND lose my job at the same time.

      Invest in stocks or index funds that are unrelated to your field of work. That’s my advice anyway. You should never have all your money sitting in a single companies stock anyway.

    • Trainguyrom@reddthat.comEnglish
      1·
      1 day ago

      Probably with an illegal government bailout, either in the form of an incredibly generous to Tesla purchase order or just cold hard cash

    • Fredselfish@lemmy.world
      36·
      2 days ago

      I saw a cybertruck today. Fucker had a new tag on it. Fucker just bought it. I yelled and czlled hiim a fucking nazi. No way you buy any Telsa without knowing who you support.

      • quack@lemmy.zip
        152·
        2 days ago

        The cars I can generally excuse. Most people bought them before the true craziness of Musk was known and I’m not going to expect anyone to buy a new car because of the politics of the CEO, that’s crazy.

        Cybertrucks though? Nah, fuck you if you bought of of those low poly-ass shitboxes. You knew what he was when you placed that order.

    • LeninOnAPrayer@lemm.eeEnglish
      3·
      2 days ago

      Nationalize all his companies. SpaceX should just be NASA anyway. SpaceX is actually an impressive company with great engineers despite Musk. The only bad parts of SpaceX are all connected to Musk and Management.

  • cronenthal@discuss.tchncs.de
    2701·
    3 days ago

    Just a quick summary:

    • insiders are selling huge amounts of stock
    • sales figures in the last two months were horrible
    • constant recalls of cybertrucks which are also basically not selling
    • protests and vandalism
    • brand is universally hated
    • record trade-ins and sales of second hand vehicles
    • no new models or products in the pipeline
    • laughable vaporware announcements
    • begging employees not to sell
    • begging Trump for a sales show
    • questionable accounting practices exposed in financial times

    How anyone can still hold on to Tesla stock is beyond me.

    • ragingdachshund@lemm.eeEnglish
      83·
      3 days ago

      Busted for attempting fraud for EV rebates in Canada at numbers not physically possible and being stupid and arrogant enough to think he’d get away with it

      • merc@sh.itjust.works
        3·
        1 day ago

        What I love is that it’s a damned if you do, damned if you don’t situation.

        The whole reason it has such an absurd valuation, 20x higher than a normal car company, is that they convinced investors they weren’t just a boring car company. They had a visionary CEO who was going to keep innovating and growing the company in ways that normal car companies could never replicate. He was Tony Stark! Now they’re in a situation where it’s that same CEO who’s dragging them down. His politics is tanking their reputation, so it’s tanking their stock value.

        The problem is, if they dump him as CEO, there’s absolutely no way to justify the absurd P/E ratio. They can’t just go out and appoint another supposed “Tony Stark” to run the company. That means they stick with him and their stock price tanks because he’s one of the most hated people in the world. Or, they ditch him and their stock price tanks because with their visionary CEO gone, the jig is up and there’s clearly no way to justify a P/E ratio of 100 when Toyota has a P/E ratio of approximately 7.

        And for Elon, half his wealth is Tesla stock, and he borrowed against that Tesla stock to fund his Twitter purchase. If Tesla tanks, it all could come crashing down around him. There’s no escape for him either. He can’t realistically even sell his stock because as soon as he started trying to do that it would signal his lack of confidence and cause the value to plummet.

        It’s just annoying that Tesla’s stock isn’t crashing faster. So many people who don’t believe in the sunk cost fallacy, and are desperately lying to themselves rather than cashing out before the bubble bursts.

        • ramenshaman@lemmy.world
          9·
          2 days ago

          Maybe internationally, but people in the US are itching to get good non-Tesla EVs and some of them aren’t stoked about Kia and Hyundai, unfortunately.

            • naeap@sopuli.xyz
              3·
              2 days ago

              I’m happy since years with Renault - first we got a kinda old Megane, that really was awesome and my wife really had her heart in it

              So, when it was time to sell, because repairs would have cost us more than it’s value, we were lucky that they brought out a Megane E-Tech (EV) and it just really is great
              It could have some higher charging speeds, but it drives like a dream and the power of the e motor is nothing to compare with (well, besides other EVs)

              It’s a rather small car, but it’s perfect for the city and we can still fit our snowboard/skis for such trips.
              And shortly after we got it, we were driving on a highway with a 100km/h in a tunnel. Besides us was a tuned up Porsche and naturally we had a little race after the speed limit was lifted.
              The Porsche driver couldn’t keep up with the acceleration and you could really see his face getting red and more red, because his expensive tuned Porsche couldn’t keep up with our efficient city cruiser

              It’s also great to get by cyclist in the city, because you instantly have the torque you need, and don’t need to shift back and hope to hit the right spot of the engine.
              There is pretty much no latency and…we just fucking fell in love with it

              It’s a really great car and I don’t know, why Renaults seem to be not available in the USA

      • xmunk@sh.itjust.works
        11·
        2 days ago

        I think the writing on the wall is that the US stock market is going in a direction. If you may need that money in the next decade or ever it may be an excellent idea to diversify.

        This is not financial advice but the US exchange is highly volatile at the moment.

        • SaturdayMorning@lemmy.caEnglish
          4·
          2 days ago

          I agree with you. As well, if you want to squeeze out a little more profit, transferring usd to CAD while the spread is the widest is probably a good move.

          I’m not a personal advisor though.

    • sowitzer@lemm.eeEnglish
      8·
      2 days ago

      Is been known for years that Tesla was extremely overvalued and a crash was eventually going to happen. People hating melon musk might be helping, but it’s not fully why, and that is good. It’s a shit company all around. My fear is given his current position with Trump, this could be end up working out for him and other oligarchs and hurting a lot of regular investors.

      • GreyEyedGhost@lemmy.ca
        5·
        2 days ago

        There are good indications that a significant part of the overvaluation was due to Musk hype, so clearly people hating on Musk will have an outsized impact compared to the public faces of other corporations. I’d still say that’s a good reason for the stock to drop. Now, add on massive recalls to the truck designed in Minecraft, and lackluster sales for a variety of reasons (including Musk hate). It’s not a good time to own Tesla.

    • SaturdayMorning@lemmy.caEnglish
      3·
      2 days ago

      Don’t forget usa commerce secretary howard lutnick pimping tesla stock on fox news (last week or something?)

    • 1984@lemmy.today
      485·
      3 days ago

      Life experience.

      We have seen the crowd turn against someone, hating someone, many times. It always blows over. Thats why we dont talk about what happened a year ago anymore.

      Buying the stock now will pay off very much in a year from now, unless Tesla goes bankrupt, which I doubt. Musk has powerful friends.

      I fact, I think it hit bottom a few days ago, at 232 dollars. It has recovered to 250 in the last few days.

      • Lit@lemmy.world
        16·
        2 days ago

        You do realise he is using his stock as collateral for tax free loans. You are funding his nazism by buying his stock. you are helping him avoid paying taxes.

      • joekar1990@lemmy.worldEnglish
        23·
        3 days ago

        Tesla has been losing ground for a while. They were one of the first mass produced EVs with charging infrastructure, but now what makes them special? They have positioned themselves as a software/ai company but it was just a way to boost stock price. They don’t have full self driving (fsd) that’s been promised as next year for the past 10 years. On top of it they only rely on cameras for fsd and no lidar systems so I don’t think they’ll ever get full clearance outside the US.

        So even if they ditch Elon I’m not sure if the sentiment can be brought back. Sure they may not go bankrupt but the stock should fall in line with other auto manufacturing companies.

        • 1984@lemmy.today
          211·
          2 days ago

          Nothing makes them special today, but things can quickly change. Lemmy has such a young audience so many here dont seem to get that, but lets see where it is in a year.

          I wish Lemmy would have the “remind me in a year” function…

          • joekar1990@lemmy.worldEnglish
            1·
            2 days ago

            There have been multiple companies who have gone through public image issues that have survived, but never regained their original status in the market.

            The thing that it has been with Tesla is the company value never made sense and it was driven by hype for Elon and his “genius vision”. With that facade going away the stock should continue to adjust to closer to other comparable car companies. Even recently they had a trailing P/E ratio of 121. That’s crazy with only so few things in their product pipeline that we know about.

            So the question now is how does the new public perception impact any new products they launch in the near term and how do they recover the confidence of the consumers? Not saying that it can’t be done.

          • syreus@lemmy.world
            10·
            2 days ago

            If you have a moment I would love to talk to you about a rich investment opportunity best know as artisanal gourds. Not since Blockbuster has the soil been so rich and the climate been so perfect for artisanal gourds. If you act now I have a bridge that is heavily discounted we can discuss.

            • stringere@sh.itjust.works
              4·
              2 days ago

              I’m sorry but we only want fantastical legumes. Take your gourds elsewhere.

              And we all know that bridge has a Muskelon troll living under it.

          • swab148@lemm.ee
            15·
            2 days ago

            Lemmy actually skews older, and also there is a remindme bot on Mastodon that works on Lemmy.

        • 1984@lemmy.today
          12·
          2 days ago

          Haha :) I actually missed that train completely. I remember doing minor day trading but not being successful in that one.

      • NotSteve_@lemmy.ca
        55·
        3 days ago

        Even if it does recover like you say, you’re cool with gifting money to an actual nazi who’s dismantling the US government?

        • 1984@lemmy.today
          212·
          2 days ago

          I guess this is a good argument. I think elon is a child with mental issues. And obviously he is part of destroying what America stands for in the world.

          I dont own Tesla stock at the moment, but when it starts going up, tons of people will jump on that train just to make money. Maybe you too.

          • stringere@sh.itjust.works
            10·
            2 days ago

            I dont own Tesla stock at the moment, but when it starts going up, tons of people will jump on that train just to make money. Maybe you too.

            So: “I don’t have a moral compass when it comes to financial invesments and assume you don’t either.”?

      • buddascrayon@lemmy.world
        12·
        2 days ago

        While he is actively dismantling the government we all rely on it will not just “blow over”. Also, Tesla as a company is on a downward track no matter what. What happens to a car company when no one buys their cars anymore?

        • 1984@lemmy.today
          16·
          2 days ago

          It goes down in value on the stock market for a while. Revenue reports will show less profits.

          But all this is temporary.

    • drzoidberg@lemmy.world
      35·
      3 days ago

      I mean, if Jim Cramer is telling me to buy something, I’m gonna sell it. If he’s telling me to sell, I’m gonna buy more. Never seen a stock guy wrong as often as him.