Wednesday, 15 July, 2020

Elon Musk and Tesla board of directors sued for overcompensation

Elon Musk calls on workers to help Tesla break even Tesla shares climb as Elon Musk wins top gong and flags break-even quarter
Cecil Davis | 30 June, 2020, 16:52

Tesla CEO Elon Musk sent one of his characteristic motivational emails to all employees at his electric vehicle company on Monday around noon California time.

"Breaking even is looking super tight", Musk wrote.

The electric auto and solar panel company is cranking out the new Model Y smaller SUV as it tries to break even or make money.

In the first quarter of 2020, Tesla delivered 88,400 vehicles and produced nearly 103,000 vehicles, reporting revenue growth of 32 per cent year-on-year and a profit of US$16 million. Tesla has been profitable in its last three quarters.

The pension fund, which represents Detroit's police and fire departments, is an investor in Tesla and argues that the automaker's board of directors channeled hundreds of millions of dollars to generate high payments in compensation packages, according to a Bloomberg published on Thursday June 18. The company had also revised its near-term profit guidance and said that it is "on hold".

Shane Dawson addresses past YouTube videos after racism accusations
To make matters worse, Dawson recently found himself as the subject of much criticism from Jada Pinkett Smith and her son, Jaden. In a separate tweet, Jaden referenced Dawson's history of using blackface in his online sketches. "I'm done with the excuses".

Tesla is trying to avoid a quarterly loss despite its Fremont, California, factory being shut down for almost two months due to coronavirus restrictions.

Tesla CEO Elon Musk and the company's board of directors received a new lawsuit after a pension fund argued that the executives awarded themselves giant compensation packages at the automaker's expense.

In the first quarter of the year, Tesla said it delivered around 88,400 vehicles including combined deliveries of 76,200 Model 3 sedans and Model Y crossover SUVs, and combined deliveries of 12,200 of the older and more expensive Model S and X vehicles. The company is implementing the most recent in automotive, robotics and renewable energy to design a symmetrical, bi-directional, zero-emission vehicle from the ground up to solve the specific challenges of autonomous liberty.

Here's the email in its entirety. "Please go all out to ensure victory", Elon Musk wrote to all the employees of the company, CNBC reported.