Elon Musk steps down

Gremlinertia

Apparently he has come to an agreement with US regulators regarding Tesla. It'll be interesting to see the fall out.

https://www.bbc.com/news/business-45696150?ns_campaign=bbc_breaking&ns_source=twitter&ns_mchannel=social&ns_linkname=news_central

Jimmy.

And the weather op.

hatrickpatrick

He's no longer chairman but he remains as CEO. Can anyone who knows how these corporate structures work explain what impact that has on his influence within the company, etc?

HappyAsLarE

hatrickpatrick wrote: »

He's no longer chairman but he remains as CEO. Can anyone who knows how these corporate structures work explain what impact that has on his influence within the company, etc?

CEO is operational. Calls the shots.

Chairman chairs the board but doesn’t work day to day in the company. They hold the CEO to task as representative of the share holders.

JohnnyFlash

Turns out global supply chain and asset management are difficult things to get right.

Never got the hype around the lad to be honest. Big ideas and implementation are very different things.

Junkyard Tom

He's taking the time off to recharge.

ted1

His brother will step in and do the role for three years.

Boring.com and spacex are ramping up. He’ll keep busy with them

Gremlinertia

The $20 million fine won't do anything to change him either i guess.

AllGunsBlazing

He's been slowly going off the deep end for a while now. A break from social media would do no harm either.

Tin Foil Hat

Sounds like when Putin swaps from President to Prime Minister and back again. All optics, and nothing changes.

badtoro

I feel sorry for him, hopefully things get back on track in his life. The world needs people who push ideas, they've done great work with SpaceX in particular.

mickoneill31

hatrickpatrick wrote: »

He's no longer chairman but he remains as CEO. Can anyone who knows how these corporate structures work explain what impact that has on his influence within the company, etc?

The Board decide the strategy of the company, and the CEO executes their decision.
And, the Board decide who the CEO is. Obviously Musk would always have been voting for himself as CEO.

Wanderer78

Still don't know what to make of this chap, but he sure knows how to push boundaries

Franz Von Peppercorn

CEO is the main operations guy. He’s not really stepping down from day to day operations.

In companies where the chairman is the CEO though there’s very little shareholder control of the CEO.

But he’s still running the place.

For instance chairman of Apple is a guy called Arthur D. Levinson. In theory Cook reports to him, in practice Cook is the real power.

Franz Von Peppercorn

mickoneill31 wrote: »

The Board decide the strategy of the company, and the CEO executes their decision.
And, the Board decide who the CEO is. Obviously Musk would always have been voting for himself as CEO.

Not really. The CEO reports the strategy decided by the executives to the board who tend to rubber stamp it. Directorship on a board is part time work.

wexie

Stepping down makes it sound like it's a voluntary move, somehow I doubt that's the case.
Although I suspect he's probably happy enough to take the deal, he's getting off pretty lightly

HalloweenJack

Fascinating character but he seems to have no filter. It is good to have someone with these ideas and trying to do things differently and I like to keep track of what he's up to, even though I don't really know if I like him or not.

The share price thing was dodgy, though, and his public persona was always going to rub people the wrong way. I'm not surprised he's being forced out but he made the noose himself.

Franz Von Peppercorn

To me, he’d have been stepping down if he became chairman only, a part time position. However this does in theory increase shareholder power.

JohnnyFlash

JohnnyFlash wrote: »

Turns out global supply chain and asset management are difficult things to get right.

Never got the hype around the lad to be honest. Big ideas and implementation are very different things.

You don't get the hype around a man who sent his electric car into space in one of his rockets?

I mean, jesus, yeah he's lost the plot recently, but to say he can't implement stuff is a bit mad. Reusable rockets and popularising electric cars is no easy feat.

JohnnyFlash

[Deleted User] wrote: »

You don't get the hype around a man who sent his electric car into space in one of his rockets?

I mean, jesus, yeah he's lost the plot recently, but to say he can't implement stuff is a bit mad. Reusable rockets and popularising electric cars is no easy feat.

Rockets - done. We sent men to our moon in one for example. The reusable aspect was great engineering in fairness.

Electric cars - done. Nissan for example.

Sorry, just not getting the hype about the guy. Even listened to that podcast he did recently. Seemed like a bit of a moron to be honest, and not some visionary. I’d find Bill Gates to be far more interesting and inspiring for example.

JohnnyFlash

JohnnyFlash wrote: »

Rockets - done. We sent men to our moon in one for example. The reusable aspect was great engineering in fairness.

Electric cars - done. Nissan for example.

Sorry, just not getting the hype about the guy. Even listened to that podcast he did recently. Seemed like a bit of a moron to be honest, and not some visionary. I’d find Bill Gates to be far more interesting and inspiring for example.

We've had electric cars since the 1800s. He made them cool and actually practical.
To say rockets are done is kinda comical. Re-usability is an incredible advancement and everyone in the industry has lauded their successes.

Musk got $165m from his time in Paypal. This thread has lots of people saying what they would do with 10million euros less. Meanwhile, Musk is sleeping in his car factory and having a mental breakdown trying to get it to fall into place.

Twenty Grand

JohnnyFlash wrote: »

Rockets - done. We sent men to our moon in one for example. The reusable aspect was great engineering in fairness.

Electric cars - done. Nissan for example.

Sorry, just not getting the hype about the guy. Even listened to that podcast he did recently. Seemed like a bit of a moron to be honest, and not some visionary. I’d find Bill Gates to be far more interesting and inspiring for example.

Yah, rockets are done.
Sure cars were done 100 years ago. Why bother improving them?
Houses were done 5000 years ago. Should we have stopped improving them too?

I wouldn't be calling anyone a moron if I was you :rolleyes:

JohnnyFlash

Twenty Grand wrote: »

Yah, rockets are done.
Sure cars were done 100 years ago. Why bother improving them?
Houses were done 5000 years ago. Should we have stopped improving them too?

I wouldn't be calling anyone a moron if I was you :rolleyes:

Musk seems to be one of those guys who his fans get hugely defensive about. He’s a capitalist dude trying to make a shedload of money from selling electric cars. Not the messiah. And he was shambolic on that podcast. That Rogan guy is a moron as well, so there were a pair of them in it. He said absolutely nothing that was in any ways new, insightful, or challenging.

Nah, the guy is nothing special. Ideas man, but that doesn’t get the hay baled as they say.

JohnnyFlash

JohnnyFlash wrote: »

Musk seems to be one of those guys who his fans get hugely defensive about. He’s a capitalist dude trying to make a shedload of money from selling electric cars. Not the messiah. And he was shambolic on that podcast. That Rogan guy is a moron as well, so there were a pair of them in it. He said absolutely nothing that was in any ways new, insightful, or challenging.

Nah, the guy is nothing special. Ideas man, but that doesn’t get the hay baled as they say.

It's so much that people get defensive. It's just comical seeing people call a self-made billionaire and one of the greatest entrepreneurs of our generation a moron.

The Crowman

Deleted User wrote: »

You don't get the hype around a man who sent his electric car into space in one of his rockets?

I mean, jesus, yeah he's lost the plot recently, but to say he can't implement stuff is a bit mad. Reusable rockets and popularising electric cars is no easy feat.

His mini submarine rescue idea was genius. Well actually it was crap but that doesn't have the same ring to it.

Twenty Grand

JohnnyFlash wrote: »

Musk seems to be one of those guys who his fans get hugely defensive about. He’s a capitalist dude trying to make a shedload of money from selling electric cars. Not the messiah. And he was shambolic on that podcast. That Rogan guy is a moron as well, so there were a pair of them in it. He said absolutely nothing that was in any ways new, insightful, or challenging.

Nah, the guy is nothing special. Ideas man, but that doesn’t get the hay baled as they say.

Sure Johnny... Elon ($19.7 billion) is a moron, Joe Rogan($25million) too.

I'm sure you're a man of considerable wealth, talent, business accumen and intelligence and well qualified to make that call.

By the way, how did that plan to botox your balls go? :rolleyes::rolleyes:

The Crowman

The Crowman wrote: »

His mini submarine rescue idea was genius. Well actually it was crap but that doesn't have the same ring to it.

I'm struggling to see your point.

JohnnyFlash

Twenty Grand wrote: »

Sure Johnny... Elon ($19.7 billion) is a moron, Joe Rogan($25million) too.

I'm sure you're a man of considerable wealth, talent, business accumen and intelligence and well qualified to make that call.

By the way, how did that plan to botox your balls go? :rolleyes::rolleyes:

Calm down, pal. Only expressing my point that Musk came across in that podcast as a socially awkward moron expressing banalities about AI and the future of humanity. Rogan was pretty much tickling his prostate for the entire podcast. It was shambolic. Rather like Tesla at the moment.

Is he really worth 19.7 billion? Any link to that? Curious like.

Twenty Grand

JohnnyFlash wrote: »

Calm down, pal. Only expressing my point that Musk came across in that podcast as a socially awkward moron expressing banalities about AI and the future of humanity. Rogan was pretty much tickling his prostate for the entire podcast. It was shambolic. Rather like Tesla at the moment.

Is he really worth 19.7 billion? Any link to that? Curious like.

Forbes track net worth: https://www.forbes.com/profile/elon-musk/#2d2ca6d7999b

Tesla's third quarter report is out this week, so whether they're actually shambolic remains to be seen.

Loves_lorries

Kind of guy who strives each day to be a bigger, greater assh0le

hatrickpatrick

Twenty Grand wrote: »

By the way, how did that plan to botox your balls go? :rolleyes::rolleyes:

Wait what? :D:D

ShaneC93

He walked away from from the SEC on Thursday that would have given him the same deal details bar from the director ban being only for two years instead of three. The SEC making public their legal action against him and a 15% drop in stock price later (Keeping in mind this comes at a time they desperately need their stock price to get to / stay above $360 by Q1 2019 so Tesla can avoid having to make $920M worth of repayments on debt that they can't afford) and Elon comes back to the table and accepts a worse deal?

Shows he hasn't learned a whole lot since impulsively tweeting the "funding secured" statement which had he consulted anyone on, he would have been universely told it was a bad idea / had massive legal ramifications. Had he listened to the advise of his legal team etc. rather than leaving the talks, he would have gotten away with the better deal.

Capt'n Midnight

A $20m fine will be a major deterrent for someone who's worth $19.7Bn.

wexie

hatrickpatrick wrote: »

Wait what? :D:D

Scrotox.....

https://www.boards.ie/vbulletin/showthread.php?p=107220367

Wibbs

Capt'n Midnight wrote: »

A $20m fine will be a major deterrent for someone who's worth $19.7Bn.

What he's worth on paper is one thing C, what he can actually lay his hands on in cash money terms is another.

wexie

Wibbs wrote: »

What he's worth on paper is one thing C, what he can actually lay his hands on in cash money terms is another.

It's a bizarre economic system we have isn't it?

He might be worth 19.7 billion USD on paper but most of it is no doubt in Tesla or Space X stock.....and if he tries to actually cash in on that in any big way it's likely to seriously effect the prices of that stock.

Twenty Grand

wexie wrote: »

It's a bizarre economic system we have isn't it?

He might be worth 19.7 billion USD on paper but most of it is no doubt in Tesla or Space X stock.....and if he tries to actually cash in on that in any big way it's likely to seriously effect the prices of that stock.

It's 0.1% of his net worth.

Doubt it'll have much effect.

He lost a billion in one day when Tesla stock crashed.

ShaneC93

Twenty Grand wrote: »

It's 0.1% of his net worth.

Doubt it'll have much effect.

He lost a billion in one day when Tesla stock crashed.

It's actually probably a fair bit of what he has liquid / on-hand.

It's well known, public-knowledge that his holdings in Tesla & SpaceX stock are already highly leveraged (personal guarantee of collateral against some past Tesla debt raises/ Boring company loans) so he wouldn't be easily able to cash-out to fund his fine.

Not to mention that his selling of stock has to be made public in a filing by him / Tesla which would cause a drop in the stock price (as his last sell-off did) which as I mentioned in my last post, is the very last thing Tesla needs right now because unless they can get the stock price back up to $360 by March 2019 they likely won't be able to meet a $920M debt payoff (converts to being paid in stock instead of cash if the stock price is >$360) which leaves them having to raise more money by selling debt (soemthing Tesla has said they'll never do again) in order to not go bankrupt.

Capt'n Midnight

Wibbs wrote: »

What he's worth on paper is one thing C, what he can actually lay his hands on in cash money terms is another.

He's got lawyers and accountants and one of those limited edition credit cards.

It's not like he'd had to pay in cash tomorrow.