Tesla—Billions for Musk, Layoffs for Workers

May 20, 2024

Tesla boss Elon Musk says that the company is planning to lay off over 10% of its workforce worldwide. That would mean more than 14,000 workers will be losing their jobs, including over 6,000 in Texas and California.

Some of the people getting laid off are people working on building the fast-charging stations for electric vehicles. Tesla has already gotten over 29 million dollars from the U.S. government (meaning from the taxpayers) to build charging stations. But Musk has decided to build fewer charging stations, although he is not planning on giving the money back to the workers who paid for this through their taxes.

Throwing people out of work, cutting back on building infrastructure, ripping off the taxpayers, it’s just another day at the office for one of the richest people in the world. As a matter of fact, all the Wall Street investors who own Tesla stock think that Musk is doing a great job. In fact, they are so happy with him that they are planning to give Musk a pay package of 55 billion dollars. No, that’s not a misprint. That is not 55 million; that is 55 billion with a B!!! To one man!!! Musk said that he is worth that obscene amount of money because running Tesla “takes up the majority of my work time.”

Don’t worry, the Wall Streeters who own the Tesla stock can afford to pay Musk. The market capitalization of Tesla (the total worth of all the Tesla stock) is over a half trillion dollars. That’s trillion with a T! At one time, the market capitalization of Tesla was more than GM, Ford, VW, Toyota and Daimler, combined!

Musk and these wealthy few owners are bathing in money while they are throwing people into the street. This is capitalism at its finest!