MerluTesla’s massive 71% profit loss pushes Elon Musk to limit government work with DOGE
Random_Character_A71% profit loss males me feel uplifted.
What I would give for similar news regarding Amazon.
I haven’t used Amazon in more than 20 years. And I’m never going to use them.
I still have 175€ in Amazon gift cards from birthday presents and such. I’m not using them but I still said thank you lol
You are basically giving them free money.
Amazon will be delighted to keep the money. Spend the vouchers and donate the stuff you buy to charity if you want, but don’t let Amazon keep 100% margin unused gift cards!
Yeah, you’re right. It’s stupid to hold onto them because they are already paid for. Maybe I’ll treat myself to a new RaspPi (mine is old as time, still model 2B)
I think it’s actually worse, because they have stocked up on unsold cars, and those cars are probably booked at way to high value.
With constantly dropping EV prices, that unsold car park is depreciating fast. And when Tesla finally has to write them down, it will be very painful on the books.
Tesla has worked really hard to achieve cheaper production of scale, but when that scale dwindles, Tesla is stuck with the cost of enormous surplus production capacity. That cost money, and factories will probably have to close, and writing off the value of a big production plant is losing money too.
With constantly dropping EV prices, that unsold car park is depreciating fast. And when Tesla finally has to write them down, it will be very painful on the books.
Tesla has worked really hard to achieve cheaper production of scale, but when that scale dwindles, Tesla is stuck with the cost of enormous surplus production capacity. That cost money, and factories will probably have to close, and writing off the value of a big production plant is losing money too.
Teslas entire valutation is based on bullshit promises by Elon. Because there is no way they can be somehow more valuable than Toyota, Hyundai, VW, Honda, Renault, Stellantis and several other brands combined solely based on actual sales.
Some claim AI and RoboTaxi, but I bet if they try to implement RoboTaxi this year, it will just be a small test implementation (to learn).
Except Tesla already boast about all the learning they gain from millions of Tesla cars on the roads already.
So how will they “learn” anything useful from just a few “test” cars?
The real reason is of course pure PR.
But despite the limited scope I expect, I still expect it will end in disaster. Because Tesla FSD simply isn’t good enough, and Tesla has an extremely poor track record on safety.
Except Tesla already boast about all the learning they gain from millions of Tesla cars on the roads already.
So how will they “learn” anything useful from just a few “test” cars?
The real reason is of course pure PR.
But despite the limited scope I expect, I still expect it will end in disaster. Because Tesla FSD simply isn’t good enough, and Tesla has an extremely poor track record on safety.
Let’s make it 200%
I want to see the fucker sitting on a corner with a tin cup and a cardboard sign
With Trump holding the sign and Musk holding the cup.
Trump can’t write a sign
He’s fucking illiterate
No one said the sign was legible.
True
He’s likely to stop paying attention halfway through writing it due to his dementia and eat the crayon
JacksonLambTwo guys one cup.
starlingukMost of his income has nothing to do with Tesla.
However it happens, I want to see him ruined.
Tesla only made a profit in Q1 because of the CO2 tax credits they sell to other car manufacturers.
Tesla is a very heavily subsidized company, in fact Tesla is built on subsidies. Yet Musk has the audacity to claim public workers only interest is to take money from the government without doing useful work!
Without capital gains and tax credits, Tesla would be $600 million in red in Q1! And Tesla continues to lose marketshare fast in Europe.
Tesla is a very heavily subsidized company, in fact Tesla is built on subsidies. Yet Musk has the audacity to claim public workers only interest is to take money from the government without doing useful work!
Without capital gains and tax credits, Tesla would be $600 million in red in Q1! And Tesla continues to lose marketshare fast in Europe.
ZachariahDOGE should take a chainsaw to those subsidies.
Everyone associated with DOGE should be serving life in prison for corruption along with dozens of other national security, data & privacy violations.
Okay, but after they take away the subsidies to Tesla.
Absolutely, that would be cutting public wasteful spending for real.
SpookyghostThe longer you look at any musky business the clearer it becomes that the foundations are built upon the manipulation and harvesting of public funding.
Whether it be tax incentives to build and operate a factory, manipulation of tax credits, or special grants, the findings are always similar.
Then, if that doesn’t work he calls in the bad guys from planet earth to privately ‘invest’ in his flailing bullshit so they can use whatever it is as a tool to accomplish the evil they want to see in the world.
Considering how dependent he is of government, it’s weird he is so much against it.
But he is so much a narcissist that he thinks that he alone made everything he did possible.
It wasn’t the fact that he was born rich in a rich country that supported his endeavors, it wasn’t the enthusiastic workers and engineers that worked tirelessly because he convinced it was a “project to save earth”!
Elon Musk is disgusting, taking all his privilegies for granted, while wanting to deny working people the bare minimum.
Elon Musk and Donald Trump are prime examples of why we need to tax wealth more.
But he is so much a narcissist that he thinks that he alone made everything he did possible.
It wasn’t the fact that he was born rich in a rich country that supported his endeavors, it wasn’t the enthusiastic workers and engineers that worked tirelessly because he convinced it was a “project to save earth”!
Elon Musk is disgusting, taking all his privilegies for granted, while wanting to deny working people the bare minimum.
Elon Musk and Donald Trump are prime examples of why we need to tax wealth more.
Considering how dependent he is of government, it’s weird he is so much against it
It’s called “Pulling up the ladder behind you”. He doesn’t want anyone else to succeed but him.
Tbf, most automobile companies are heavily subsidized through the fossil fuel infrastructure that is required for them to exist and be of any use. That includes, but is not limited to:
- oil and gas refineries subsidies
- roads and parking lot subsidies
- tax breaks and gov bailouts
Ex NummisIf there’s any justice left in this world Tesla will become the millstone around Musk’s neck as he drowns in a shallow lake.
If we want justice we have to make it.
beanOoo! Can we add piranhas to the lake we’re building for him? Each of us gets to give him a paper cut… then salt then lime juice. Then a slap.
Sorry I guess I got a little carried away…. Because I totally forgot about the alligators too!
I’m gonna need a few tickets to this circus.
71% profit loss and the stock is still waaaay up from a year ago. Our stock market is completely broken.
It’s propped up by lies and insider trading
The entirety of the US economy is a house of cards
CoelacanthNot just the US’s to be fair.
Sadly true
Too many countries have followed suit
My country has built wealth on what can be dug out of the ground, but there is no shortage of buyers
hauiIt will be a glorious day when this system finally implodes.
I used to think that way, but I have realised that innocent people will suffer
I’d prefer to see a weaning away from it, with people realising that never again should inequality be celebrated
They will suffer in any case. Inequality must end, by any means necessary.
More will suffer the more sudden it is.
Shut up elon.
I believe this is just a case of “greater fool” syndrome.
Also, what is the Lemmy version of Rimjob Steve?
I think it’s just Rimjob Steve. That’s the funny thing about relying on user-generated content…
And the subsidies Tesla enjoyed before cancelling them for other EV companies! Typical boomer, pulling the ladder up after themselves…
It’s the conservative way
They’re cunts.
He was born in 71, which makes him Gen X. I’m fine with not letting him have his stupid personal brand in one more place, though.
Every company is “financialized” now. They essentially run like a bank. They aren’t being run based on a product or a service. They are being run to maximize returns for investors. The stock market has been a scam for awhile and not really connected to any company “doing well”. But they are essentially just shitcoins at this point. All running on whether or not people feel like they’ll go to the moon or not.
I agree completely
The stock market was broken from inception. It’s one of humanity’s biggest mistakes.
I think you just mean capitalism.
The engineers at Tesla have built some amazing stuff, but the CEO who drove them forward for so long has been holding them back for a while now. Time for Musk to go.
He never drove forward shit.
Eh, I know nuanced viewpoints around billionaires aren’t appreciated on the corporate web, let alone the fediverse, but I really don’t think it’s as simple as that. Why did Tesla succeed where other EV companies failed or floundered? And why did Tesla, the company behind the ultra-desirable Model S and its peers, produce the unsellable Cybertruck and fire the entire Supercharger team?
CEOs set the direction and drive the company to deliver on that. And Musk has lost it - from 95% genius and 5% mad to 95% and 5% genius. I honestly feel sorry for him in many ways - which I fully appreciate is a lot easier to say as a non-American right now! He will probably never again know true love or be considered an inspiration to the smart people he seems drawn to. He’s thrown his lot in with a bunch of bastards who would gladly tear down everything he’s built up. I am 100% confident that I will live a happier and more fulfilling life than him, as poor and stressed as I am. Poor sod.
As the edgelord he is, I hope he’ll appreciate his inevitable future epitaph: “You either die a hero or live long enough to see yourself become the villain.”
Because the two engineers who actually created Tesla made a good product and musky boy immediately snapped it up and made sure to maximize the milking of the ev tax credit system, he’s been fucking it up regularly ever since.
The reason it sucks now is obvious, the people who are good are gone, and musky boy wasn’t one of them.
You treat these parasites as if they are some extraordinary phenomena, they are not. They are humans that shit just like you, sometimes liquid diarrhea. They are by and large not amazing, genius, or even particularly hard working people, they are just lucky chodes who got to start with their dad’s giving them money from their family apartheid emerald mine (and then stealing emeralds anyway).
Growth for the sake of growth is the mantra of the cancer cell.
Elon has killed them at company. If when he bought into it, did a little marketing and then backed off and let qualified people design the cars and run the company, Tesla would still be a viable company. Where do they go now? The Cybertruck is a flop on the same scale as the DeLorean, the CEO is a straight up Nazi and Putin collaborator, and they can’t get rid of him or it will kill the company. The choice is either a slow death from keeping Elon, or a quick one from firing him.
Or they can hire me. I can fix it, or at least not do any worse.
from 95% genius and 5% mad to 95% and 5% genius
Lol that’s not nuance, that’s just fantasy.
There was no 95% genius, he was just a salesman convincing investors that the product line he bought out was going gangbusters. He was right, but he didn’t design the things, he just sold them.
Tesla succeeded because it was founded by and operated by talented people. Tesla is failing because it was acquired by and increasingly controlled by an idiotic narcissist who can’t handle being told “no.”
“Full self driving next year! No? Next year then! No lidar, only cameras! “Crunch” style development! Bulletproof glass! Vegas hyperloop! Stainless steel! Micrometer tolerances!” Everything Tesla did on its own was pretty solid. Everything Musk contributed to design and process was complete and utter shit.
Honestly, I’m shocked there hasn’t been a shareholder lawsuit about the Tesla board’s continued support of a CEO who is clearly a liability to the company.
I think they’re in a dicey spot because any investor understands that Tesla is way inflated, due to its status as a meme stock.
So sure, get rid of Musk for the sake of the business, that does sound like obviously the right move…but at the cost of utterly tanking the share price? Not likely. And make no mistake, getting Musk out of Tesla totally deflates the meme stock status.
Exactly, Tesla isn’t a blue chip like other car manufacturers, the investors interested in Tesla are speculators.
It’s one of the many problems with idiotic speculative bubbles. You can’t slowly shrink them, they only pop. I might be totally wrong about that, I don’t have an actual background here, but it sure seems to be what I’ve seen in life.
That could be survivorship bias, though. You’re much more likely to hear about a catastrophic bubble burst than a more responsible executive focused on sustainability reining it in to a less volatile state over a period of years.