Tesla (NASDAQ:TSLA):What is Musk Up to Now?

Tesla (NASDAQ:TSLA):What is Musk Up to Now?

Tesla (NASDAQ:TSLA):What is Musk Up to Now?

$TSLA

The United Auto Workers union (UAW) has filed a complaint accusing Tesla (NASDAQ:TSLA) CEO Elon Musk of illegally threatening to take away benefits from workers who join the union.

The UAW is seeking to represent workers at Tesla’s facility in Fremont, California filed the complaint with the National Labor Relations Board Wednesday.

Mr. Musk in a tweet on Monday said there was nothing stopping Tesla workers from joining a union, but “why pay union dues & give up stock options for nothing?”

The union says Mr. Musk violated the National Labor Relations Act, which prohibits employers from making threats or promises to workers to discourage them from joining unions.

Tesla in a statement said CEO Musk’s comment simply recognized that other automakers whose workers are represented by the UAW do not provide stock options.

“UAW organizers have consistently dismissed the value of Tesla equity as part of our compensation package,” the company said.

In a separate Tweet, Mr. Musk accused the UAW of driving General Motors and Chrysler to bankruptcy and losing “200,000+ jobs for people they were supposed to protect.” Referring to effects of the crisis in the US auto industry in Y 2008-2010.

UAW President Dennis Williams during a press briefing in Detroit Thursday called Mr. Musk’s comments “ridiculous.”

“I don’t know what the hell Musk is up to,” Williams said. “Sometimes I scratch my head.”

The new complaint is the latest salvo in an ongoing legal battle between Tesla and the UAW, which has accused the company of utilizing a series of unlawful tactics to thwart unionizing.

Symbol Last Trade Date Change Open High Low Volume
NASDAQ:TSLA 277.94 24 May 2018 -1.13 278.4 281.11 274.89 3,999,584
HeffX-LTN Analysis for TSLA: Overall Short Intermediate Long
Bearish (-0.43) Bearish (-0.48) Bearish (-0.42) Bearish (-0.39)

Stay tuned…

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

You must be logged in to post comments :  
CONNECT WITH