“Tesla had a banner year in 2020 … but the company did not provide a 401(k) match to its employees.”
Source: InvestmentNews, Feb. 9
“Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin.”
Source: CNBC, Feb. 8
Elon Musk has skills that deserve esteem. In Tesla Inc., he has guided a brand that has created numerous jobs and become synonymous with launching a company that has filled a void in space. He has done well, and he’s done so in the manner of an iconoclast, breaking norms and established precedents.
This quality has served him well to date. Agree with it or not, his unique style has worked for his shareholders and supporters.
However, the decisions represented in the two quotes above indicate he’s picked the wrong idol to smash.
It’s widely accepted, because it’s true, that retirement planning lags significantly for most American workers. And it’s just as widely accepted, because it’s also true, that companies that commit to their employees engender long-term success. When a company has had the level of success Tesla has achieved, and it has the chance to commit $1.5 billion to an investment, the choice between an investment in bitcoin and in the staff ought to be easy.
Alas, in this case, whether through hubris or a simple lack of care, Musk and Tesla chose the wrong history to buck.
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