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Tuesday Ticker: Elon Musk disagrees with attorneys; Martinrea marks Q4 2023 numbers

Toronto, Ontario — In this weekly Tuesday Ticker, Elon Musk is told he does not deserve a share payout for his work with Tesla, while Martinrea reports its financials for the quarter ended Dec. 31, 2023. 

Touchy topics at Tesla

A Tesla shareholder argued last week in a Delaware, U.S., court that Elon Musk does not deserve a significant $55-billion compensation package for his work as the CEO of Tesla, and that the fees should instead be directed to shareholders for attorney fees. 

The attorneys argued that their litigation work fees amount to approximately 11 percent of the compensation pay package, amounting to about $5.96 billion worth of Tesla shares based on a US$202.64 per share price.

Unsurprisingly, Musk was not pleased with the outcome in Delaware and took to X, formerly Twitter, to air his concerns. 

As of Monday at 10 a.m. ET, shares of Tesla traded at US$192.92, down 22.3 percent from the start of 2024. 

Martinrea’s Q4 marks

Martinrea reported its Q4 2023 earnings results last week, with sales of $1.296 billion compared to $1.294 billion a year ago. Net income was $1.85 million, compared with $46.23 million in Q4 2022. 

The company achieved adjusted EBITDA of $616.7 million and a 12.2 percent increase in revenue, to $5.34 billion.

Revenues for the quarter exceeded analyst estimates by two percent, while earnings-per-share missed analyst estimates by 19 percent.

The company also published its sustainability report, wherein it says there were “significant improvements in safety, employee satisfaction and financial performance” despite challenges presented by the United Auto Workers strike, supplier disruption and fluctuating demand for EVs.

Shares of Martinrea fell 16.2 percent immediately following the release of the results.

As of Monday at 10 a.m. ET, shares of Martinrea traded at $12.36 per share, down 14.5 percent from the start of 2024.

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