For decades, the 14th floor of GM's Detroit headquarters was its own separate world. Executives arrived through a private basement elevator. Meals were catered in a private dining room. No one else was invited. A 1993 Seattle Times investigation called it "the ultimate symbol of power at the world's largest company."
Tesla didn't just build a different culture. It built one inside GM's old factory. In 2010, Tesla bought the Fremont plant where GM and Toyota had jointly operated a car factory for 26 years, then ran it completely differently.
While every major automaker gave line workers wages and maybe a pension, Tesla gave them stock, shares that vest over time, across every level of the company, including people on the floor running assembly equipment. Electrek noted in 2020 that stock grants for all workers, factory staff included, were rare enough in auto that it was worth calling out.
The math starts in 2012. Tesla's stock sat at around $2.26 per share then, once you account for two stock splits since. Four years earlier, the company had nearly run out of money, and Musk funded it personally to keep it alive. Workers who took those early grants and held them saw the stock hit $410 at the 2021 peak. A dollar of Tesla stock from 2012 grew 181 times over in nine years. CNN confirmed Musk's account: some Fremont production workers became millionaires from those grants.
Musk wasn't running any of this from a separate floor. During Model 3 production hell in 2018, Tesla was fighting to hit 5,000 cars a week while barely managing 2,000. He moved to the factory and slept there for days. "I was wearing the same clothes for five days," he told Bloomberg Businessweek. "My credibility, the credibility of the whole team, was at stake."
Tesla paid out $2 billion in stock grants to its employees in 2024, from engineering to the factory floor, at every level. The 14th floor at GM was a monument to who owned the company. A Tesla stock grant in Fremont in 2012 was a monument to who built it.
Elon Musk: There are no lords and peasants at Tesla. Everyone eats at the same table.
“I actually know the people on the line, because I worked on the line, I walked the line, I slept in the factory, and I worked beside them. So, I'm no stranger to them.
There are many people at Tesla who have gone from working on the line to being in senior management. There are no lords and peasants. Everyone eats at the same table. Everyone parks in the same parking lot.
At GM, there's a special elevator only for senior executives. We have no such thing at Tesla.
We give everyone stock options. Many people who are just working the line, who didn't even know what stocks were, we've made them millionaires.
And I just want to say that I'm incredibly appreciative of those who build the cars, and they know it.”
New York Times DealBook Summit, 2023