Here's a number that tells you everything about the disconnect between corporate fines and corporate reality: When a Tesla Inc. (TSLA) worker died by electrocution at the Austin Gigafactory, OSHA fined the company $50,000. According to Rep. Greg Casar (D-TX), Elon Musk makes that amount back in nine minutes from federal contracts alone.
The Cost of a Life, Apparently
Casar didn't hold back in a social media post on X this week, slamming both Tesla and the regulatory agency for what he sees as a complete failure of workplace safety enforcement. The worker from Casar's district was electrocuted to death "because the company cut corners" and "failed to follow OSHA regulations that would've protected him," the lawmaker said.
The $50,000 fine? "For a company valued at about a $1 trillion, that is a drop in the bucket," Casar explained. He went further, noting that "a worker's life" was worth more than "nine minutes of that man's time."
In a video attached to his post, Casar outlined a bigger systemic problem: OSHA is "stretched thin," meaning "major employers that do not focus enough on workplace safety can count on their workplace never being investigated." He also pointed out that this was the second incident of its kind at the facility, which raises questions about whether the first one prompted any meaningful changes.
The Boring Company's Vanishing Act
Tesla isn't the only Musk company that's tangled with OSHA. The agency previously slapped the Musk-backed Boring Co. with fines exceeding $400,000 for safety and code violations at a Las Vegas tunneling site after reports surfaced about hazardous conditions.
Then things got weird. The fines were rescinded following a meeting between Nevada Governor Joe Lombardo's office and Boring Co. officials. Records of that meeting allegedly vanished from public record before being reinstated later. Nothing to see here, apparently.
Other Legal Troubles
Meanwhile, Tesla has been dealing with allegations of racial bias at its Fremont, California facility. A class action lawsuit was filed by African American workers, but the case was dismissed after many of the 200 workers who were expected to testify decided they were unwilling to do so. The reasons for their reluctance weren't detailed in court records.
Money Won't Matter Anyway, Says Musk
In somewhat related news, Musk recently doubled down on his prediction that money will become obsolete in the future. Responding to a question about President Donald Trump-branded accounts providing seed capital to children until they turn 18, Musk offered his typical optimistic-slash-apocalyptic take: "Civilization will either be gone or AI/robotics will eliminate scarcity."
So maybe that $50,000 fine won't matter eventually. Though it probably matters quite a bit to the family of the worker who died.
Price Action: According to market data, TSLA slid 0.11% to $485.03 during the after-hours trading session.