Summary via ChatGPT
A Delaware judge invalidated Elon Musk’s $56 billion Tesla pay package for a second time, citing undue influence and unfair terms set by Musk. Despite shareholder approval earlier this year, the court ruled the process failed to address governance concerns and transparency. The judge emphasized the board’s failure to prove the compensation plan’s fairness, suggesting alternative, reasonable payment options were possible. Tesla may appeal the decision or propose a new compensation plan.
Fuck Musk.
You might get a free horse out of it if you do.
The replies on Twitter to Musk’s legal team complaining about this decision are equal parts hilarious and day-ruining. People are really cheering for this man to get ~55 billion dollars. Like, it hurts their actual feelings that he’s been denied such a payment, and they offer words of support to Musk like he’s doing a life sentence and has been denied DNA testing that would prove his innocence by a capricious judge who built her political career on the initial murder trial.
I hope they’re just bots. Bots expertly-programmed to annoy me specifically.
They get a cut probably.
That’s an oddly specific comparison
Yes the trillionaire will be punished with a 32 Billion pay package instead
Oh no, how will he manage?
It truly is such a burden for him, but justice prevails
To be fair, I’m not sure 32 billion is enough to compensate for his inferiority complex.
That would be more than the entire market cap of Ford. Or VW, Honda, BMW, Hyundai, Stellantis, etc.
Truly preposterous.
However, McCormick in her latest ruling, wrote: “Even if a stockholder vote could have a ratifying effect, it could not do so here.”
What, so the package the stockholders voted on was the original package already deemed illegal in court? And apparently because that deal was illegal, it can’t be voted through by stockholders?
Am I getting this right? Because that seems incredibly stupid by the lawyers advising Trump and Tesla!
They wouldn’t have done it without Elon’s direction, easy bill-able hours for them.
To put this pay into perspective, you could take it and give everyone in the US that is living in poverty around $1400. It wouldn’t necessarily save them from poverty, but such an amount would undoubtedly help over a million people in a dire situation.
How un-Amercan if you, thinking about this stuff. /s
Anyway, I’m hungry, when do we eat?
Ah but they’ll just use it to buy drugs, or alcohol, or shelter, or food, or transportation when Elon musk will use it to buy something useful like another politician.
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Some good news! I can’t believe that Tesla shareholders approved this when all Tesla indicators essentially form a giant mount of downward facing red arrows at that time.
It’s hard to believe that I was about to buy a Tesla just 8 years ago, and today I can not cringe when I see the brand. I hope someone does real market research on this, but the downfall of the company has been nothing short of fascinating.
