Judge rules that Elon's $56 billion pay was unwarranted, takes it away

[stinkynuts]

Elon Musk's $56 billion Tesla compensation voided by judge, shares slide

The compensation package the Tesla board gave CEO Elon Musk set a record for publicly traded corporations, a Delaware judge noted in her ruling.

www.cnbc.com

A judge has ruled that the board of Tesla, which comprised of Elon's brother and close friends, deceived shareholders into awarding an unprecedented compensation package of $56 billion that was unfair to shareholders and which grossly over compensated Elon.

 

[Not getting younger]

While I agree with and support the decision.

I wonder how many understand this key part.
“That plan had offered Musk the chance to secure 12 tranches of Tesla stock options, which would vest if the company’s market capitalization increased by $50 billion and Tesla achieved a revenue target.”

 

[Frankfooter]

While I agree with and support the decision.

I wonder how many understand this key part.
“That plan had offered Musk the chance to secure 12 tranches of Tesla stock options, which would vest if the company’s market capitalization increased by $50 billion and Tesla achieved a revenue target.”

So not only did Musk's move take all of Tesla's profit it cost an extra $6 billion?

 

[dirtydaveiii]

Wow you really do go broke if you don't go woke... pillow guy, Rudy, despicable Donnie, Elon. Combined losses of ?

 

[silentkisser]

The right has made it fashionable to shit on ESG. But the G in question here is governance. And Tesla has horrible governance, making it ripe for malfeasance by the board. And this just highlights it. Musk is not a business genius. He might be a great marketer, but he is no Steve Jobs. I wonder how the smart money is viewing this company today. How many portfolio managers are still long on it?

Now, I wouldn't necessarily sell my holdings, but I would be very wary about holding on to this, or buying more. If his compensation was tied to boosting the share price, you know the fucker would do a buyback or make some bullshit announcement to pump and dump the stock....

 

[Frankfooter]

The right has made it fashionable to shit on ESG. But the G in question here is governance. And Tesla has horrible governance, making it ripe for malfeasance by the board. And this just highlights it. Musk is not a business genius. He might be a great marketer, but he is no Steve Jobs. I wonder how the smart money is viewing this company today. How many portfolio managers are still long on it?

Now, I wouldn't necessarily sell my holdings, but I would be very wary about holding on to this, or buying more. If his compensation was tied to boosting the share price, you know the fucker would do a buyback or make some bullshit announcement to pump and dump the stock....

Musk is a right wing arse who steals other people's ideas. He's not a genius, just a good showman.