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Started By
Message
re: A Deleware judge voids Elon Musk’s $56 billion Tesla compensation
Posted on 1/30/24 at 5:05 pm to Cheese Grits
Posted on 1/30/24 at 5:05 pm to Cheese Grits
quote:
The judge, Kathaleen McCormick
Found the problem.
0
Posted on 1/30/24 at 5:05 pm to stout
quote:
Tesla shareholder Richard Tornetta
What an a-hole
Posted on 1/30/24 at 5:15 pm to barry
quote:
ETA: I don't have an opinion on the outcome, but corporate governance and executive pay in this country is a fricking joke and I'm an executive.
In general, I agree but few CEOs bring the kind of value Musk brings. Like I said, if he walked out the door the company would be in a world of hurt.
Posted on 1/30/24 at 5:16 pm to stout
I’m sorry this is some BS. A public company should be able to pay their CEO whatever they want to as long as it is passed by the voting shares. Last time I checked this is still America, land of the free home of the brave. No one should be applauding government overreach.
Posted on 1/30/24 at 5:18 pm to barry
quote:so (im assuming) more people had a choice and came to the consensus he was worth that much? that makes it objectionably worse that the judge overruled it.
And it wasn't a board decision, it was a shareholder vote.
This post was edited on 1/30/24 at 5:18 pm
Posted on 1/30/24 at 5:18 pm to Cheese Grits
quote:
As for Elon, I swear that dude is a real life "Bond Villain"
How?
Posted on 1/30/24 at 5:18 pm to SloaneRanger
quote:
Like I said, if he walked out the door the company would be in a world of hurt.
they would be just fine without him. They wouldn't be where they are without him 100% but given his split priorities among his other businesses, I think a CEO focused solely on Tesla would benefit them in the long run
Posted on 1/30/24 at 5:18 pm to SloaneRanger
quote:
In general, I agree but few CEOs bring the kind of value Musk brings. Like I said, if he walked out the door the company would be in a world of hurt.
Agree Tesla has a Musk problem, but that doesn't excuse the board if they misrepresented the comp plan. Sad thing is you could probably make this case for half the fortune 500 companies in America.
Posted on 1/30/24 at 5:19 pm to Pedro
quote:
so (im assuming) more people had a choice and came to the consensus he was worth that much? that makes it objectionably worse that the judge overruled it.
The argument is they misrepresented the plan when they put it to a vote.
Posted on 1/30/24 at 5:20 pm to Obtuse1
quote:
There are cons to being a public company. In this case, the judge found the BoD was not fully transparent and breached their fiduciary duty in approving the comp package.
Did you read her 200-page decision? It’s nothing short of activism mixed in with legal precedent. Being able to shift the burden of proof to the defendant(s) based on one single person’s contention seems silly to me.
Posted on 1/30/24 at 5:20 pm to Byron Bojangles III
quote:
frick musk
Why?
Posted on 1/30/24 at 5:20 pm to UAinSOUTHAL
quote:
I’m sorry this is some BS. A public company should be able to pay their CEO whatever they want to as long as it is passed by the voting shares. Last time I checked this is still America, land of the free home of the brave. No one should be applauding government overreach.
What if they lie to get the shareholders to pass the vote.
Some of you can't be this obtuse.
Posted on 1/30/24 at 5:20 pm to Obtuse1
quote:
In this case, the judge found the BoD was not fully transparent and breached their fiduciary duty in approving the comp package.
Then she should've focused on the process and refrained from editorializing on the "unfathomable" sum.
But in reality, it was the sum, not the process that was her issue.
Posted on 1/30/24 at 5:20 pm to barry
Wrong. 99% of the CEOs can easily be replaced by the next man up. Not so with Elon.
Posted on 1/30/24 at 5:21 pm to Pedro
quote:
Tesla's value ballooned to briefly top $1 trillion in 2021 from $50 billion when the package was negotiated.
Posted on 1/30/24 at 5:21 pm to Bjorn Cyborg
quote:
But in reality, it was the sum, not the process that was her issue.
100%
Posted on 1/30/24 at 5:21 pm to barry
quote:
they misrepresented the comp plan
They didnt prove that they didn’t misrepresent it, not that it was misrepresented. The misrepresentation boiled down to “Elon’s influence” of Tesla.
Posted on 1/30/24 at 5:22 pm to stout
Another African Man getting held down by the system.
Posted on 1/30/24 at 5:22 pm to SloaneRanger
quote:
Wrong. 99% of the CEOs can easily be replaced by the next man up. Not so with Elon.
By a Musk problem, i mean that he is the face of the company and the share price would drop, at least in the short term.
Posted on 1/30/24 at 5:22 pm to Sterling Archer
quote:
I think a CEO focused solely on Tesla would benefit them in the long run
Doubtful. People like Musk come around maybe once in a generation. He's a force of nature. If it weren't for his sure will Tesla and SpaceX wouldn't exist. We'd be 10 years behind where we are now in EV and rocket tech.
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