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Elon Musk’s $56 billion pay package
voided by judge

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Posted By: Dreadnought, 1/30/2024 6:14:30 PM

A Delaware judge ruled in favor of Tesla investors who sued to challenge the $56 billion pay package for Tesla CEO Elon Musk, a court filing showed. "This decision dares to ‘boldly go where no man has gone before,’ or at least where no Delaware court has tread," the opinion stated. "The collection of features characterizing Musk’s relationship with Tesla and its directors gave him enormous influence over Tesla." In her ruling, the judge said, "The plaintiff is entitled to recission," and directed the two parties to confer on a final form of order to implement her decision and to submit a joint letter identifying all issues, including fees, that

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Reply 1 - Posted by: DVC 1/30/2024 6:28:22 PM (No. 1647737)
So, when you "run a company"....some damned idiot judge who couldn't run a successful lemonade stand says "NO". BS.
33 people like this.

Reply 2 - Posted by: Birddog 1/30/2024 7:09:50 PM (No. 1647771)
one wonders, just how minority these complaining minority share holders are. BIG Fish? Or half a handful guys, that only bought in recently? Bought in to BRING this suit. He takes no salary...just stock options, and exercises those options only when benchmarks are met. $56 Billion is a lot of scratch, it makes more sense for him to buy out the unhappy(litigious) malcontents and lock in a iron clad deal with whoever is left.
14 people like this.

Reply 3 - Posted by: red1066 1/30/2024 8:27:19 PM (No. 1647842)
Why was this heard in a Delaware court?
11 people like this.

Reply 4 - Posted by: LC Chihuahua 1/30/2024 11:15:15 PM (No. 1647909)
Mixed feelings about this. Are the same people playing gotcha with Trump now doing the same with Musk? As for Tesla, is it really worth all this? The looters are heavily invested and have hyped the living daylights out of Tesla. The looters don't want to lose their gains so they will go light on Musk. They want to control him.
3 people like this.

Reply 5 - Posted by: Miss T 1/31/2024 1:19:23 AM (No. 1647947)
This is strange. It is like slaying the goose that laid golden eggs. If Musk and the Tesla board were each represented by lawyers, why is this contract not considered a legal arms-length transaction? To challenge the contract after the goals have been accomplished is disingenuous. Tesla got the benefit of the bargain, but they are having second thoughts about Musk getting his benefit of that same contract. I don't buy it that some members of the board were not informed. It is their DUTY to inform themselves. Musk might do better to leave Tesla to someone who is worth what Tesla is wanting to pay.
1 person likes this.

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