Tesla CEO Elon Musk loses bid to get $56 billion pay package reinstated
Tesla CEO Elon Musk loses bid to get $56 billion pay package reinstated
Elon Musk's pay package granted in 2018 was the largest compensation plan in U.S. history for a public company executive.
Summary
A Delaware judge upheld her earlier decision to void Elon Musk’s $56 billion Tesla CEO pay package, ruling it was improperly granted due to Musk’s control over Tesla and flawed board negotiations.
Tesla’s attempt to overturn the ruling through a shareholder vote was rejected, with the judge warning against revising judgments with new facts post-trial.
Musk called the ruling “absolute corruption” and plans to appeal.
Meanwhile, Musk’s net worth has surged, driven by Tesla’s stock jump following optimism about his alignment with Trump’s policies.
Good to see.
this probably hurts him more than me saying he's an incompetent nepo baby. (the best way to hurt rich fucks is to hurt their wallet, after all.)
Unfortunately his wallet isn’t hurting. He’s still rich.
So what you're saying is, more hurt!
I think hurting his ego also hurts him, just look at the amount of people that get banned from X for doing it.
That sum is close to the 44 billion spent on Twitter, could that somehow be the payment for it via inflating Tesla stock price?
Probably? I'm fairly certain that saying mean things about Musk on Lemmy has no effect on him whatsoever.
You’re right. I’d say mean things about him on twitter, but that requires a twitter account… and that’s just gross.
I do like knowing that anywhere that assclown's name comes up (or other deserving parties), somebody will chime in with an insult or five. He'll never see it in almost any conceivable universe but on the off chance that this is the one where he's browsing !news@lemmy.world comments, at least we can make sure they're not all neutral or positive.
I just leave one quote here:
According to the Department of Housing and Urban Development, it would cost $20 billion to end homelessness in the United States.
Here is a fun fact, if every church housed 2 homeless people, there would be no homeless in America.
As if a church would give a damn about the needy.
Excellent comment. I donated to Coalition for the Homeless in your name.
Hey thank you, I feel honored!
It boggles my mind why anyone would still be holding onto Tesla stock right now. The board and the Musk are actively trying to screw them over right now and one judge barely managed to prevent shareholders from getting shafted. How does it make any sense to hold onto Tesla shares at this point?
Because he's going to make money hand over fist when Trump's "road safety" department allows Tesla to operate unsafe robo taxis.
If those robo taxes are working off of similar system to their half baked self driving tech, it would be a disaster. I keep seeing videos of Waymo taxis clogging up the streets of San Francisco and those things have much better suite of sensors than Tesla. It's insane that our public road has become a alpha/beta testing platform for bunch of tech bros.
That is the company than owns and operates the US president elect. People are going to shovel money into that as long as morons think Trump is doing a good job
Tesla stocks (and quite a few other company's stocks) are not based on 'fundamentals'. They are based on hype, speculation, and perceived future value.
People investing in tesla either 1. Are 'playing the game' and trying to take advantage of the hype. Which incentives them to also hype because they benefit when more people buy the stock. Think crypto bro-esque grifting. Id also throw in people who do short term trading to time hype jumps. 2. Novice/uninformed investors who don't understand fundamentals (who may be getting boozled)3. People that understand fundamentals but are also hedging against a miracle.
Elon isn't a stupid guy. There is a reason why Musk is constantly hyping things. It keeps the stock high. It's keeps the buzz going which gets more people to buy in. It keeps him rich which lets him do silly things like buying Twitter or donating to political campaigns and ingratiating him to the president elect.
But the overall valuation of Tesla absolutely, unequivocally is not based on fundamentals/realistic valuation of the company. It's almost all a "bet" and people buying stocks are gambling.
Market is irrational
When you've essentially already got everything the only thing to do is try to get more.
Every rich person has a hoarding mental illness
ruling that Musk had individually “controlled Tesla” and dictated the terms of his compensation to a board that didn’t fairly negotiate.
I'd like like to know more about the makeup of this "board" who I assume were all hand picked by Musk.