Elon Musk’s $55 billion pay package at Tesla struck down by a Delaware judge (Elon makes too much)

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[janetjanet998]

I believe after eBay bought out PayPal he took the funds and invested heavily in start up Tesla (and started SpaceX)

[janetjanet998]

Why is this in court to start with...That’s what the agreement was...and that’s it...___

A few shareholders sued the board of directors saying it was too much

Even though
1) they aren’t forced to own stock
2) can vote for or against board members themselves

[Jonny7797]

what freaking country do we live in??

[monkeyshine]

I believe you are correct. And there is “no limit” in the sense that if he drives the stock price from $50 to $500 he makes $450 per share in his options. If he drives the price from $50 to $45 he makes nothing.

[apillar]

I wouldn’t worry too much about Musk, this is just peon local judge in Delaware, Musk has a literal army of $500 an hour lawyers, he’ll simply appeal until he get a decision that goes his way.

[Road Warrior ‘04]

We’re living in the USSR!

[blam]

Musk has eleven kids to feed.

[Thank You Rush]

“”I looked it up on Wikipedia. The company was incorporated as Tesla Motors, Inc. on July 1, 2003, by Martin Eberhard and Marc Tarpenning. No Musk.”

Thanks - I should have looked it up..

[SomeCallMeTim]

Martin Eberhard and Marc Tarpenning started Tesla… two engineers

Elon was a major contributor in the first round of financing.

[OHPatriot]

I’m starting to really HATE everything associated with the state of Delaware.

Damn inbred pervert producing state. Kick Delaware out of the union!!!

Have a nice day!!

[T Ruth]

this is just peon local judge in Delaware

Not so. This is a Chancellor in the Delaware Chancery Court. The court is supposedly very highly regarded in corporate law. There is only one level of appeal: Directly to the Delaware Supreme Court.

[vespa300]

Dayum.....he makes almost as much as a TV evangelist. Wow.

[unlearner]

https://www.tesla.com/elon-musk

“As the co-founder and CEO of Tesla, Elon leads all product design, engineering and global manufacturing of the company’s electric vehicles, battery products and solar energy products.”

[Moltke]

Elon — one of the foremost inventors and businessmen the world has ever seen

Inventor extraordinaire? Not hardly. The list is extremely short, and none are in his name only (i.e., the other guys did the heavy lifting...).

https://patents.justia.com/inventor/elon-musk

I'm not anti-Musk, but a certain perspective should be retained about his "genius level".

[KittyKares]

One shareholder complained, and that was enough?

[Dr. Sivana]

As the co-founder and CEO of Tesla, Elon leads all product design

I remember when there was a Tesla with no Elan, when they were just raising money. He is co-founder of Tesla, perhaps, the way Ray Kroc is perceived as the founder of McDonald's.

I also don't believe that the current Cleveland Browns are the legitimate heirs of the legacy of Jim Brown, Otto Graham, Greg Pruitt, and Marion Motley. Same name, and they are allowed to claim the records, but the owner and all the players went to Baltimore.

[dynoman]

Now he's got a poll going;

Should Tesla change its state of incorporation to Texas, home of its physical headquarters?— Elon Musk (@elonmusk) January 31, 2024

[dynoman]

Now he's got a poll going;

Should Tesla change its state of incorporation to Texas, home of its physical headquarters?— Elon Musk (@elonmusk) January 31, 2024

[JennysCool]

Yes, of course. There’s no question it’s his “resident geniuses” who do the most work, but he’s the visionary.

[linMcHlp]

Please forgive me for disagreeing.

As I thank a friend who stepped up to keep the name of the Cleveland Browns in Cleveland.