Posted on 01/30/2024 6:56:29 PM PST by yesthatjallen
A Delaware judge tossed out Elon Musk's record-breaking $56 billion Tesla (TSLA.O), opens new tab pay package on Tuesday, calling the compensation granted by the EV maker's board "an unfathomable sum" that was unfair to shareholders.
Shares of Tesla dropped about 3% in extended trade, and some investors seized on the ruling in hopes it might prompt Tesla to overhaul its governance.
The Tesla board has been criticized as failing to provide oversight of its combative, headline-making CEO, who has fought regulators and led several other companies at the same time.
The ruling, which can be appealed, nullifies the largest pay package in corporate America. The judge found the share-based compensation was negotiated by directors who appeared beholden to Musk, currently ranked by Forbes magazine as the world's richest person.
"Swept up by the rhetoric of 'all upside,' or perhaps starry eyed by Musk’s superstar appeal, the board never asked the $55.8 billion question: Was the plan even necessary for Tesla to retain Musk and achieve its goals?" wrote Kathaleen McCormick of Delaware's Court of Chancery.
SNIP
(Excerpt) Read more at reuters.com ...
IIRC-—PERSONAL INCOME TAXES ARE HIGHER THAN CORP TAXES
WHAT IS THEIR COMPLAINT???
NONE of this means ANY Tesla stick holder would get a larger dividend if Musk was paid less.
Dividends are determined from many factors.
IF MUSK is so useless-—why didn’t TESLA soar under other owners???
ANOTHER EXAMPLE OF HAMMERING A SUCCESSFUL PERSON.
IS ANYONE BITCHING ABOUT THE CONTRACTS FOR PRO SPORTS PLAYERS?????
IF HE IS UNHAPPY—HE CAN SELL THOSE SHARES....
What is today’s Tesla Share price?
What was the most recent dividend they paid???
EVERY SINGLE LOAN MUSK GOT From the government was paid back——EARLY & WILL ALL INTEREST.
The “TAX CREDIT” the Feds give when people buy EV’s is as follows:
$7500 of you buy from a company with UNION EMPLOYEES
$5000 from Buying a TESLA—THEY ARE NOT UNION.
AND-—WHO MADE THE EV a successful vehicle in the first place?
I do NOT recall GM/FORD/Chrysler/Nissan/ & others being first into the starting gate.
HAS ANY “JUDGE” CRITICIZED THE MONEY CLINTON/HILLARY/OBAMA DEMAND & GET PAID for their “SPEECHES?????
This is out of control.
Current stock price of Tesla== UNDER $200 a share.
The jerk that brought this lawsuit owns 9 NINE shares.
There are NO dividends paid
stupid to incorporate in a liberal state.
Every company in America needs to be paying attention to what is happening to Trump and Musk and needs to get the hell out of blue states ASAP!
9 shares of Tesla is currently worth about $1,800. Tesla doesn’t pay divideds.
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