Judge: Musk was overpaid
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wrote on 31 Jan 2024, 21:18 last edited by
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wrote on 31 Jan 2024, 22:30 last edited by
Yeah, judges are allowed to decide that…
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wrote on 31 Jan 2024, 22:33 last edited by
I would be curious to know the precedent for this sort of CEO pay clawback. It sure smells like another instance of the mainstream institutions unfairly punishing famous heterodox people.
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wrote on 31 Jan 2024, 22:48 last edited by Renauda
Then in 2019, a shareholder named Richard Tornetta (who held 9 shares of Tesla) filed a lawsuit claiming that the compensation package was excessive & unfair, claiming the board had not acted in the best interest of its shareholders.
Some clown who holds 9 shares in Tesla took his complaint to court? And the complaint made its through system to be heard before a judge? Surprised it made past the claims clerk’s office.
I could see it if it were a class action suit involving a significant number of shareholders holding 30% or more of the company. But one guy with 9 shares?! No fucking way.
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I would be curious to know the precedent for this sort of CEO pay clawback. It sure smells like another instance of the mainstream institutions unfairly punishing famous heterodox people.
wrote on 31 Jan 2024, 22:50 last edited by@Horace said in Judge: Musk was overpaid:
I would be curious to know the precedent for this sort of CEO pay clawback. It sure smells like another instance of the mainstream institutions unfairly punishing famous heterodox people.
Particularly so given his stellar performance.
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Then in 2019, a shareholder named Richard Tornetta (who held 9 shares of Tesla) filed a lawsuit claiming that the compensation package was excessive & unfair, claiming the board had not acted in the best interest of its shareholders.
Some clown who holds 9 shares in Tesla took his complaint to court? And the complaint made its through system to be heard before a judge? Surprised it made past the claims clerk’s office.
I could see it if it were a class action suit involving a significant number of shareholders holding 30% or more of the company. But one guy with 9 shares?! No fucking way.
wrote on 31 Jan 2024, 23:27 last edited by@Renauda said in Judge: Musk was overpaid:
9 shares in Tesla took his complaint to cour
Hey, that's some serious cash! Comes to about $1800 today. For that kind of money, you might be able to add (half of a) self-driving option to your Tesla.
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wrote on 1 Feb 2024, 13:08 last edited by George K 2 Jan 2024, 13:08
Tesla...
Musk posted a poll asking whether Tesla should move its incorporation to Texas.
Probably some selection bias, but 87% said go.
Musk's announcement comes after a judge in Delaware voided his $55 billion compensation package at Tesla.
Musk isn't paid a salary for his work as Tesla CEO. Instead, his pay package is based on a series of goals that are tied to Tesla's financial growth.
According to the package, Musk would be granted stock equivalent to 1% of Tesla's outstanding shares whenever he met the 12 tranches of growth targets.
The ruling in Delaware could threaten Musk's title as the world's richest person, given that most of his wealth is tied to his equity in Tesla.
"Never incorporate your company in the state of Delaware," Musk wrote on X on Tuesday.
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wrote on 1 Feb 2024, 13:13 last edited by
Delaware has long been a state beneficial to incorporate in, because of tax advantages. And probably some other things I don't know about.
Does the judge's ruling make other companies rethink some of their incorporation or business practices?
“Cry havoc and let slip the DOGE of war!”
Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton
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wrote on 1 Feb 2024, 13:13 last edited by
I would.
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Delaware has long been a state beneficial to incorporate in, because of tax advantages. And probably some other things I don't know about.
Does the judge's ruling make other companies rethink some of their incorporation or business practices?
wrote on 1 Feb 2024, 13:19 last edited by George K 2 Jan 2024, 13:20@Jolly said in Judge: Musk was overpaid:
Does the judge's ruling make other companies rethink
I wonder if there's grounds for appeal in the case of Musk.
Think he can afford a lawyer?
How much revenue does Tesla generate for Delaware?
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wrote on 1 Feb 2024, 13:26 last edited by
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wrote on 1 Feb 2024, 15:00 last edited by
Delaware. Should have figured.
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Delaware has long been a state beneficial to incorporate in, because of tax advantages. And probably some other things I don't know about.
Does the judge's ruling make other companies rethink some of their incorporation or business practices?
wrote on 2 Feb 2024, 00:33 last edited by@Jolly said in Judge: Musk was overpaid:
Does the judge's ruling make other companies rethink some of their incorporation or business practices?
I doubt it. I think this instance would be pretty rare. I think the benefits for companies are much more than the non-benefits to keep incorprorated in Delaware.
I looked, and 70% of US based Fortune 500 companies are incorporate in Delaware.
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wrote on 2 Feb 2024, 14:19 last edited by
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wrote on 2 Feb 2024, 14:53 last edited by
This could get interesting...
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wrote on 2 Feb 2024, 15:29 last edited by
I'm surprised Musk has commented that he has 3x the GDP of the state of Delaware.
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wrote on 11 Feb 2024, 18:37 last edited by
Musk pulls Neuralink out of Delaware.
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wrote on 2 Mar 2024, 13:35 last edited by
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wrote on 2 Mar 2024, 13:43 last edited by
We live in a very strange time.
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wrote on 2 Mar 2024, 15:25 last edited by
