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Judge Rejects Elon Musk’s Massive $56 Billion Tesla Pay Package
"Elon Musk’s attempt at reinstating his massive $56 billion Tesla pay package was rejected by a Delaware judge—the second time she ruled against the Tesla billionaire. On Monday, Chancellor Kathaleen St. Jude McCormick denied a request by Musk’s attorneys and Tesla’s corporate directors to rescind a ruling she made in January blocking Tesla from paying Musk’s hefty check."
“Were the court to condone the practice of allowing defeated parties to create new facts for the purpose of revising judgments, lawsuits would become interminable.”
I guess Elon will be on line applying for food stamps now.
The $110 billion budget for food stamps (SNAP) should just about cover him. Unless he pushes to eliminate SNAP as part of improving government "efficiency".
OTOH, if he does get the options restored, he may have to pay 57% in taxes. That should go pretty far in funding SNAP.
Elon Musk May Owe 57 Percent Tax on Tesla Options in 2024
tesla's board has made 9 $figures (each!), and their only job is to rubberstamp whatever musk wants.
so far, musk is trying to take it out on the delaware judge; same place he tied to weasel out of the twitter acq. however, musk is on track to make up that loss, plus 10X more, via MAGA grift on all fronts. will not be surprised to see the Boring Company resurrected for federal contracts..
If Elon is going to pay $57b in tax in 2024 as a result of the pay package, we should welcome the extra money to the Govt coming purely from other Tesla shareholders. I do not think he can do more harm or good with an extra $43b. Let him have it. I would focus on what we can get rather than what he may get.
I was going off of @msf post. I did not read the links in his post. That is why I said “if”.
In any case, it is a redistribution of wealth from other shareholders to Elon. I presume none of us here are TSLA shareholders and why do we care about its shareholders who repeatedly want to reward him. I am more interested in how much taxpayers make.
Would taxpayers (we) come out ahead if his comp is accepted by the courts? If so, by how much?
Sometimes a rubber stamping board is better than a dysfunctional, and mediocrity promoting board. Look at Intel Board many of whom have been on the board for all the years during which the company made many missteps and destroyed shareholder wealth.
the latter is to allow the general public to participate in fleecing of musk fanboys where there is a good chance some receipts go toward public goods and advances (which tesla themselves long since enjoyed in grants & subsidies).
the former is regarding the normalization of not just board indifference towards shareholders that actually paid market price for shares, but outright fiscal governance irresponsibility. however, the public has basically voted in large scale grifting, so this is just the start of that normalization.
Unfortunately, many people get on Boards to further their own careers (or score cards) and not to take on a fiduciary responsibility. This is not dissimilar to why many people seek appointments to public offices.
I had a friend who once shared with me about his personal ambitions which included getting on the Boards of at least 6 public companies by the time he retires from his main line of work. And the motivation did not include taking on responsibility.
If you ever worked in the C-suite of a public company for any length of time, your expectations of members of Boards of Directors will be a lot less tempered than the societal norm.
I better stop here before I say too much and inadvertently insult my fellow forum members.
I regret to report that my board of director has rejected my request to double my allowance. She also said that "I'd better watch it". Not sure what that means, but it doesn't sound good.
Comments
And the pay package in question is now worth over $100B, based on market value.
Good for the judge in standing up to the bully/thief/entitled jack***.
The $110 billion budget for food stamps (SNAP) should just about cover him. Unless he pushes to eliminate SNAP as part of improving government "efficiency".
OTOH, if he does get the options restored, he may have to pay 57% in taxes. That should go pretty far in funding SNAP.
Elon Musk May Owe 57 Percent Tax on Tesla Options in 2024
Summary: https://www.greenbergglusker.com/publications/elon-musk-may-owe-57-percent-tax-on-tesla-options-in-2024/
Full explanation: https://www.greenbergglusker.com/content/uploads/2024/07/S.-Moore.pdf
tesla's board has made 9 $figures (each!), and their only job is to rubberstamp whatever musk wants.
so far, musk is trying to take it out on the delaware judge; same place he tied to weasel out of the twitter acq.
however, musk is on track to make up that loss, plus 10X more, via MAGA grift on all fronts.
will not be surprised to see the Boring Company resurrected for federal contracts..
https://montanaskeptic.substack.com/p/the-chancellors-brilliant-opinion
In any case, it is a redistribution of wealth from other shareholders to Elon. I presume none of us here are TSLA shareholders and why do we care about its shareholders who repeatedly want to reward him. I am more interested in how much taxpayers make.
Would taxpayers (we) come out ahead if his comp is accepted by the courts? If so, by how much?
I guess I've always thought they were the same thing,
both mark and balabalu have valid points.
the latter is to allow the general public to participate in fleecing of musk fanboys where there is a good chance some receipts go toward public goods and advances (which tesla themselves long since enjoyed in grants & subsidies).
the former is regarding the normalization of not just board indifference towards shareholders that actually paid market price for shares, but outright fiscal governance irresponsibility. however, the public has basically voted in large scale grifting, so this is just the start of that normalization.
I had a friend who once shared with me about his personal ambitions which included getting on the Boards of at least 6 public companies by the time he retires from his main line of work. And the motivation did not include taking on responsibility.
If you ever worked in the C-suite of a public company for any length of time, your expectations of members of Boards of Directors will be a lot less tempered than the societal norm.
I better stop here before I say too much and inadvertently insult my fellow forum members.