Elon Musk could lose his position as richest man after a Delaware judge's court ruling put the CEO's future fortune in jeopardy. A judge ruled on Tuesday that Musk must hand back the biggest pay packet in corporate history. Judge Kathleen McCormick found that the $55 billion awarded to Musk five years ago was a result of the CEO strong-arming Tesla directors. McCormick in her ruling found that the process leading to the board's approval of his 2018 compensation package was 'deeply flawed'. The South African businessman could lose his top spot in the rankings for wealthiest person.
The judiciary in this country have lost their collective minds. The fuckin' guy started the goddamn company - of course he should be able to control it. Click on the headline for the full story...
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Although I doubt her ass looks anything
like this, she still needs at least one
good kick in the rear for that ruling.
If the democrats really got their way with America's second-most hated man (after Trump of course) he would have been locked up for life for creating thousands of jobs AND helping the democrats with their GREEN agenda.
ReplyDeleteA couple of comments. First, Elon Musk did not found Tesla, two other individuals did. But they left early on in the company's history (it was founded back in July of 2003) and Musk was a large early investor, but not the founder. Second, Musk currently owns about 13% of Tesla whereas large institutional investors (Vanguard, Blackrock, etc) own about 45% of the company's stock. The Board of Directors, by definition, answers to the owners of Tesla which in this case are the insitutional investors not Elon Musk (although he certainly has influence over the company which far exceeds his ownership stake). While I agree that the judge is a dooshtool for her ruling (which was in response to a shareholder lawsuit over Musk's comp package), and while I agree that Musk met nearly every single hurdle on the way up in meeting the various incentives set out more than 5 years ago regarding his comp (he takes zero salary from Tesla as a reminder), corporate law is clear on who owns a public company, e.g. its shareholders. Musk will of course fight this ruling but he does not own enough of Tesla to either ignore it or (likely) reverse it. So he'll have to live on a few billion less going forward, the poor guy.
ReplyDeleteThat "few billion" he has to live without won't affect his standard of living, it will affect the companies he creates or controls. We may never realize what great company he won't create or save due to this ruling. Musk is one of the few CEOs that don't rest on their laurals and ride the company into the ground.
DeleteThe left HATES Musk, almost as much as they hate Trump. They will do literally anything to destroy him. This ridiculous ruling is just one of many tactics the left is using to destroy Musk. Expect more of this type of lawfare by the left. And they will use it against ANYONE who opposes them. And it isn't just the wealthy who will face this abusive misuse of the legal (sic) system.
ReplyDeleteWelcome to the new America, patterned after the old soviet union...the difference between socialism and communism? Socialism is voted in, communism takes over by force...as Ann Rynd would say, the difference between suicide and murder....we are in deep shit as the former United States of America.....the world's last, best hope for the common man thrown into the dustbin of history by those unable to create anything beyond the fear of a dark planet.....fuck biden, kerry, the WEF, and all the dumb-asses who supported them....in the end, you fucked us all....
ReplyDeleteOnce Elon took Tesla public, it was no longer his. The Board has to determine what is best for the stockholders, not just Elon. If they were unduly or inappropriately influenced, it's only fair to the other stockholders that the decision be revisited. If the payout left Tesla undercapitalized, the stockholders have grounds for a lawsuit.
ReplyDeleteI hope the board revisits the payout, and comes up with a fair price for Elon's talents and efforts. Whatever it is.