30 votes

US judge voids Elon Musk's "unfathomable" $56 billion Tesla pay package

Posted by ignorabimus
Tags: business, usa.de, ceo, elon musk, tesla, board of directors, shareholders, stocks, options, legal, judges, author.tom hals, source.reuters
https://www.reuters.com/legal/judge-rules-favor-plaintiffs-challenging-musks-tesla-pay-package-2024-01-30/

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Title
Judge rules in favor of plaintiffs challenging Musk's Tesla pay package
Published
Jan 30 2024
Word count
564 words

8 comments

  1. vord
    (edited )
    Link
    I propose he be granted that $56 billion dollar pay package, but then also be due a tax bill of $55.99 billion dollars. $10 million is enough for anyone.

    I propose he be granted that $56 billion dollar pay package, but then also be due a tax bill of $55.99 billion dollars. $10 million is enough for anyone.

    8 votes
  2. [7]
    sparksbet
    (edited )
    Link
    Nevermind lol

    "Never incorporate your company in the state of Delaware," Musk said in a post on X, the social media platform he bought in 2022. Originally named Twitter, Musk moved its state of incorporation to Nevada from Delaware after his purchase.

    I love when news outlets do this, especially with Musk. It's so effective to just have the facts juxtaposed with the whiney bs.

    Nevermind lol

    5 votes
    1. [3]
      bengine
      Link Parent
      Loads of businesses see the Delaware Court of Chancery as a pro to incorporation in Delaware and not something to avoid. With it's history it's much easier to predict outcomes of court cases and...

      Loads of businesses see the Delaware Court of Chancery as a pro to incorporation in Delaware and not something to avoid. With it's history it's much easier to predict outcomes of court cases and more likely to have a fair or pro business outcome. I think Musk just wants the money that comes from being a public business but none of the accountability.

      Also same court that was going to force him to buy Twitter as agreed instead of weaseling out of it, so axe to grind.

      18 votes
      1. [2]
        sparksbet
        Link Parent
        Yeah I was under the impression Delaware was popular to incorporate in precisely because of how quick and pro-business the Court of Chancery is there. But yeah, not a shock that Musk holds a...

        Yeah I was under the impression Delaware was popular to incorporate in precisely because of how quick and pro-business the Court of Chancery is there. But yeah, not a shock that Musk holds a grudge there.

        3 votes
        1. Eji1700
          Link Parent
          It's not just that they're pro business. By their nature of being pro business, and everyone incorporating there, it's one of the few courts with tons of experience dealing with massive...

          It's not just that they're pro business.

          By their nature of being pro business, and everyone incorporating there, it's one of the few courts with tons of experience dealing with massive corporations suing each other, who both have infinite money and lawyers to throw at the problem.

          Twitter vs Musk was exactly this, and that's why he got his ass handed to him because he tried the basic bullshit bully tactics that work elsewhere, and Delaware is well known for not putting up with any of that. Reason being because not only can all these companies throw money at the problem, but it costs time, so they're well known for keeping the process moving, and fast at that.

          This is twice now he's gotten slapped for playing stupid, and so he's fleeing to somewhere he thinks he can get more leverage.

          6 votes
    2. [3]
      stu2b50
      Link Parent
      I’m not really sure that applies in this case. Musk said never to incorporate in Delaware, and the fact is that he moved the incorporation of Twitter from Delaware to Nevada. He’s walked the talk, no?

      I’m not really sure that applies in this case. Musk said never to incorporate in Delaware, and the fact is that he moved the incorporation of Twitter from Delaware to Nevada. He’s walked the talk, no?

      7 votes
      1. sparksbet
        Link Parent
        Ah you're totally right! I straight up misread the states the other way around in that last sentence. This is what I get for leaving comments at 1am I guess 😅

        Ah you're totally right! I straight up misread the states the other way around in that last sentence. This is what I get for leaving comments at 1am I guess 😅

        7 votes
      2. gpl
        Link Parent
        Its funny because I am pretty sure he did not incorporate Tesla, as he did not found it.

        Its funny because I am pretty sure he did not incorporate Tesla, as he did not found it.

        5 votes