Tesla shareholders voted Thursday to restore CEO Elon Musk’s record $44.9 billion pay package that was thrown out by a Delaware judge earlier this year, sending a strong vote of confidence in his leadership of the electric vehicle maker.
The favorable vote doesn’t necessarily mean that Musk will get the all-stock compensation anytime soon. The package is likely to remain tied up in the Delaware Chancery Court and Supreme Court for months as Tesla tries to overturn the Delaware judge’s rejection.
Musk has raised doubts about his future with Tesla this year, writing on X, the social media platform he owns, that he wanted a 25% stake in the company in order to stop him from taking artificial intelligence development elsewhere. The higher stake is needed to control the use of AI, he has said.
The fools
I guess if you’re hanging on to your Tesla stock at this point you must have some faith in Musk?
I’m not sure about that. It sure feels like if they had a “normal” CEO, the stock price would tank. The crazies who believe in him are the only thing keeping that stock price up. Voting him out (not voting for his pay package) would, I bet, result in a big stock price correction downward.
I wonder how tesla owners feel about financing the musky rats purchase of twitter?
This is wild, ‘yes to enrich shareholders i will dilute the shit out if them and give a coked out manbaby a 25% stake’
tesla is fucked lol.
It’s a great time to ditch your Tesla stock, folks.
Considering that his board are all fighting to latch onto his dick; ether family or friends…
… I can’t imagine any serious investor being in on Tesla. There’s just too much potential for graft.
Which is it, 56 or 44 billion? If you guys don’t know, I’ll take the difference.
It’s stock so it was valued at $56 billion when it was initially blocked. Now it is valued at $44 billion.
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“Well, I didn’t vote for you.”
You don’t vote for Musks!
Someone ELI5 why does a Delaware court have any say over tesla stock options?
This Reuters article provides a decent summary: https://www.reuters.com/legal/case-against-elon-musks-56-billion-pay-package-2024-01-30/
Tesla is incorporated in Delaware.
To add onto this for anyone interested, the reason it and many businesses are incorporated in Delaware specifically is because it has a very pro-business legal and judicial system. Many businesses benefit from choosing that state over others and can find loopholes that allow them to save money (though there have been efforts to eliminate those loopholes in much of the country).
Phil Edwards recently released a video on this, which is how I found out about it: https://youtu.be/b4q99EuZF_Q
And this is the article that inspired the video: https://www.atlasobscura.com/places/corporation-trust-center
