Tesla shares slide after judge voids Elon Musk’s $56 billion compensation::The compensation package the Tesla board gave CEO Elon Musk set a record for publicly traded corporations, a Delaware judge noted in her ruling.
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So Tesla gets that $56 billion back? Kinda funny that that causes their share price to drop.
Your mistake there is thinking the stock market has to make sense. For instance, mass layoffs are a huge red flag that a company is failing and in any sane world would instantly tank the value. The stock market instead likes layoffs because it’s not at all interested in what the company actually does, so spending a little less in the short term to produce a lot less long term is a good thing.
Well, theyd get the shares back, and then presumably be able to sell them …
They’ve been sliding all month. $249->$188 so far.
Its actually up right now today. The headline sucks.
Voiding the stock-based compensation means that all other shareholders will automatically get more control of the company. This is actually a good ruling for TSLA shareholders, not that the cult members understand anything about corporate politics, corporate control, or how shares fucking work.
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Defendants also argue that Musk needed additional incentives to stay on at Tesla or he would spend more time at SpaceX, where he could fulfill his galactic ambitions to establish interplanetary travel, colonize Mars, and potentially earn more money in the meantime.
Not like he even actually does anything at Tesla anyway, between all the people they’ve got to babysit him and his spending all his time shit posting on Twitter.
If a person can be the CEO of multiple companies, but normal humans aren’t generally allowed to hold two of the same job “because it means we’re not giving either job our full focus”, then it stands to reason that the job of CEO doesn’t require anything approaching the full focus of a human, and thus they are being overpaid by multiple orders of magnitude.
But we already knew all that.
