Summary via ChatGPT
A Delaware judge invalidated Elon Musk’s $56 billion Tesla pay package for a second time, citing undue influence and unfair terms set by Musk. Despite shareholder approval earlier this year, the court ruled the process failed to address governance concerns and transparency. The judge emphasized the board’s failure to prove the compensation plan’s fairness, suggesting alternative, reasonable payment options were possible. Tesla may appeal the decision or propose a new compensation plan.
Some good news! I can’t believe that Tesla shareholders approved this when all Tesla indicators essentially form a giant mount of downward facing red arrows at that time.
It’s hard to believe that I was about to buy a Tesla just 8 years ago, and today I can not cringe when I see the brand. I hope someone does real market research on this, but the downfall of the company has been nothing short of fascinating.
Tesla doesn’t pay dividends so the shareholders (the majority of which are Elon sycophants) lose nothing from approving this bonus.
It’s a meme stock, nothing more