Summary
A Delaware judge upheld her earlier decision to void Elon Musk’s $56 billion Tesla CEO pay package, ruling it was improperly granted due to Musk’s control over Tesla and flawed board negotiations.
Tesla’s attempt to overturn the ruling through a shareholder vote was rejected, with the judge warning against revising judgments with new facts post-trial.
Musk called the ruling “absolute corruption” and plans to appeal.
Meanwhile, Musk’s net worth has surged, driven by Tesla’s stock jump following optimism about his alignment with Trump’s policies.
Wasn’t happy with the last ones what was it like 42?
Fuck this guy so fucking hard.
People don’t understand.
If $50bn was stacked $10 bills, it’d be real high up neat. But if it was ripped over and on the ground… .it’d take OVER 10 HOURS AT HIGHWAY SPEEDS to drive its length.
For reference $1m would be like 20 parking spaces in $1 bills.
So… Like… Fuck man.
Elon Musk’s wealth is listed as about $337,000,000,000. If you earn $50K per year it would take you 6.74 million years to earn it, or 3.37 million years at $100K. If you earned a million dollars a year it would still take you 337,000 years. It’s an obscene amount of wealth to belong to one man.
I highly recommend On Freedom book but Timothy Snyder, it basically talks how the wealth is being stolen from us and now with help of modern technology like social media.
This is what I mean when I try to explain to people that if they’re not pulling down multiple millions of dollars per year on the interest of their wealth…
They are the middle class. And they’re basically poor.
This shit is slipping fast.
If you have a salary that’s in the hundreds of thousands and you think that you’re doing well? You’re just not very poor. You’re basically a slave. You’re a slave with bells and whistles.
If you have a salary that’s in the hundreds of thousands and you think that you’re doing well?
If you have that salary, then you can have a comfortable life. And if you have a comfortable life, then you are doing well.
If you have a salary that’s in the hundreds of thousands and you think that you’re doing well? You’re just not very poor. You’re basically a slave. You’re a slave with bells and whistles.
Poor isn’t a measure of wealth compared to others. It also means “with less resources than you need to survive in a healthy way”. For most people $100k/year will let you survive in a healthy way. Above a certain dollar figure, having more money doesn’t let you live better, it just gets spent on unnecessary crap (or stacked up and hoarded).
In the short-term: yes.
In the mid- to long-term: obscene inequality (like we are seeing currently) inevitably leads to awful awful things…
If you have a salary that’s in the hundreds of thousands and you think that you’re doing well? You’re just not very poor. You’re basically a slave. You’re a slave with bells and whistles.
No wonder people are so miserable if they believe someone earning 100k+ a year means they’re poor. In the vast majority of places in the world that puts you well into the upper middle class. I earn less than half that and I consider myself quite well off.
HA HA
I just leave one quote here:
According to the Department of Housing and Urban Development, it would cost $20 billion to end homelessness in the United States.
Excellent comment. I donated to Coalition for the Homeless in your name.
Hey thank you, I feel honored!
Here is a fun fact, if every church housed 2 homeless people, there would be no homeless in America.
As if a church would give a damn about the needy.
When you’ve essentially already got everything the only thing to do is try to get more.
Every rich person has a hoarding mental illness
Good to see.
this probably hurts him more than me saying he’s an incompetent nepo baby. (the best way to hurt rich fucks is to hurt their wallet, after all.)
I think hurting his ego also hurts him, just look at the amount of people that get banned from X for doing it.
Dang, so instead of deleting my account I should’ve got it banned… That would’ve been better
Unfortunately his wallet isn’t hurting. He’s still rich.
So what you’re saying is, more hurt!
the best way to hurt rich fucks is
with a guillotine.
The guillotine was actually meant to be painless. Properly constructed and sharpened it pretty much is. Or so I’m told.
While a quick and painless death certainly falls short of the misery they cause, I’m more concerned about ending that misery to the masses; it’s not so much about punishing the oppressors. …even if they do deserve to be skinned alive and then drowned in a pool of lemon juice; that’s just more work than it’s worth.
The brain is alive for minutes afterwards so don’t know what it would feel like.
Bit of an unsubstantiated myth that.
I mean, it’s a testable hypothesis, and we’ve got plenty of oligarchs.
Yeah go for it. There’s science to be done, for the people that are still alive
🎵
Reckon we should find out, using musk with a neurolink embedded
Eh, I think all those pain receptors in your neck will send signals to your brain just fine, for a while.
maybe you have a point. But can I loot all his money first and make him watch as i donate it to trans rights, maybe also some no-kill shelters. you know puppies and kittens. also, maybe end homelessness and take a bite out of world hunger?
Nah, the sudden loss of blood pressure sends you into shock immediately.
That sum is close to the 44 billion spent on Twitter, could that somehow be the payment for it via inflating Tesla stock price?
Probably? I’m fairly certain that saying mean things about Musk on Lemmy has no effect on him whatsoever.
You’re right. I’d say mean things about him on twitter, but that requires a twitter account… and that’s just gross.
Temporarily have a Twitter account because Leon doesn’t like people saying mean things about him.
I do like knowing that anywhere that assclown’s name comes up (or other deserving parties), somebody will chime in with an insult or five. He’ll never see it in almost any conceivable universe but on the off chance that this is the one where he’s browsing !news@lemmy.world comments, at least we can make sure they’re not all neutral or positive.
womp womp
ruling that Musk had individually “controlled Tesla” and dictated the terms of his compensation to a board that didn’t fairly negotiate.
I’d like like to know more about the makeup of this “board” who I assume were all hand picked by Musk.
https://ir.tesla.com/corporate
Kimbal is his brother.
It boggles my mind why anyone would still be holding onto Tesla stock right now. The board and the Musk are actively trying to screw them over right now and one judge barely managed to prevent shareholders from getting shafted. How does it make any sense to hold onto Tesla shares at this point?
Tesla stocks (and quite a few other company’s stocks) are not based on ‘fundamentals’. They are based on hype, speculation, and perceived future value.
People investing in tesla either 1. Are ‘playing the game’ and trying to take advantage of the hype. Which incentives them to also hype because they benefit when more people buy the stock. Think crypto bro-esque grifting. Id also throw in people who do short term trading to time hype jumps. 2. Novice/uninformed investors who don’t understand fundamentals (who may be getting boozled)3. People that understand fundamentals but are also hedging against a miracle.
Elon isn’t a stupid guy. There is a reason why Musk is constantly hyping things. It keeps the stock high. It’s keeps the buzz going which gets more people to buy in. It keeps him rich which lets him do silly things like buying Twitter or donating to political campaigns and ingratiating him to the president elect.
But the overall valuation of Tesla absolutely, unequivocally is not based on fundamentals/realistic valuation of the company. It’s almost all a “bet” and people buying stocks are gambling.
Because he’s going to make money hand over fist when Trump’s “road safety” department allows Tesla to operate unsafe robo taxis.
If those robo taxes are working off of similar system to their half baked self driving tech, it would be a disaster. I keep seeing videos of Waymo taxis clogging up the streets of San Francisco and those things have much better suite of sensors than Tesla. It’s insane that our public road has become a alpha/beta testing platform for bunch of tech bros.
It’s OK, they’ll have a fully qualified team of crack operatives, ready to take over if the car needs human assistance!
And by that they mean a guy in Bangalore, being paid $1 an hour to stare at 20 screens all day, hoping to Vishnu that he doesn’t kill anybody today.
I’m assuming that it’s the same shitty self driving tech they have now, only instead of you sat there ready to take over when it decides it can’t be bothered or veers into oncoming traffic, some other poor schmuck will be doing it instead. Only with an extra second of latency.
People will die.
That is the company than owns and operates the US president elect. People are going to shovel money into that as long as morons think Trump is doing a good job
Market is irrational
