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Shareholders, would you vote to reinstate Elon's pay package

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ÆCIII

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https://www.legaldive.com/news/tesla-taking-novel-approach-56b-musk-pay-DGCL-Talley-Lipton-chancery-court-shareholder-suit/713745/#:~:text=“Earlier this year, a Delaware,letter in the proxy statement.

The court found the board didn't do their due diligence to detail the conflicts of interest on the board. Even though they put it to a general vote, the board's conflict made the basis for the vote suspect.

The court also found that the board failed to disclose the forward looking statements that their creditors saw, which showed that these benchmarks were more likely than not to be achieved. They were not stretch goals.

And the solution is... Release that information and vote again. It's not even a high cost.

Using courts without juries is how the vast majority of rulings are made, as it's much quicker and cheaper and usually, fairly even-handed. Even with a jury, there's still only one judge in the court.

-Crissa
IMO forward looking statements are something that Tesla and the board had every right to make or withhold, and interpret with their own emphasis, regardless of how predictions might turn out, as long as the terms of the compensation package were met in the stated timeline.

There are still more layers of course, and while I may not agree with their interpretations, thank you for summarizing them for us and providing a link - appreciated.

- ÆCIII
 

BannedByTMC

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I don't believe what you believe and, without new evidence to the contrary, I never will.

I don't have a long history of hating on Elon incessantly, that's what got you banned from TMC, something that's pretty hard to achieve because they have a surprising tolerance for people who are incessantly negative on one of the world's greatest industrialists of all time. Sure, be critical of specific things, just don't paint a good man with a broad stroke of negativity, just to spread your hate.
You clearly don't know my "history" on TMC or why I was banned, but of course that doesn't stop you from making things up to fit your narrative, which seems to be your standard operating procedure. I've been supporting Tesla since before most people had ever heard of them and spent countless hours defending Elon. What I don't do is blindly excuse his mistakes.
 

BannedByTMC

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Retail investors are asking Tesla CEO Elon Musk: Are you okay?

The company opened up a Q&A channel for retail investors this week, and the dozens of questions focused on Musk are directed at the entrepreneur’s ability to right the ship at Tesla while also being focused on AI, space travel, and maintaining an involved social media presence.
Some of the top-voted questions about Musk included the following:
“Is there any discussion about oversight of Elon’s erratic behavior on X that is damaging the Tesla brand?”
“Elon, can you please let investors know how you prioritize Tesla vs. X/Twitter vs. U.S. immigration policy? A few years ago it seemed clear to me the ranking, but today it’s not clear to me as an investor & outsider.”
“If we vote for your comp package will you please at least appear to make Tesla your top priority? (Not saying crazy things on Twitter would be nice, too).”
https://fortune.com/2024/04/19/teslas-investors-musk-anguish-conduct-x-erratic/
 

Carlo B

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I'm not even sure how to respond to this post.... so stupid and outrageous

Elon preformed and outperformed the agreement and then court rescinded the pay - how would you feel if your salary from years ago was taken away after you preformed the required work? What if I say that you are not worth whatever you're making now and cut your pay?


YES & YES
Yes Pay the man! he earned every penny against all odds and risking it all including his reputation and honor. Regardless the amounts involved, any shareholder private or institutional willing to renig on that package when its time to pay up is just plain greedy, shameless and without honor. Elon and Tesla is working for the greater good of all, that is what America is all about, values lost on those greedy individuals.
 

kdn

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Long time investor....YES and YES
 

Crissa

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I think it stretches the limits of credibility to think shareholders didn't know that Kimbal Musk was Elon's brother and that Elon didn't have a friendly relationship with board members. That's all pretty normal in the corporate worlld, the judge was just looking for things to justify her unprecedented ruling which was based more upon the high pay than anything nefarious.
It's not just Kimbal, and there are things you can do to prevent the appearance of conflict. Until the prior suit, I didn't know he was on the board, either. I just assume all boards are corrupt, like you do.

Which is why I'm not bothered by the court's decision. The damage is... We vote again.

Well, also that Elon is having a tantrum and showing why he shouldn't be CEO anymore.

IMO forward looking statements are something that Tesla and the board had every right to make or withhold, and interpret with their own emphasis, regardless...
It's fraudulent if you're withholding them and they're the basis of a pay package.

Yes Pay the man! he earned every penny against all odds and risking it all including his reputation and honor.
So it's okay if he lied about the odds when shareholders voted before?

-Crissa
 

HaulingAss

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You clearly don't know my "history" on TMC or why I was banned, but of course that doesn't stop you from making things up to fit your narrative, which seems to be your standard operating procedure. I've been supporting Tesla since before most people had ever heard of them and spent countless hours defending Elon. What I don't do is blindly excuse his mistakes.
I do know your history on TMC, because you used the same profile image and I've read thousands of your posts (unfortunately) and, yes, the majority of them had negative perspectives that I didn't feel were supported by the facts. You often hate on Elon and rarely give him credit for anything.

I don't want to get in a pissing match because we will never agree, I just wanted to let you know I wasn't just making it up out of thin air.
 

HaulingAss

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It's not just Kimbal, and there are things you can do to prevent the appearance of conflict. Until the prior suit, I didn't know he was on the board, either. I just assume all boards are corrupt, like you do.
No, I don't think all (or even most) boards are corrupt. It's not corrupt to be related to the CEO or have social interactions between the CEO and board members. It's a small world, knowing someone doesn't mean you can't do your job.

Which is why I'm not bothered by the court's decision. The damage is... We vote again.
Voting again would be a great option if the clock could be turned back. The problem is greedy shareholders might not be as generous now that the work has already been successfully completed. That's not fair to decide how much to pay someone to do a job AFTER they have already completed the job under the assurances they were being paid a higher amount.

Worse, the same shareholders will not be voting, many of the people being asked to vote didn't even benefit from Elon's excellent performance.

The judge is asking a clock that cannot be turned back, to be turned back. The only corruption I can see in this entire merry-go-round is that of the judge and her irrational ruling. It's not timely or fair to the original shareholders that granted the compensation or Elon himself.

Well, also that Elon is having a tantrum and showing why he shouldn't be CEO anymore.
Elon hasn't shown anything of the sort. He's actually been very restrained considering how he's being attacked by people without 1/10th the tenacity he has.
 

Crissa

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Elon hasn't shown anything of the sort. He's actually been very restrained considering how he's being attacked by people without 1/10th the tenacity he has.
'Restrained' Dude, don't even go there.

I was just referring to his little spat about reincorporating in Texas. It's a tantrum. Not his politics.

And shareholders might not reapprove it? They shouldn't, if the board lied about how likely it was to pay out the goals.

Having 'your brother' on the board is why the idea of the boards as being independent is corrupt.

-Crissa
 

BannedByTMC

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I do know your history on TMC, because you used the same profile image
Wrong, I cleverly disguised myself here by adding the Cyber roll cage to it.

and I've read thousands of your posts (unfortunately) and, yes, the majority of them had negative perspectives that I didn't feel were supported by the facts. You often hate on Elon and rarely give him credit for anything.
You need to read the other thousands before Elon lost his sh!t.
 

HaulingAss

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'Restrained' Dude, don't even go there.

I was just referring to his little spat about reincorporating in Texas. It's a tantrum. Not his politics.
What you call a "spat" or a "tantrum", I call exposing what's wrong in America. Elon is trying to bring high paying manufacturing jobs back to the United States and that requires that people understand why the odds are stacked against the United States. And its not just because workers cost more here.

And shareholders might not reapprove it? They shouldn't, if the board lied about how likely it was to pay out the goals.
Tesla's BoD has been completely above the board through this entire process. They didn't lie about anything.

Having 'your brother' on the board is why the idea of the boards as being independent is corrupt.
You have a lot to learn about corporate governance. The Board of Directors is as independent as the shareholders make it. Remember, the people who own the company vote on who to staff the BoD with. But don't worry, apparently some law students turned into judges don't understand corporate governance either, or how innovation and good vision drive productivity and thus our standard of living. Elon is doing a good thing bringing these travesties to light in an attempt to slow down our descent into becoming a third world country.
 
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EvilNuff

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I just don't understand how ANY shareholder can continue to support Musk as CEO at this point. Absolutely 100% he is responsible for so many amazing great things with Tesla. However, at this point it is very clear from the stock that his focus on AI and FSD is an anchor around Tesla's neck. They need to scrap FSD and focus on the cars and improving the battery and charging technology.

They will simply *never* achieve level 5 autonomy with a vision only tech stack. It is a waste of company time and money that should be spent elsewhere.
 
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