No, no it didn’t. It found that the board had people on it who were friends and colleagues of Elon. Like most boards. Perhaps you (or the court) would like to do a full analysis of major companies in the US and come up with some metrics on how close the board is to the CEO. In fact, let’s restrict it to CEOs who are founders. My comparison is with Apple and Steve Jobs, who I watched closely for many years. Seemed pretty similar to me.
The problems are imaginary. Invented by the judge.
I couldn’t have cared less about “the process of negotiating and agreeing to this pay package”. Nor should anybody else. The result of the process was clear and transparent. It was the pay package that was voted on by the shareholders, not the process of coming up with it. No shareholder expected or cared that the pay package was the result of adversarial negotiation as opposed to collegial agreement on what would be reasonable. And adversarial negotiation wasn’t required by any rule, except after the fact by a fantasizing judge.
Nobody was duped. The judge invented garbage to justify a manifestly idiotic ruling.
Every time a very wealthy person is simply wrong does not mean the peasants are equally wrong.
Musk lost in Delaware. The state’s particular courts for this sort of corporate law are the best in the world. Musk began to cry in public. He has always teared up and sniffled.
So tell us why Musk was supposed to win in legal terms that challenge the judge.
Well, to be fair, the Ambulance Chasing Lawyers just delivered a $60 billion benefit to the Tesla shareholders. They get the benefit of Musk’s labor for the last five years and don’t have to give him $60 billion in compensation for it. So arguably, the $6 billion doesn’t come “out of the pockets” of those Tesla shareholders, but instead just reflects ‘only’ $54 billion going into the pockets of the shareholders instead of $60 billion.
Tons of reasons why that description may not reflect how Tesla shareholders feel about the situation - especially since the BOD is probably going to choose to give Musk that $60 billion anyway. But from a legal perspective, Tesla has now been freed from the obligation to give Musk $60 billion in shareholder value in exchange for past services.
