Tesla shareholders approved Elon Musk's pay package in June, after it was voided by a judge in January. But that wasn't enough, the court ruled.

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.

  • danc4498@lemmy.worldEnglish
    21·
    20 days ago

    Different packages were struck down I think. The first he appealed and failed. So they approved another package this year and this is the result.

    Imagine what $51 billion would do for the average Tesla employee if it were split up evenly amongst all employees. But yes, give this one guy more money than he can ever use in infinite lifetimes.

    • adarza@lemmy.caEnglish
      13·
      20 days ago

      the 56b divvied up would be about 400k per employee (based on 2023 headcount from wiki). i think he’s fired more than hired this year, so it’d be a bit more than that.

      • danc4498@lemmy.worldEnglish
        13·
        20 days ago

        Life changing amounts of money. Instead he’s getting bragging rights to the 5 other people in the world like him.

          • Maggoty@lemmy.world
            3·
            20 days ago

            I didn’t think he’d mind the paraphrase. It’s another idea Carlin talked about in his shows.

            • Aceticon@lemmy.world
              2·
              20 days ago

              Unlike the politicians and fatcats so loudly celebrated when they lived and so mourned when they died, by the Media, George Carlin was one of the truly great people of the second half of the XX century.

    • Mnemnosyne@sh.itjust.worksEnglish
      7·
      20 days ago

      We just need a general rule: no company may offer more in compensation to any person than one hundred times the value the company paid in compensation to its lowest paid worker.

      Add in words and details to make sure there aren’t any loopholes, of course, and the problem will be largely solved across the board.

      • danc4498@lemmy.worldEnglish
        6·
        20 days ago

        I think even that would have issues. The fix is easy. Tax the holy fuck out of any earnings over $10 million. You can take that payment away from your company, but it will do very little to benefit you.