Musk could devote less time to Tesla if pay isn't re-approved, shareholders hear.
    • Wogi@lemmy.world
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      24 days ago

      He’s gotta share and the manager is buying it out of pocket so they’re gonna cut some little Caesars slices in half.

    • SeaJ@lemm.eeOP
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      23 days ago

      Musk was already on Trump’s failed economic council. It makes sense from Musk’s standpoint: do what you can to persuade the motion trying to kill your business.

      But yes, Musk and Tesla in general are a shit show.

  • Snapz@lemmy.world
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    24 days ago

    Too many folks here thinking they can appeal to the board with logic and reason…

    Tesla Board Chairperson Robyn Denholm urged shareholders to re-approve CEO Elon Musk’s $46 billion pay package this week, saying the vote is “not about the money” while suggesting that Musk could leave Tesla or devote less time to the company if he isn’t properly compensated. “This is obviously not about the money. We all know Elon is one of the wealthiest people on the planet, and he would remain so even if Tesla were to renege on the commitment we made in 2018,” Denholm wrote in a June 5 letter to shareholders. Musk’s pay plan was nullified by a Delaware Court of Chancery ruling in January 2024 after a lawsuit filed by a shareholder. The ruling said that Denholm had a “lackadaisical approach to her oversight obligations” and “derived the vast majority of her wealth from her compensation as a Tesla director.” It also said most board members “were beholden to Musk or had compromising conflicts,” and that the proxy information given to shareholders before the 2018 vote was “materially deficient.”

    Rubber stamp, just looking for the right cover to allow them to do the wrong things.

  • SeaJ@lemm.eeOP
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    24 days ago

    Award for Person You Could Easily Sell a Bridge To goes to chairperson Robyn Denholm.

    He seems motivated enough with Twitter and he makes negative money there. Considering the poster for he has created at Tesla, maybe they should not be motivating him.

    I do love that the pay package was blocked by a metal head who owned like five shares.

        • Aux@lemmy.world
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          24 days ago

          That’s like the average salary in IT, why bother? I wouldn’t even think about becoming a CEO of a company like Tesla without a package worth hundreds of millions.

        • MiDaBa@lemmy.ml
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          24 days ago

          The only problem is that with your merger $200,000 job you’d have to work for 5,000 years at that wage without spending a single penny before you’d reach even one billion dollars. To be e billionaire now would make your start date 3000 BC which would be around the time the Sumeruan writing system was first used.

          • Now, it gets worse. If you want to make Elons 46 billion dollar package you’d have to start working your full time $200,000 job 230,000 years ago. This would be the prehistoric stone age so finding a $200,000 a year job would be difficult. Even more difficult would be staying alive while working full time for 230,000 years while you earn the amount Elon wants handed to him.

          • I think the reason people think having a billion dollars is OK is because they can’t do math and don’t understand the ludicrously in that amount of money.

    • SeaJ@lemm.eeOP
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      24 days ago

      I am guessing you could hire several hundred CEOs collectively for that price. And they would not be splitting their time between five companies. Robyn clearly had their nose so far up Musk’s ass that it is difficult to figure out where one ends and the other begins.

  • notaviking@lemmy.world
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    24 days ago

    Easy, tell him then the shares they want to give him cannot be sold immediately then, like 5 years of holding. But also include a section that says his current holdings must then also be tied to the new shares holding period, since he said he was first in and will be last out, should not be a problem and will be a great motivator.