Elon Musk, the richest man on Earth, was denied his $56 billion windfall pay from Tesla on Monday. Tesla shareholders voted to award Musk the crazy pay, but Delaware Court of Chancery Judge McCormick denied the compensation package – for a 2nd time. Why would he even need this much money? Seriously. He can never spend it all. He already bought the Presidency for a couple of million dollars. He hangs out with celebrities and world leaders. Even when he acts like a complete fool, he is treated like a brilliant visionary.
Anyhow, back to this case. Tesla’s board asked shareholders to vote on the compensation package (which was going to be stock options, not actual cash). The initial case was brought by a group of shareholders who did not agree with the compensation package. The second vote did pass, but the Judge was not swayed, writing in her opinion: “The large and talented group of defense firms got creative with the ratification argument, but their unprecedented theories go against multiple strains of settled law.”
When the initial compensation package was at risk, Musk allegedly warned Tesla that he would step back from the company. He wanted greater control – and they gave it to him.
Musk was not happy and posted on Twitter on the Tesla account that they would be appealing the Judge’s ruling: “This ruling, if not overturned, means that judges and plaintiffs’ lawyers run Delaware companies rather than their rightful owners — the shareholders.”
Rich and petty. A perfect combination.
