Summary

A Delaware judge upheld her earlier decision to void Elon Musk’s $56 billion Tesla CEO pay package, ruling it was improperly granted due to Musk’s control over Tesla and flawed board negotiations.

Tesla’s attempt to overturn the ruling through a shareholder vote was rejected, with the judge warning against revising judgments with new facts post-trial.

Musk called the ruling “absolute corruption” and plans to appeal.

Meanwhile, Musk’s net worth has surged, driven by Tesla’s stock jump following optimism about his alignment with Trump’s policies.

  • fuzzywombat@lemmy.world
    link
    fedilink
    arrow-up
    37
    ·
    edit-2
    1 day ago

    It boggles my mind why anyone would still be holding onto Tesla stock right now. The board and the Musk are actively trying to screw them over right now and one judge barely managed to prevent shareholders from getting shafted. How does it make any sense to hold onto Tesla shares at this point?

    • Blackmist@feddit.uk
      link
      fedilink
      English
      arrow-up
      15
      ·
      2 days ago

      Because he’s going to make money hand over fist when Trump’s “road safety” department allows Tesla to operate unsafe robo taxis.

      • fuzzywombat@lemmy.world
        link
        fedilink
        arrow-up
        9
        ·
        1 day ago

        If those robo taxes are working off of similar system to their half baked self driving tech, it would be a disaster. I keep seeing videos of Waymo taxis clogging up the streets of San Francisco and those things have much better suite of sensors than Tesla. It’s insane that our public road has become a alpha/beta testing platform for bunch of tech bros.

        • Blackmist@feddit.uk
          link
          fedilink
          English
          arrow-up
          4
          ·
          1 day ago

          It’s OK, they’ll have a fully qualified team of crack operatives, ready to take over if the car needs human assistance!

          And by that they mean a guy in Bangalore, being paid $1 an hour to stare at 20 screens all day, hoping to Vishnu that he doesn’t kill anybody today.

          I’m assuming that it’s the same shitty self driving tech they have now, only instead of you sat there ready to take over when it decides it can’t be bothered or veers into oncoming traffic, some other poor schmuck will be doing it instead. Only with an extra second of latency.

          People will die.

    • cybersandwich@lemmy.world
      link
      fedilink
      arrow-up
      9
      ·
      2 days ago

      Tesla stocks (and quite a few other company’s stocks) are not based on ‘fundamentals’. They are based on hype, speculation, and perceived future value.

      People investing in tesla either 1. Are ‘playing the game’ and trying to take advantage of the hype. Which incentives them to also hype because they benefit when more people buy the stock. Think crypto bro-esque grifting. Id also throw in people who do short term trading to time hype jumps. 2. Novice/uninformed investors who don’t understand fundamentals (who may be getting boozled)3. People that understand fundamentals but are also hedging against a miracle.

      Elon isn’t a stupid guy. There is a reason why Musk is constantly hyping things. It keeps the stock high. It’s keeps the buzz going which gets more people to buy in. It keeps him rich which lets him do silly things like buying Twitter or donating to political campaigns and ingratiating him to the president elect.

      But the overall valuation of Tesla absolutely, unequivocally is not based on fundamentals/realistic valuation of the company. It’s almost all a “bet” and people buying stocks are gambling.

  • Metz@lemmy.world
    link
    fedilink
    English
    arrow-up
    46
    arrow-down
    2
    ·
    2 days ago

    I just leave one quote here:

    According to the Department of Housing and Urban Development, it would cost $20 billion to end homelessness in the United States.

  • FuglyDuck@lemmy.world
    link
    fedilink
    English
    arrow-up
    96
    arrow-down
    1
    ·
    2 days ago

    Good to see.

    this probably hurts him more than me saying he’s an incompetent nepo baby. (the best way to hurt rich fucks is to hurt their wallet, after all.)

      • FuglyDuck@lemmy.world
        link
        fedilink
        English
        arrow-up
        9
        ·
        2 days ago

        The guillotine was actually meant to be painless. Properly constructed and sharpened it pretty much is. Or so I’m told.

        • Sterile_Technique@lemmy.world
          link
          fedilink
          English
          arrow-up
          2
          ·
          22 hours ago

          While a quick and painless death certainly falls short of the misery they cause, I’m more concerned about ending that misery to the masses; it’s not so much about punishing the oppressors. …even if they do deserve to be skinned alive and then drowned in a pool of lemon juice; that’s just more work than it’s worth.

        • Auli@lemmy.ca
          link
          fedilink
          English
          arrow-up
          5
          ·
          1 day ago

          The brain is alive for minutes afterwards so don’t know what it would feel like.

        • oyo@lemm.ee
          link
          fedilink
          arrow-up
          5
          ·
          2 days ago

          Eh, I think all those pain receptors in your neck will send signals to your brain just fine, for a while.

          • FuglyDuck@lemmy.world
            link
            fedilink
            English
            arrow-up
            4
            ·
            2 days ago

            maybe you have a point. But can I loot all his money first and make him watch as i donate it to trans rights, maybe also some no-kill shelters. you know puppies and kittens. also, maybe end homelessness and take a bite out of world hunger?

    • coyootje@lemmy.world
      link
      fedilink
      arrow-up
      11
      ·
      2 days ago

      I think hurting his ego also hurts him, just look at the amount of people that get banned from X for doing it.

    • takeda@lemmy.world
      link
      fedilink
      arrow-up
      10
      ·
      2 days ago

      That sum is close to the 44 billion spent on Twitter, could that somehow be the payment for it via inflating Tesla stock price?

    • Free_Opinions@feddit.uk
      link
      fedilink
      arrow-up
      4
      ·
      2 days ago

      Probably? I’m fairly certain that saying mean things about Musk on Lemmy has no effect on him whatsoever.

      • FuglyDuck@lemmy.world
        link
        fedilink
        English
        arrow-up
        12
        ·
        2 days ago

        You’re right. I’d say mean things about him on twitter, but that requires a twitter account… and that’s just gross.

      • betterdeadthanreddit@lemmy.world
        link
        fedilink
        English
        arrow-up
        3
        arrow-down
        1
        ·
        2 days ago

        I do like knowing that anywhere that assclown’s name comes up (or other deserving parties), somebody will chime in with an insult or five. He’ll never see it in almost any conceivable universe but on the off chance that this is the one where he’s browsing !news@lemmy.world comments, at least we can make sure they’re not all neutral or positive.

  • NutWrench
    link
    fedilink
    English
    arrow-up
    5
    ·
    edit-2
    2 days ago

    ruling that Musk had individually “controlled Tesla” and dictated the terms of his compensation to a board that didn’t fairly negotiate.

    I’d like like to know more about the makeup of this “board” who I assume were all hand picked by Musk.