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.
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.
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.
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.
