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
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    20 days 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
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      20 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
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        20 days 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
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          20 days 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.

    • Sabata@ani.social
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      20 days ago

      That is the company than owns and operates the US president elect. People are going to shovel money into that as long as morons think Trump is doing a good job

    • cybersandwich@lemmy.world
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      20 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.