How is it that a JUDGE can tell Elon Musk that he can’t get the money that 73% of Tesla shareholders approved?! Might I suggest Elon politely tell these bureaucrats to go fascism themselves. Or some other word that begins with F. see clip below
How is it that a JUDGE can tell @elonmusk that he can’t get the money that 73% of Tesla shareholders approved?! Might I suggest Elon politely tell these bureaucrats to go fascism themselves. Or some other word that begins with F. pic.twitter.com/uVtr40DflI
— Glenn Beck (@glennbeck) February 1, 2024
Kim Dotcom said ‘Biden corruption costs @elonmusk $55 billion. It’s just the beginning. Democrats won’t stop until Elon is kicked out of his companies, his fortune gone and his reputation destroyed. That’s what happens to tech entrepreneurs with a conscience.’
A recent ruling by a Delaware judge has invalidated Elon Musk’s colossal $55 billion pay package following a legal challenge brought by a Tesla shareholder who deemed it excessively generous. The repercussions of this decision may significantly impact Tesla’s governance structure, pending a forthcoming appeal, as reported by Bloomberg.
Shareholder Richard Tornetta initiated the compensation case, contending that Tesla’s board lacked independence in formulating Musk’s remuneration—a perspective upheld by the presiding judge. The court’s decision on Tuesday mandates Tesla’s board to devise a new executive compensation plan, temporarily overhauling the previously record-setting package granted to Musk in 2018.
The REAL Reason Biden and the Deep State are after Musk… Tucker says it – fast 1 min clip
Tucker Carlson talks about X being the least censored platform. I hope Elon Musk continues to stand up against the Deep State….#TuckerCarlson #X #ElonMusk #FreeSpeech #Censorship #TaylorSwiftAl pic.twitter.com/gQE28nOltw
— Mississippi Sambo (@MS_Sambo_) January 27, 2024
With the election coming up, the Democrats-Marxists and their Deep State operatives will move to destroy Musk long before November, as they need control over X (Twitter) to help them do a repeat of the 2020 steal. No one is falling for their BS this time.
This verdict places a substantial portion of Musk’s net worth in jeopardy, as the options tied to the pay package are valued at approximately $51.1 billion. Excluding these options would reduce his net worth to $154.3 billion, positioning him as the world’s third-wealthiest individual, a shift from his prolonged stint at the top, according to the Bloomberg Billionaires Index.
Kanekoa says ‘Judge Kathaleen McCormick rescinded Elon Musk’s $55 billion Tesla compensation package, overturning the company’s board and 80% of its shareholders. McCormick also ruled against @elonmusk. during his Twitter acquisition. Before becoming the head of the Delaware Chancery Court, McCormick worked at a Delaware law firm called Young Conaway. This firm and its employees have been major donors to President Joe Biden for decades. In 2016, Hunter Biden hosted a gubernatorial campaign event for Congressman John Carney, with then-Vice President Joe Biden as the guest speaker.
This event took place at the Law Offices of Young Conaway in Wilmington, Delaware. Carney, a close friend of Joe Biden for the last four decades, later became governor and nominated Kathaleen McCormick, a partner at Young Conaway, to her position on the Delaware Chancery Court. In a March 2018 email, Hunter Biden claimed to personally know every judge on the Delaware Chancery Court while threatening legal action against his Chinese business partners. “I will bring the suit in the Chancery court in Delaware – which as you know is my home state and I am privileged to have worked with and know every judge on the chancery court.”
After Elon Musk purchased Twitter with the stated goal of restoring free-speech, President Biden called for a federal investigation into Musk on the podium at the White House. Following this, the Biden Department of Justice, Securities and Exchange Commission, and Federal Trade Commission initiated legal actions and investigations against Tesla, SpaceX, and X. This recent decision by Judge McCormick, who worked with Biden’s top donors and was nominated by Biden’s close friend, to override Tesla’s board and the majority of its shareholders is another clear example of the Biden administration and its allies weaponizing the American legal system against their political opponents. – Tweet
Shortly after a Delaware judge voided Elon Musk’s $55 billion Tesla compensation package, the billionaire took to social media to vent his feelings: 'Never incorporate your company in the state of Delaware' https://t.co/IJMhMJFOrt
— Business Post (@businessposthq) January 31, 2024
Chief Judge Kathaleen St. J. McCormick of the Delaware Chancery Court cited inadequate disclosures and conflicts of interest within the board in her ruling. Musk, whose wealth is largely derived from Tesla, the leading global auto company, has witnessed stock options from the invalidated plan vest as performance goals were met, though he has not exercised them yet.
Judge McCormick emphasized Musk’s unilateral decision-making process, stating, “In the final analysis, Musk launched a self-driving process, recalibrating the speed and direction along the way as he saw fit. The process arrived at an unfair price. And through this litigation, the plaintiff requests a recall.” She further pointed out the absence of evidence of adversarial negotiations between the board and Musk regarding the size of the grant as a significant shortcoming in the process.
“Musk was the paradigmatic ‘Superstar CEO’ . . . and dominated the process that led to board approval of his compensation plan,” said the judge. https://t.co/k4yMmKrb5t
— Alex Callinicos (@alex_callinicos) January 31, 2024
Musk’s defense failed to justify the necessity of the unprecedented compensation plan. The judge questioned the need for such a plan to retain Musk and achieve Tesla’s objectives. The outcome of Musk’s appeal or Tesla’s response with a new pay package remains uncertain, and any compensation resulting from the case will revert to Tesla, not the shareholder.
Responding to the ruling, Musk took to Twitter with a terse statement: “Never incorporate your company in the state of Delaware.” He followed this up with a poll on the platform, rhetorically asking if Tesla should consider switching its state of incorporation to Texas. Bravo to Elon, as more and more of his assets continue to move to free states like Texas and Florida.
Targeting Elon Musk and Trump…do you see it now?
They don't go after the compensation plans of the Banks or Big Pharma etc….it's Musk.
Delaware Court Judge Voids Elon Musk's $55BN Compensation Package
A Delaware judge voided Elon Musk's $55 billion pay package after a Tesla… pic.twitter.com/FstTYvw6xW
— floridanow1 (@floridanow1) January 31, 2024
As the legal battle unfolds, the implications extend beyond Musk’s personal wealth to the broader governance of Tesla. The court’s emphasis on board independence and transparency in executive compensation could prompt a reevaluation of corporate practices within the company and potentially set a precedent for other corporations navigating similar challenges. Other corporations will also now jump from Delaware, as we now see that the long hand of the Deep State and Democrat corruption extends deep into corporate life in general.
Ever since his purchase of Twitter, the entire machine has been mobilized to neutralize & destroy Elon Musk The Biden DOJ, SEC, FTC, and EOCC have launched multiple lawsuits and criminal probes against Elon Musk The ADL and legacy media coordinated a massive boycott campaign that cost the company $1.5 billion so far And now a judge just voided a $58 billion compensation that 73% of shareholders approved for Elon Musk- End Wokeness
The ongoing saga underscores the delicate balance between rewarding visionary leaders for their contributions and ensuring checks and balances within corporate governance. Investors and industry observers will be keenly watching for developments in the appeal process and Tesla’s subsequent actions in crafting a new executive compensation plan. The people who create a company like Tesla should have every right to negotiate a deal as Musk did. And with well over 70% of shareholders agreeing, what right does the Deep State and Democrat Party have to stop him and hurt his plans? Musk dared to buy Twitter and with the promise of free speech, something we here in America took for granted until it was gone, he has become target number two behind Trump, in the Deep State’s desire to destroy all freedom and bring about their ‘Great Marxist Reset’ on a global scale.
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Major Points Discussed:
- Delaware judge voids Elon Musk’s $55 billion pay package after legal challenge by Tesla shareholder.
- Ruling could significantly impact Tesla’s governance structure, pending a forthcoming appeal.
- Shareholder argued Tesla’s board lacked independence in crafting Musk’s pay, a view upheld by the judge.
- Musk’s net worth at stake, with options valued at about $51.1 billion; excluding options, he drops to the world’s third wealthiest.
- Judge cites inadequate disclosures and conflicts of interest, requiring Tesla’s board to create a new executive compensation plan; Musk’s appeal outcome remains uncertain.
Comments – Threads – Links
- Demos are the most destructive authoritarians in my life time. Let’s kill capitalism and anyone that does let them rob the tax payor. – Phat
- Never incorporate your company in the state of Delaware- Elon Musk
- All because he said he would likely vote Republican…. – Rene
- The Judge is a Marxist communist! – Timothy Warren
- Delaware. Always criminal biden’s insider “laws” and judges. – It’s a Freak Country™
- So where does that money go? To the gov? Is this the USA anymore? – Owling8888
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