Musk's Pay Package: Tesla Shareholder's Lawyer Weighs In

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Bloomberg Technology

Bloomberg Technology

Күн бұрын

Elon Musk's $55 billion Tesla pay package has been struck down by a judge in Delaware after shareholder Richard Tornetta challenged it as excessive. Bloomberg's Max Chafkin and one of Tornetta’s lawyers, Greg Varallo from Bernstein Litowitz Berger & Grossmann, join Caroline Hyde and Ed Ludlow on "Bloomberg Technology."
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Пікірлер: 815
@LivingPaperINC
@LivingPaperINC 6 ай бұрын
What about all the CEOs that make millions when their companies lose millions? That seems much more unfair.
@wolfgangpreier9160
@wolfgangpreier9160 6 ай бұрын
They get money, Elon does not get money. They are being paid. Elon not. Elon can just take his people and do his own spiel elsewhere. And F..K the US of A.
@yanly9936
@yanly9936 6 ай бұрын
You re so smart
@thewolfdoctor761
@thewolfdoctor761 6 ай бұрын
Over the last 27 months TSLA has dropped around 230 points. During this time Elon has lost millions for thousands of investors.
@wolfgangpreier9160
@wolfgangpreier9160 6 ай бұрын
@@thewolfdoctor761 Yes, and you would do better and demand the CEO post for yourself. Go ahead and convince the judge that she gves you the job. Good luck. If you do i will sell everything Tesla and buy VW. Just FYI.
@1flash3571
@1flash3571 6 ай бұрын
@@thewolfdoctor761 Over the 24 months, HE HAS NOT TAKEN ANY PAY or is under any PAY PACKAGE. He is basically working for FREE. Are you going to work for FREE for a company also???????? I BET NOT....Idi0t....Know your FACTS before you say something dumb. When those pay package was in effect, if he didn't meet those goals set by the company, which were almost impossible to meet, then he would have gotten a ZERO dollars.
@GreenPartyHat
@GreenPartyHat 6 ай бұрын
As a shareholder who voted for Elon to be awarded the money I am very upset. The Lawyer keeps saying "the pay was so ridiculous, it was the biggest ever" Yes...….. and so was what Elon did for Tesla. THATS THE POINT!
@thewolfdoctor761
@thewolfdoctor761 6 ай бұрын
TSLA is down 230 points over the last 27 months. This is also what Elon did for Tesla.
@robb233
@robb233 6 ай бұрын
@@thewolfdoctor761 What is it compared to the time the suit was filed? 10 fold? Is he responsible for that ?
@soup-nazi6824
@soup-nazi6824 6 ай бұрын
​@@thewolfdoctor761go away libtard 😅
@user-qh9lu5cl6n
@user-qh9lu5cl6n 6 ай бұрын
@@thewolfdoctor761 This will age like spilt milk. Let's revisit in 10 years.
@thewolfdoctor761
@thewolfdoctor761 6 ай бұрын
@@user-qh9lu5cl6n If Tesla can stabilize itself, it has a good future. Right now the Board of Directors and Elon are a disaster. If they can't get their act together, I can see the stock dropping well below $100.
@marcuss7617
@marcuss7617 6 ай бұрын
On behalf of the 71% of the shareholders that voted for Elon’s compensation package, this lawyer and his one shareholder that he represents can GFY!
@sza2bom
@sza2bom 6 ай бұрын
the board can try to give the same or equivalent package with better info to shareholders and have them vote it again. Their winning point wasnt the sum of money but the lackluster communication to shareholders.
@user-qh9lu5cl6n
@user-qh9lu5cl6n 6 ай бұрын
@@sza2bom Funny how lacklustre platforms by politicians that get voted in and never materialize.... that's ok? But a little poetic licence with some rules to execute a nearly impossible task to achieve outsized rewards with a failure of a single goal in the list of goals meant he got nothing... that's a problem? I can't see this standing up to an appeal. I can however see them re-writing the package and it being even more lucrative than the last and it being passed by vote again.
@RicardoPereira-pk3py
@RicardoPereira-pk3py 6 ай бұрын
​@@sza2bomPfff that won't stop a corrupt judge from STEALING his compensation package in 5 years when all Tesla objectives have been met
@RosscoAW
@RosscoAW 6 ай бұрын
Ok? Who cares. The judicial system doesn't give a fuck what a bunch of other shareholders *think and feel,* just the law. Maybe, idk, suck it up, buttercup.
@Vyas417
@Vyas417 6 ай бұрын
@@sza2bomthe same judge forced Elon to buy Twitter even if Twitter did not disclose bots are 50% of their active users
@odvardonald
@odvardonald 6 ай бұрын
The person with 9 shares gets to overrule the majority of shareholders. The packs was clear 10x foe 6%. We voted yes
@SonTimba
@SonTimba 6 ай бұрын
Although I disagree with the ruling, this lawyer’s point was that the shareholders made a decision without having all the information; meaning, the board withheld information from the shareholders at time of vote. That is a very dangerous statement especially for a ‘public’ company. There needs to be full transparency of an issue that is being put to a vote by the board to the shareholders. Otherwise we are in for other companies abusing, manipulating and/or misleading their shareholders at time of voting. The implications are quite broad…
@singed8853
@singed8853 6 ай бұрын
@@SonTimbacorrect. Elon and the board did not do this properly. It was unethical. The board has a fiduciary duty to the shareholders. Shareholders voted on the pay plan in light of that fundamental expectation. The board submitted the pay plan for a vote without engaging in a meaningful negotiation. By far the most lucrative pay plan in history and no real negotiation? That’s not lawful or ethical conduct.
@krisrubin5489
@krisrubin5489 6 ай бұрын
Oh ya! I bought $TSLA shares and voted "yes" because I thought @Elon was a bend-over pussy that lifted his tail to the status quo crew. And I thought he was not at all manipulative.... NOT! Company executives withholding information? Company executives doing shit to boost their company's stock? Oh ya, that never happens... NOT!@@SonTimba
@1flash3571
@1flash3571 6 ай бұрын
@@singed8853 Did you even look at the CONDITIONS for the pay to be in effect??????? Why don't you go and look at it yourself and see if you would have agreed to those conditions when it was almost impossible for Elon to meet those conditions because they were unrealistic, almost, but he actually accomplished it.
@singed8853
@singed8853 6 ай бұрын
@@1flash3571 Elon agreed to those conditions. He believed it was to his benefit and he was correct. Was he crazy or stupid or irrational? Why wouldn’t I do it too? Furthermore the board and Elon had access to internal projections which showed the company was already on track to meet several of the tranches. This was non public info that outside analysts had no ability to evaluate. So yes after reading the opinion I would have taken that deal over a normal comp plan. Without question. The board and Elon attempted to fleece Tesla shareholders.
@kenmartin5299
@kenmartin5299 6 ай бұрын
Colonial sanders does not represent tesla shareholders. His client owns 9 shares. This is about greed . It is about gotcha. It's about going after money that is not your own.
@sza2bom
@sza2bom 6 ай бұрын
as is customary in the USA
@joeybulford5266
@joeybulford5266 6 ай бұрын
Why should Elon get $56 billion of shares in Tesla when he’s threatened to take Tesla IP to other companies he runs?
@1flash3571
@1flash3571 6 ай бұрын
@@joeybulford5266 Wow....dumba$$, HE CAN'T TAKE TESLA IP to other companies he owns. HE can start Ai program at his other companies rather than to push for Ai at Tesla. TWO different thing.
@joeybulford5266
@joeybulford5266 6 ай бұрын
@@1flash3571 And guess where he’s already been developing that AI? At TESLA. He’s already been spending time on it rather than running Tesla, which you know, is why the board wanted to reduce his control of the company. Now he’s taking that AI to a different company? It’s the exact same shit he did with the solar company, convinced shareholders of Tesla to buy his cousin’s failing solar and proclaimed Tesla was now an energy company. Newsflash, they’re not. Tesla has zero revenue from the solar company it spent billions to acquire and your dumbass just let’s him screw you over. He’s stealing money from Tesla
@andrasbiro3007
@andrasbiro3007 6 ай бұрын
@@joeybulford5266 He already earned that money. And he doesn't care about it, he cares about controlling the company. AI is an extremely powerful technology, worse than nuclear weapons, so he's afraid of losing control of it. And this decision only reinforces his paranoia. If the board can't give him the 25% control he wants beacuse of this, then Elon will build the $100T AI business in one of his private companies, and Tesla shareholders lose.
@sheamurai2698
@sheamurai2698 6 ай бұрын
haha that lawyer has trouble saying Billion with a "B" - unless it's his payout from winning this case.
@mfpears
@mfpears 6 ай бұрын
I guess saying BILLION really loud is a good argument for some judges
@ytechnology
@ytechnology 6 ай бұрын
It worked for Dr. Evil! 😉
@singed8853
@singed8853 6 ай бұрын
Read the opinion. What the Tesla board did was clearly unethical.
@andrasbiro3007
@andrasbiro3007 6 ай бұрын
@@singed8853 In what way? I loved the package 2018 and loving it now. The share price is 10x even with the horrible market conditions. Which part of this is unethical?
@singed8853
@singed8853 6 ай бұрын
@@andrasbiro3007 The process was unethical. A board is not allowed to neglect shareholder interests and simply rubber stamp the most lucrative compensation plan in history (by a 33x margin). The board was found to have failed to evaluate the compensation package and found to have failed to meaningfully negotiate. That is a violation of its fiduciary duty to shareholders. Shareholders should have done even better than they did over the past few years but they had over 50 billion in dilution - some of which should likely never have existed.
@c.y.hollander5592
@c.y.hollander5592 6 ай бұрын
@@singed8853 This is ridiculous. The terms were quite clear for shareholders to evaluate for themselves. It was a literal no-lose deal for them: he was only paid anything if they made money. The targets were widely considered far-fetched at the time. And above all, there is no way to unwind it after the targets have been met. Only Mr. Musk's compensation can be stripped away. The growth he delivered for the company cannot be undone and his time and work cannot be given back to him.
@chearn8838
@chearn8838 6 ай бұрын
I don't often say this, but I get visceral feelings of loathing when that attorney speaks 🤮
@Curtish8892H
@Curtish8892H 6 ай бұрын
This lawyer is looking for a great pay cheque. I am a share holder and am very happy with Elon. He works like a dog to make Tesla successful. Share holders are making easy money off of Elon and everyone else at Tesla. Greedy shareholders are complaining they need to make more for not doing anything.
@singed8853
@singed8853 6 ай бұрын
You could have had Elon for a fraction of what the board gifted him. But go ahead and be happy about getting robbed.
@Random_Einstein
@Random_Einstein 6 ай бұрын
How does the lawyer get paid?
@user-xb9dx2mp1z
@user-xb9dx2mp1z 6 ай бұрын
My dude. He “works like a dog to make Tesla successful” is bull considering that this is a CAR company, not a tech company. Its priority is cars and they don’t even do it right. The market cap of the stock is based on a false belief that it’s a tech company and make false promises which have yet to be fulfilled.
@user-qh9lu5cl6n
@user-qh9lu5cl6n 6 ай бұрын
@@user-xb9dx2mp1z I'd gladly purchase all your Falling Knife TSLA shares at whatever rock bottom plus 10% is in your mind.
@andrasbiro3007
@andrasbiro3007 6 ай бұрын
@@singed8853 I'm getting robbed by this corrupt judge. If Elon leaves Tesla because of this, my savings could go down the toilette. You can't get robbed when you are willingly enter into a business transaction. Even if Elon would have done it for less, I don't care. If he did it for free, the share price wouldn't be significantly higher, so it makes little difference to me. And I want Elon to have more money, because he's doing cool stuff with it. Among other things, I want a Mars colony, and that's going to cost a lot more than $56B.
@Muenster187
@Muenster187 6 ай бұрын
Just move to Texas…this is all a joke.
@frankramirez3651
@frankramirez3651 6 ай бұрын
Already is planning to
@prodantech
@prodantech 6 ай бұрын
As a shareholder, this makes me so angry. I voted to approve this comp and Elon delivered. Now this judge wants to take away the value of my vote.
@MrJamiez
@MrJamiez 6 ай бұрын
Nobody cares. Delete your account
@kikobiko7088
@kikobiko7088 4 ай бұрын
It was an unjust proposal to begin with. The directors involved in this deal are grossly incompetent and Musk's friends.
@bobbybishop5662
@bobbybishop5662 4 ай бұрын
Elon loves clueless gullible investors .
@prodantech
@prodantech 4 ай бұрын
@@bobbybishop5662 What is it that you know that I don’t?
@jasonsargent5030
@jasonsargent5030 2 ай бұрын
​@@bobbybishop5662 Really?? That's all you've got? 🤣
@simonhird-rutter6052
@simonhird-rutter6052 6 ай бұрын
The bottom line is that the comp package was approved by the majority of share holders. The short seller with just nine shares has got this lawfirm involved. I also heard that the judge couldn't say whether or not his comp package was fair based on the annual revenue and potential that Tesla has. If the judge doesn't know, then maybe $55 billion is fair?
@russianhomecat3313
@russianhomecat3313 6 ай бұрын
Looks like the law firm made this shareholder involved.
@benjaminlennox3495
@benjaminlennox3495 6 ай бұрын
I don’t think the judge is the problem! Elon is leaving him self wide open . Go listen to the break down of the case and you will see how he Is leaving himself wide open and exposing him self to share holders to sue him and after this case and the way the judge broke down her judgement I think this is going to open up a bigger can of worms for Elon . The board is not doing there job clearly and agreeing to pay Elon 55 billion is fine but failing to secure where he spends his time and going to other companies and taking Tesla employees and using them for his private companies is completely inexcusable with out direct compensation and equity for Tesla shareholders in those companies , space X . I support the ideas but it’s bull shit to be stuck on this roller coaster he is dragging us shareholders on and not be compensated with equity in these other companies when they are directly effecting Tesla but take the the time of our CEO , Who we are supposed to to pay 55 billion to . This needs to be addressed and Tesla shareholders need to compensated with equity in space X and X and any other company he has given Tesla resources to . And elons time is Tesla’ s resource And any board that fails to secure that is probably lining its own pockets because they have equity in these other companies and are screwing the public .
@NotYourBusiness-bp2qn
@NotYourBusiness-bp2qn 6 ай бұрын
@@benjaminlennox3495 You bought a couple of shares and now you own Elon Musk? Hold your horses there buddy, slavery was abolished a century ago. You pay for performance bitch not for his time. He laid out a very good deal - a fuck ton of performance for a massive payout. A majority of shareholders took that deal. If you're not satisfied you can always sell your shares and buy Disney for example. They only pay their CEO 30 million a year. In exchange your share price goes down, not up. I'm sure you will be very satisfied...
@user-qh9lu5cl6n
@user-qh9lu5cl6n 6 ай бұрын
@@benjaminlennox3495 The compensation from Tesla for those borrowed engineers (the best materials science team on the planet) was not in dollars but in value. They brought a new material that has allowed Tesla to do things differently. That is the value that was brought. Employees move freely between companies as I understand it. If you're on the team, you're on the team. This is how you retain the best talent in the world. Attract the best and give them freedom to figure shit out. Look at the advances in the Optimus bot since that first wobbly thing waved at everyone on stage. They are moving at light speed. Let them keep moving at light speed. I'm just waiting to see how Elon and his team turn this to their advantage.
@andrasbiro3007
@andrasbiro3007 6 ай бұрын
@@benjaminlennox3495 Wrong. We shareholders got exactly what we "paid for". And the package expired yeas ago, anything Elon has been done since then doesn't count. Also the same judge forced Elon to buy Twitter. And SpaceX existed before Tesla, so shareholders know what they are getting.
@aurthorhogan8177
@aurthorhogan8177 5 ай бұрын
IT sounds like the LAWYERS ARE BEING WAY OVERPAID.
@stevebyers9672
@stevebyers9672 6 ай бұрын
rip delaware
@dano1242
@dano1242 6 ай бұрын
Elon musk is the company
@badpuppy3
@badpuppy3 6 ай бұрын
Sorry you didn't consider the Key Person Risk before investing in a company.
@LivingPaperINC
@LivingPaperINC 6 ай бұрын
It was NOT a pay package. It was an option package that he has to pay for at the value at the time it was signed.
@1flash3571
@1flash3571 6 ай бұрын
actually, the options can be discounted, or not, but usually discounted from the current price when it is granted. I believe that his options price was basically given to him at under a dollar per shares. I could be wrong though. He does have to pay taxes at the current price when he exercise those options though.
@peterfireflylund
@peterfireflylund 6 ай бұрын
@@1flash3571You are wrong, though. They used the price per share of the day the compensation plan was granted. The stock price later went up, of course, but that's normal for options.
@user-hd2xd6mb9b
@user-hd2xd6mb9b 6 ай бұрын
No matter how you twist it, its still a payment.😂
@PreschoolDropout673
@PreschoolDropout673 6 ай бұрын
I think people here understand what an option is and how it's exercised for profit. Not sure why you're here arguing semantics, this is clearly part of his compensation package. And since musk now lives in Texas he likely won't be paying much in state taxes when he exercises either.
@peterfireflylund
@peterfireflylund 6 ай бұрын
@@1flash3571 no, market value at the time of granting of the compensation plan.
@PandaMan02
@PandaMan02 5 ай бұрын
the lawyers that worked for the plaintiff are demanding 6 billion in legal fees from Tesla now. honestly, if they want to get paid, they should talk to the plaintiff they were working for.
@mr.awesome2755
@mr.awesome2755 6 ай бұрын
Greedy grandpa saw a chance to line his pockets with a useless lawsuit and only won because his opponent is unpopular. If his only argument is that people shouldn’t make that much money, that’s not a legal decision but a moral one, and should be confined to philosophy classes rather than courtrooms.
@anonanon1604
@anonanon1604 6 ай бұрын
Interesting how a court decision that was supposedly decided "in favor of the shareholders" does not actually favor the shareholders.
@anonanon1604
@anonanon1604 6 ай бұрын
Sorry, I guess it did favor one shareholder, the plaintiff who owned only 9 shares.
@garyc1384
@garyc1384 6 ай бұрын
Yes, coz all those robotaxis making huge money right now...............
@chunkyMunky329
@chunkyMunky329 6 ай бұрын
@@anonanon1604 You don't understand how shares work, do you? Imagine if you bought a pizza with your friends. Everyone grabs a slice except Elon who grabbed all the remaining slices. Then his mom yells at him and tells him to put them back. You yell at his mom that she did this to him in favor of herself. Then she corrects you and tells you that when Elon put his slices back it meant that the rest of you now each have more pizza. This is how shares work. If shares are returned or bought back by the company, they are usually destroyed, which means the total shares in circulation will decrease by about 10% which should push the share price up.
@mh6037
@mh6037 6 ай бұрын
@@chunkyMunky329 LOL, that was all kinds of wrong in that explanation
@chunkyMunky329
@chunkyMunky329 6 ай бұрын
@@mh6037 If I'm wrong then why has Apple bought back hundreds of billions worth of shares over the years? Its because Apple investors are not just illiterate edge lords. They understand that returning shares to the company pushes the stock price up. It is one of the standard strategies used by companies for many decades now.
@amythomspon956
@amythomspon956 6 ай бұрын
Why does the judge care for if the pay motivated him? Who determines what’s in my heart?
@davidgutting4317
@davidgutting4317 6 ай бұрын
How about addressing the shareholder with 9 shares of Tesla bringing the suit against the package to short the Tesla stock? I would seriously reconsider incorporating in a state that can override on agreed and approved past contract. The whole point of incorporating in Delaware was to not have the justus system interfering with your corporation? FYI, Tesla is not just a car company and Elon actually shows up to work at Tesla where Bezos and Gates are on permanent vacation. That’s why Tesla is also an Energy, Recharging, Robotics, Biomedical, Software, Social Media, Computer hardware, &Battery manufacturer. Just because an attorney and a judge can’t get their head around the scale of Tesla and Elon doesn’t mean they have the right to strike down or pass judgment of a businesses contracts and agreements. This is the equivalent to striking down a prenuptial agreement to a 6 year old marriage because the aunt doesn’t want the wife to get anything when the husband runs off with a supermodel. Arizona and Texas are looking pretty good right now, Delaware is about to loose an awful lot of revenue because they want to be able to stick it to Elon.
@gorkxs
@gorkxs 6 ай бұрын
Tesla is a car and energy company. Tesla is a separate company from X(twitter), spaceX etc. So Tesla is not all that you mentioned. And do not forget that Tesla is a public company, meaning it is prone to public scrutiny.
@davidgutting4317
@davidgutting4317 6 ай бұрын
@@gorkxs can you buy stock in X or SpaceX? No, then Tesla is the only stock you can buy to get standing in the decisions these companies make? The original point of buying stock in a company is to be able to participate in the high levels of decision making and to be penalized or rewarded for their outcome. None of the companies would prosper without Elons influence, he removes anyone that steers the company off course (his vision) and the people who stay want to learn from the smartest person in the room and share the vision. Pretty much every other business out there is focused on personal power and greed and hide it behind a goal that they don’t bother to follow. If you continue to focus on the details in front of your nose and don’t back up to see the bigger picture, all of this is going to be meaningless to you. Elon is doing business a different way, it’s successful and it works wildly better than anything else and I want to learn as much as I can, even when I don’t have anything to contribute to the vision.
@jacoblee9455
@jacoblee9455 6 ай бұрын
😂 You dummy, the major reason why fortune 500 companies are registered in Delaware is you don't pay corporate tax on out of state profits. They're literally losing out on $0 of corporate tax money by Tesla moving to Texas. Why don't you let that cook before I go through your ridiculous list of all things Tesla supposedly does.
@tongtran007
@tongtran007 6 ай бұрын
The judge ruled this comp package void because Tesla’s board of directors aren’t independent. They are close friends and family to Elon. Elon has created tremendous value for Tesla, but there needs to be checks and balances with all public companies. Key man risk is real and board of directors should be unbiased.
@user-xb9dx2mp1z
@user-xb9dx2mp1z 6 ай бұрын
This tremendous value comes from hype, not actual promises. Since model Y, they have not improved their performance one bit and have relied on the false promises of robotaxis and AI to do the trick. They still sell California energy credits as their profit maker and barely make a profit with their own cars. Service centers don’t operate well at all. It’s all smoke
@tongtran007
@tongtran007 6 ай бұрын
@@user-xb9dx2mp1z credits is only a small fraction of Teslas profit. They’re the only company making a large profit off EVs (BYD makes a small profit) while legacy automakers are still losing money selling EVs. The street is valuing Tesla as a tech company not just a car company. Model Y is a best selling vehicle in the world despite costing twice a corolla. Imagine when the 25k next gen Tesla comes out. There’s a reason why Tesla has 26 Billion cash in hand and virtually zero debt.
@user-xb9dx2mp1z
@user-xb9dx2mp1z 6 ай бұрын
@@tongtran007 No, Elon is forcefully claiming Tesla is a tech company with his fanatics when the market is always considering it a car company. It’s all a game in that company with future promises but no actual results. Also, even if Tesla makes the $25k car, it’ll overwhelm their market placement because anyone middle class or that can barely afford would match model 3/model y. By having a $25k car, he has no other market. It’s all a sham on his part
@jeffgriffith7087
@jeffgriffith7087 6 ай бұрын
The stock went down when this came out. If this was "in the interest of shareholders" shouldn't the stock go up? The only people to benefit from this are the lawyers - not the shareholders, not the company, not the employees, not the board, not society. Just this lawyer. Shameful.
@sza2bom
@sza2bom 6 ай бұрын
they are afraid Musk would stand up and leave to concentrate on spacex and whatever other side projects. If Musk leaves that would be a huge hit on share price (probably)
@singed8853
@singed8853 6 ай бұрын
Doesn’t matter. Read the opinion. What the Tesla board did is 100% unethical and they essentially robbed billions from the shareholders. If this decision is upheld on appeal it will serve as a warning to other corrupt/conflicted boards.
@andrasbiro3007
@andrasbiro3007 6 ай бұрын
@@sza2bom Exactly. That's why they shouldn't mess with his package. Even if not everything was perfectly by the book, there's no actual harm.
@SuperTiancai
@SuperTiancai 6 ай бұрын
silly America ! We should protect Elon. Just idiotic these guys. America is falling . Hhhhhh
@chunkyMunky329
@chunkyMunky329 6 ай бұрын
That's nonsense. Firstly, when Elon's shares are eventually given back, they might be destroyed by the company which is the same as a share buyback. It reverses the dilution that occurred when Elon was given his shares. So all shareholders benefit. Also, stock prices can go down in a day and then bound back in a week or two. Its meaningless.
@robotquant-app
@robotquant-app 6 ай бұрын
I wonder what the Supreme Court's take would be on this
@badpuppy3
@badpuppy3 6 ай бұрын
None. They won't even take the case. It does not have any novel Constitutional questions. Tesla is incorporated in the state of Delaware as a tax haven, and they have to accept the consequences of Delaware Law that comes with that.
@martinxian6023
@martinxian6023 6 ай бұрын
it's crazy how a person with 9 shares is suing on behalf of shareholders, we want Elon to stay as the ceo, gain more control of TSLA, and to get paid on a contract the board agreed on 6 years ago like damn
@justtestingonce
@justtestingonce 6 ай бұрын
Corporate governance is a real thing, if you don’t like it, then don’t go public.
@theultimatereductionist7592
@theultimatereductionist7592 6 ай бұрын
You should be grateful for this shareholder fighting for YOUR UNGRATEFUL ass.
@Johnrowland1982
@Johnrowland1982 6 ай бұрын
It’s for the shareholders to decide which is exactly what an overwhelming majority did all the way back in 2018!! what am I missing here??? By sticking their stupid noses in and trying to “protect” shareholders literally all they are doing is hurting them. Business doesn’t work if you make a deal with someone and then just completely go against the deal and not honour it after that person fulfills their end of the deal. what a joke
@islandendeavor
@islandendeavor 6 ай бұрын
I think that's b.s. communist judge! I would be happy to give Elon my voting proxy for my TSLA shares! I'm sure alot of other shareholders would be happy to do the same!
@user-qh9lu5cl6n
@user-qh9lu5cl6n 6 ай бұрын
Pretty much the entirety of the TSLA retail sector would do so. It might be enough. TSLA has the largest proportion of retail investors of any company. I can't imagine why? LOL
@66dometop
@66dometop 6 ай бұрын
As a Tesla shareholder, listening to this lawyer try to justify his position makes my blood boil. Shame on him!
@garyc1384
@garyc1384 6 ай бұрын
Here, have a tissue.......
@amonynous9041
@amonynous9041 6 ай бұрын
dude, pls, I'm crying with laughter
@NotYourBusiness-bp2qn
@NotYourBusiness-bp2qn 6 ай бұрын
Judge ruled Elon made too much money and in communist America you're not allowed to make too much money. Well unless you have a tiny hat. Then you can.
@asitraining7664
@asitraining7664 6 ай бұрын
I'd bet that this lawyer is going to make "too much money".
@singed8853
@singed8853 6 ай бұрын
The problem was the board didn’t evaluate what Elon was worth and did not negotiate what he should be paid. That’s the ethical breach that allows the package to be thrown out.
@NotYourBusiness-bp2qn
@NotYourBusiness-bp2qn 6 ай бұрын
@@singed8853 Who are you or some random judge to say what could or could not be negotiated? The package was considered a steal by almost everyone in the financial media since Elon was going to get NOTHING unless he delivered INSANE results for the shareholders. Again the shareholders were more than happy with the deal. It made them a fuckton of money. The reason for all of this is quite simple. Elon bought Twitter. And these liberal ass hats really, really want it back. Since Zuckerberg couldn't make his stupid Threads work despite getting a ton of hype from their minions in the media the only option left for them is to go after his money so that he is forced to sell it.
@singed8853
@singed8853 6 ай бұрын
@@NotYourBusiness-bp2qn sorry but I think you’re just plain wrong on this. If you read the opinion you will see the board projected several tranches to be met within a couple years. This was non public information. It was in fact considered likely that he would earn billions - if you had the information the Tesla board was privy to. If you didn’t have the info then you couldn’t properly evaluate the compensation plan. A board of directors has a fiduciary obligation to the shareholders. I don’t care about the politics of the judge because I read the opinion and it’s obvious to me that the Tesla board was and is corrupt and does not have the best interest of Tesla shareholders as it’s primary concern.
@NotYourBusiness-bp2qn
@NotYourBusiness-bp2qn 6 ай бұрын
@@singed8853 The board projected what? The increase in stock price? Yeah, sure, that's how the stock market works you just know how your stock will perform in the next couple of years. You are a imbecile. I don't converse with imbeciles. Bye.
@Bittzen
@Bittzen 6 ай бұрын
Breakdown: •Board said if Elon can 10x the company, he gets 6%. Very high target, somehow he accomplished the impossible. •71% of shareholders voted "yes" to pay him that 6% package. •One shareholder with like 9 shares disagrees and somehow can override the opinion of the 71% simply by getting a lawyer and one judge, bureaucrat, decides instead of the shareholders that Musk gets no package. •Law firm will probably pocket a few $billion from what they helped the shareholders "save" from Elon. Conclusion: This needs to be appealed, supreme court. This is infringing on properly conducted corporate governance.
@milescoleman910
@milescoleman910 6 ай бұрын
He literally argues that he already has shares so he doesn’t need to be paid. That is astounding. ‘…..and your plan is to blackmail this person…..Good Luck’
@davidgutting4317
@davidgutting4317 6 ай бұрын
You think people would have learned this after he told Disney to GFY. It’s entirely clear what will happen if you try to Blackmail the richest, smartest, most influential person on the planet? He will make sure the whole world will see just how awful you are. Play stupid games, win stupid prizes.
@felixbonneau1834
@felixbonneau1834 6 ай бұрын
Yes, that point of view is called in other words : sanity
@Karl-Benny
@Karl-Benny 6 ай бұрын
why was this not challenged when the Package was Proposed
@singed8853
@singed8853 6 ай бұрын
It was. The lawsuit has been kicking around for years.
@amythomspon956
@amythomspon956 6 ай бұрын
Cause no one believed Elon could meet those crazy performances metrics
@singed8853
@singed8853 6 ай бұрын
@@amythomspon956 except the board. And except Elon. Read the opinion. Their internal non public projections at the time indicated Tesla would hit several of the tranches within a couple years. Yet they gave him tens of billions anyway.
@ChrisYSmithY
@ChrisYSmithY 6 ай бұрын
I'm Tesla shareholder i vote for Elon
@ghl19
@ghl19 6 ай бұрын
do they really think that we the shareholders are stupid enough to not read the proxy?
@badpuppy3
@badpuppy3 6 ай бұрын
You are
@PeterparkerSlaps
@PeterparkerSlaps Ай бұрын
@@badpuppy3lmfao . Elon bad?
@davedyer3654
@davedyer3654 6 ай бұрын
Shareholders lawyer, what a prat. 80% of shareholders voted for it and he met the targets! And then the judge and Delaware, what losers.
@fauxbro1983
@fauxbro1983 6 ай бұрын
Yeah the 12 targets were intentional set low
@czhusky
@czhusky 6 ай бұрын
​​@@fauxbro1983SET LOW!?!?!? They were considered impossible by the general consensus of everyone with an opinion in the media. He reached his goals, allow the guy to buy his shares. The tax withheld in that operation goes to the IRS and the stockholders are richer for it.
@davedyer3654
@davedyer3654 6 ай бұрын
@@fauxbro1983 I don’t think so, especially the market cap one, have you looked at them?
@eugeniustheodidactus8890
@eugeniustheodidactus8890 6 ай бұрын
Millions of TSLA shareholders lost BILLIONS with this debacle.
@garyc1384
@garyc1384 6 ай бұрын
Boosey Hoosey bubba blubber
@badpuppy3
@badpuppy3 6 ай бұрын
Sorry you didn't consider the Key Person Risk before investing in a company.
@mikapeltokorpi7671
@mikapeltokorpi7671 6 ай бұрын
They will lose $56 Billion, if Musk succeeds.
@MikeSmith-lx9jg
@MikeSmith-lx9jg 6 ай бұрын
you cant lose billions unless you have billions to lose. The stock price has dropped because of uncertainty . Nobody loses a dime unless they sell their Tesla stock at a loss. Its also made it so shareholders can buy Tesla stock at a lower price. What its really doing is allowing short sellers to get out of short positions. Shareholders will vote on another package Elon will get what he deserves and the Tesla stock price will GO to the MOON. THE ROBOTS ARE COMING .
@Mrbfgray
@Mrbfgray 6 ай бұрын
Elon is not seeking more pay, he's seeking more control, do your darn homework Doomberg.
@SonTimba
@SonTimba 6 ай бұрын
Right after he gave up that very power by way of selling his shares for acquiring twitter, now wanting to use tesla as an atm for that decision while threatening to not give tesla the AI advantage share holders bought into; a bit of bait and switch… again, the rules change when its a ‘public’ company. No one is questioning his right to do with his company whatever he wants, what is being questioned is what he does with a public company. I disagree with the ruling, but also understand their point especially after Elon’s AI threat against Tesla.
@singed8853
@singed8853 6 ай бұрын
You are hopelessly naive if you believe he simply wants more control. Read the court opinion. He has the board in the palm of his hand. He controls it essentially completely. He’s lying to you - he just wants a giant payday without appearing greedy. Bloomberg isn’t foolish enough to just report what Elon says as if it’s factual.
@one1blue
@one1blue 6 ай бұрын
Elonstans begging to have their shares diluted to all hell lol. Buncha geniuses they are.
@1flash3571
@1flash3571 6 ай бұрын
@@one1blue Are you really this dumb?????? Do you think Tesla would be where it is today without ELON?????????? Go back to your mother's basement, idi0t.
@robb233
@robb233 6 ай бұрын
@@one1blue Shares are up 10x since the time of the lawsuit.
@anthonycicchetti7620
@anthonycicchetti7620 6 ай бұрын
I promised myself many many years ago to never wish horrible stuff on people ever again but it is REALLY difficult for me and my moral compass to watch this smug lawyer working with a client that owns only 9-shares work the system with the help of a corrupt judge who has now presided over BOTH of Elons Delaware court cases and has the backing from the top because this (Delaware) is Biden’s home state. Not actually sure I finished this video and maintained my longstanding promise to myself.
@theultimatereductionist7592
@theultimatereductionist7592 6 ай бұрын
Musk said he "doesn't care about the money". Musk said he "doesn't care about the economics". Musk said he "doesn't care about the money". Musk said he "doesn't care about the economics". Musk said he "doesn't care about the money". Musk said he "doesn't care about the economics". Musk said he "doesn't care about the money". Musk said he "doesn't care about the economics". Musk said he "doesn't care about the money". Musk said he "doesn't care about the economics". Musk said he "doesn't care about the money". Musk said he "doesn't care about the economics". Musk said he "doesn't care about the money". Musk said he "doesn't care about the economics". Musk said he "doesn't care about the money". Musk said he "doesn't care about the economics".
@omgwowgg
@omgwowgg 6 ай бұрын
There wouldn't be Tesla in 2024 if it wasn't for Elon.
@badpuppy3
@badpuppy3 6 ай бұрын
Sorry you didn't consider the Key Person Risk before investing in a company.
@INXIETE
@INXIETE 6 ай бұрын
He earned it. Give this man his due.
@aishaalamoudi599
@aishaalamoudi599 6 ай бұрын
the richest man alive is also the biggest loser. Musk ladies and gentlemen
@JasonWhittle1
@JasonWhittle1 6 ай бұрын
Not sure who that old dude is but I can tell he's using persuasive language. So I'm more suspicious of him than anyone else.
@ytechnology
@ytechnology 6 ай бұрын
The old dude is the lawyer representing the Tesla shareholder who took issue with Elon's pay package.
@singed8853
@singed8853 6 ай бұрын
Sounds like you have some real high level thinking capacity.
@zosoj1968
@zosoj1968 6 ай бұрын
Good thing Elon won't lash out at everyone around him and make this problem worse
@artinweddings
@artinweddings 6 ай бұрын
What a politically motivated slap in the face to all of the shareholders who voted for the pay package. Look at the guys face when he talks, he doesn't even believe his own words coming out of his mouth.
@theultimatereductionist7592
@theultimatereductionist7592 6 ай бұрын
The shareholder Richard Tornetta who fought for his rights and investment is an INTERNATIONAL HERO for STICKING IT to Musk! And bravo to this EXCELLENT judge, too!
@GarbageDanks
@GarbageDanks 6 ай бұрын
You don't know what you're talking about. People have made billions of dollars from the rise of Tesla and it was all done on behalf of the government's help. Musk did exactly what he was supposed to do in order to receive his compensation package. He did what NOBODY thought was EVEN remotely possible but he pulled it off. He deserves his compensation. This decision did nothing but hurt the stock and the shareholders. I agree with musk. Get the hell out of Delaware.
@summerscarlett8410
@summerscarlett8410 6 ай бұрын
After losing a lot of money in the financial markets last year, I really need to make wiser decisions this year especially with the economic downturn on the rise.
@eliroberts3806
@eliroberts3806 6 ай бұрын
I completely understand your concerns. Navigating the financial markets can be very challenging
@eliroberts3806
@eliroberts3806 6 ай бұрын
What I would suggest you do is seek the proper guidance of a professional advisor that can manage your portfolios the right way
@burkemarsden3431
@burkemarsden3431 6 ай бұрын
You're right Roberts. I have been working with a seasoned professional advisor for the past one year now, and it's been an amazing experience both financially and mentally
@burkemarsden3431
@burkemarsden3431 6 ай бұрын
His full name is Kurt Bastian Vogel
@burkemarsden3431
@burkemarsden3431 6 ай бұрын
Kurt and his management team have completely transformed my financial life and mentality towards wealth creation and investment.
@RM-fe6ye
@RM-fe6ye 6 ай бұрын
CORRECTION: Elon Musk is not the founder of Tesla. He invested in this company. Geesh… the share price is going through a correction. Tesla was overvalued and EV is behind safety and sustainability.
@chunkyMunky329
@chunkyMunky329 6 ай бұрын
Also: BYD
@MikeSmith-lx9jg
@MikeSmith-lx9jg 6 ай бұрын
YOU DO NOT KNOW WHAT YOU ARE TALKING ABOUT>
@alekseyrjabuha7509
@alekseyrjabuha7509 6 ай бұрын
Board consists of Elon "friends"? Really?REALLY?!? Well who will YOU put on board of YOUR firm? Your villans? Your exwife?!? Theese 2 guys are clowns.
@dannysullivan3951
@dannysullivan3951 6 ай бұрын
Taken down by ex-heavy metal drummer with 9 shares. There is a god.
@stephenkenney5708
@stephenkenney5708 6 ай бұрын
Politically motivated. PERIOD!
@Agent77X
@Agent77X 6 ай бұрын
In Delaware, the judge can decides if your CEO pay is too much or not now!😂
@anonanon1604
@anonanon1604 6 ай бұрын
The judge also admitted that they did not know what they would consider "fair" in regard to the compensation amount. Guess you can legally know for certain if something is unfair even if you have no idea what would be fair.
@singed8853
@singed8853 6 ай бұрын
@@anonanon1604it makes perfect sense. All the court has to do is determine if a package was fair. If it’s not the work of the court is done. Flaws in the process was what caused the fundamental unfairness.
@joeybulford5266
@joeybulford5266 6 ай бұрын
Idk maybe don’t have your brother on the board putting forward your pay package? Tesla actually needs to be investigated.
@one1blue
@one1blue 6 ай бұрын
$55 billion payout for a company that made $10 billion in profits last year. I don’t need to be a judge to tell you Elons trying to take the money and run. Leave you all holding the bag. Have fun holding down that bag gents. Lol.
@quansun7633
@quansun7633 6 ай бұрын
@@joeybulford5266Maybe any board without brothers must be fair.
@poopsonastick13
@poopsonastick13 6 ай бұрын
To quote Nelson from the Simpson: HAAAAhaaaaaaaaa! 🤣🤣🤣
@akira28shima32
@akira28shima32 6 ай бұрын
This judge use her politic to write this judgement.
@singed8853
@singed8853 6 ай бұрын
The judgment that you have read none of. This is the state of discussion in our society. No interest in substance.
@akira28shima32
@akira28shima32 6 ай бұрын
@@singed8853 The pay package that 73% shareholders voted, that no one realistically believed Elon could achieve, essentially will work for free and that increased Tesla stock price by 1100%- just to be override by the hatred of Elon’s political opinions!!?? Every company should ask this politician judge if she approve of their board of directors picked!
@singed8853
@singed8853 6 ай бұрын
@@akira28shima32 consider reading at least a portion of the opinion. If you read it you will be unable to defend what the board did.
@akira28shima32
@akira28shima32 6 ай бұрын
@@singed8853 I should read 200 pages of shiit soup!?? As an Tesla investor that owned more than 9 shares, this judge is clearly writing a political opinion. Should Tesla go to her for permission to hire their board of directors now!?
@singed8853
@singed8853 6 ай бұрын
@@akira28shima32 why do you think the Delaware chancery court exists? I’m not saying you should read the full 200 pages. But if you don’t even read portions it’s in my view wrong to be so highly critical of the decision.
@michaelcaragio8521
@michaelcaragio8521 6 ай бұрын
First off, I’m a shareholder who voted for the package in 2018 I had enough information on there to vote yes. Greg Varallo Just said that Tesla is just a car company which is completely wrong. You can’t compare Tesla and Elon to all these other companies. Nothing comes close. If the vote was there tomorrow I would vote yes again.
@lambertois11
@lambertois11 6 ай бұрын
Elon Musk got what he deserved !
@melvincooper8926
@melvincooper8926 6 ай бұрын
I'm with Elon on this one. 73% of the shareholders voted in favor of this package, and the snake in the grass lawyer and his two clients says....naah....that's too much money. I'd appeal the ruling ASAP if I were Elon.
@user-uc2mx6go8z
@user-uc2mx6go8z 6 ай бұрын
It’s a joke. Elon has single handily made the world a better place . Give him 100 billion in my opinion.
@singed8853
@singed8853 6 ай бұрын
You give him 100 billion. What the Tesla board did was unethical. They’re supposed to act on behalf of shareholders and they did not gets.
@badpuppy3
@badpuppy3 6 ай бұрын
Sorry you didn't consider the Key Person Risk before investing in a company.
@PhantomO01
@PhantomO01 2 ай бұрын
America now punishes you for being too smart. Wtf is going on here?
@catholicexplorer9231
@catholicexplorer9231 6 ай бұрын
This was politically motivated.
@erikowen2001
@erikowen2001 6 ай бұрын
They have damaged tesla shairholders irrevocably with the 5+ "billion" dollar fees to Gregs law firm... yes Greg you have no problem saying "billion" when its your fee.... But you worked SOOO hard for it! Such BS.
@vball887
@vball887 6 ай бұрын
Where is this lawyer's pay coming from? He's representing a client that has 9 shares of Tesla stock. In 2018 when pay package was approved, if Elon met all the milestones, the package was worth $2.2 billion. It was only because Elon did such an outstanding job and share price ballooned, that the pay package increased to $50 billion. Can't the judge look at lawyer compensation and rule that they are vastly overpaid.
@CrawfordPatrick
@CrawfordPatrick 2 ай бұрын
The lawyer is a real life crook! Talking through his teeth! So happy tsla shareholders stood up against his and the judge's corruption!
@davidrounds3245
@davidrounds3245 6 ай бұрын
What was the package worth when he signed it. Many believe ZERO.
@fyrstikken
@fyrstikken 6 ай бұрын
You cannot trust Software You cannot trust Hardware You cannot trust Delaware
@G41251
@G41251 6 ай бұрын
I’m a TSLA shareholder. I voted to approve this pay package because it was almost impossible for Elon to achieve all 12 goals. He had to take the market cap from $60,000,000,000 to $600,000,000,000. Nobody thought he could pull that off. If he didn’t achieve those goals… he got absolutely nothing. 72% of the shareholders voted in favor of this $540,000,000,000 increase in value. I hope if Elon doesn’t win the appeal he quits working for Tesla and goes to Mexico and starts another Artificial Intelligence company that makes 4 wheel robots to compete against Tesla. I would liquidate my TSLA shares and buy into his new company for sure. I assume many, many key upper management people would follow Elon to his new company. Obviously Tesla can’t possibly make enough EV’s to supply the demand and no legacy OEM’s can possibly compete in the EV market… so there’s lots of room for Elon to capture lots of market share with his new Mexican company. Elon can take SpaceX public and get lots of capital for his new venture, or he could just take Starlink public and achieve the same goal. Either way… he has options!
@vladymirgonzalez
@vladymirgonzalez 6 ай бұрын
I really do not understand, why people always want what the other has
@mrabdul2195
@mrabdul2195 6 ай бұрын
Yeah I want my neighbours car
@dollarinhand3443
@dollarinhand3443 6 ай бұрын
The judge denied Elon Musk's pay package, deeming it unfair for him to potentially amass billions. Greg Varallo and his clients' pursuit appears to be driven by a desire for notoriety, which is frankly foolish. Criticizing the judge as "stupid" is unwarranted; rather, the issue lies in the failure to anticipate the company's staggering 800% growth. Basic math that she did not do unmistakably leads to astronomical figures-billions.
@waterwomaninFL
@waterwomaninFL 6 ай бұрын
Just bring back the original owners of Tesla, who actually invented the car instead of the snake oil salesman
@waterwomaninFL
@waterwomaninFL 6 ай бұрын
@@JamesTudsbury musk fan boy at large!
@waterwomaninFL
@waterwomaninFL 6 ай бұрын
@@JamesTudsbury Really? Tesla is an overvalued car company. My apologies for the folks in the thread who have stock in this ridiculous company thinking it is an AI company! 🤣🤣🤣🤣🤣
@roberthuismans3533
@roberthuismans3533 6 ай бұрын
The unmistakable stench of anti-capitalist resentment and arguments based on pure emotion all over this issue.
@Hatch3tt
@Hatch3tt 6 ай бұрын
Something is rotten in the state of Delaware. As a share holder of more than 9 shares I do not agree with the judges verdict at all.
@singed8853
@singed8853 6 ай бұрын
Have you read any portion of it? The board robbed shareholders by failing to meaningfully negotiate a pay package that was by far the most lucrative in business history. That’s not okay.
@Zaerki
@Zaerki 6 ай бұрын
Dark Day for American capitalism. Why go public when other parties, not even parties actually related to your company, decide how you do your business? Truly disgusting. Elon did incredible things with his 2018 compensation package and benefitted all other shareholders as well. This was the ultimate pay package for everyone. This judge can gfy. Tesla will fix the issue, through the courts or otherwise.
@Nick-zw7gg
@Nick-zw7gg 2 ай бұрын
We need another interview with Greg Varallo!!!! It would be so funny. Also, don't need a fancy suit if you are going to lose all the time
@formeyousee
@formeyousee 6 ай бұрын
Tesla's market cap is larger than Ford, GM, Chrysler, and Toyota's all put together! Stop being envious of Elon's wealth. His package started in 2018 and us shareholders enjoyed a 3 to 1 stock split in 2022. Elon getting wealthy by helping others get wealthy is not a problem for me. That being said, Elon and the board should have followed full disclisure rules. So redo the same package deal, run it through the right way, and pay Elon that 55 billion! His innovative company has justified it!! Stop being envious of Elon Musk!!
@chasingsundaes4818
@chasingsundaes4818 6 ай бұрын
This guy clearly has ulterior motives. There is something very suspicious about this lawyer and judge
@chasingsundaes4818
@chasingsundaes4818 6 ай бұрын
He never states what was or wasnt said that was misleading.
@user-xu5ud9lf5r
@user-xu5ud9lf5r 6 ай бұрын
I don't get why people try to make him feel guilty for being rich. He's one guy that will change the world for the better ❤
@keithnance4209
@keithnance4209 6 ай бұрын
This lawyer does NOT represent tesla shareholders…
@chopstix3
@chopstix3 6 ай бұрын
Elon getting screwed by power and ego
@an-opinion
@an-opinion 6 ай бұрын
He will move to Texas & we (as shareholders) will give him 25%…this old man can eat his candy sitting & doing nothing in life.
@adrianvisentin534
@adrianvisentin534 6 ай бұрын
I can't believe this went to court. If a minor shareholder doesn't like something they can sell the stock
@garyc1384
@garyc1384 6 ай бұрын
Vapoware salesman going down with partially-existent and non-existent Teslas
@chunkyMunky329
@chunkyMunky329 6 ай бұрын
Elon commits borderline fraud on a daily basis. And even if the guy is a minor shareholder, the law does not say that a mob of sycophants gets to vote away an individual's rights to not be defrauded
@MikeSmith-lx9jg
@MikeSmith-lx9jg 6 ай бұрын
HE WAS A SHORT SELLER ................ he never really owned any stock .
@chunkyMunky329
@chunkyMunky329 6 ай бұрын
Thats not how the law works. If you own part of a company the other stakeholders and shareholders cannot vote away your legal rights and leave you with only the option of selling
@PeterparkerSlaps
@PeterparkerSlaps Ай бұрын
@@chunkyMunky329not how public companies work. Or democracy. That’s why voting is important . And the package is now voted FOR twice
@user-ef6ts3gt4m
@user-ef6ts3gt4m 6 ай бұрын
Who cares how much. The injustice is that it was a reversal of a contract that has been agreed upon lawfully.
@blackfeatherstill348
@blackfeatherstill348 6 ай бұрын
It wasn't 55 billion when the pay deal was made. It is because the company is successful and everyone made money. This is political.
@danbryda3849
@danbryda3849 6 ай бұрын
I heard it was something like 650 Million dollars in legal Fees if Tesla settles. This firm just hit the biggest lottery in history. It’s scary that virtually anyone who owns shares can take down a company
@ijm1261
@ijm1261 6 ай бұрын
It's not scary if everything is above board, which wasn't the case here.
@theultimatereductionist7592
@theultimatereductionist7592 6 ай бұрын
No. It is AWESOME that an abused lied-to shareholder has the power to fight back and achieve justice against a spoiled freeloading terrorist (Musk)
@SonTimba
@SonTimba 6 ай бұрын
I think people may be missing the true issue here. Whether it’s 55 million, 55 billion or 55 trillion is beyond the point. Im a Tesla shareholder and although I would vote for Elon to receive said package, I do understand the main issue here; that being, the board needs to be completely transparent with shareholders especially in matters where shareholders must vote on an issue. If we miss this critical point then there is no stopping other ‘public’ companies from doing the same. One can argue, depending on which side one is on, whether the information presented to the shareholders by the board was somewhere in the spectrum between a full blown lie or simply leaving out certain information. At the end of the day, it’s important that boards of publicly traded companies be completely honest and transparent with their shareholders when an issue comes up for voting. So, although I would vote for Elon to get the package, I also recognize that this judgment goes beyond said package. Hell, it goes beyond Tesla… Its about boards providing full transparency to their shareholders, cause anything less than full disclosure leads to a grey area that will ultimately be detrimental to stockholders.
@sza2bom
@sza2bom 6 ай бұрын
the winning argument was not telling everything to shareholders "material information" but saying what that was exactly was conveniently not mentioned. just the Billions witht the B - which wasnt problematic.
@singed8853
@singed8853 6 ай бұрын
100%. This judgment protects shareholders beyond Tesla. What the Tesla board did was completely unethical. You essentially don’t negotiate a compensation plan that is by far the most lucrative in business history? That is a complete violation of shareholder trust. This is a public company not Elon’s plaything!
@singed8853
@singed8853 6 ай бұрын
@@sza2bomyou didn’t read the opinion.
@stephenleth8487
@stephenleth8487 6 ай бұрын
This lawyer doesn't care about why Elon did or did not make. It's all about padding his own pocket and getting his 15 seconds of fame.
@strechinpick
@strechinpick 6 ай бұрын
This is the dumbest ruling in history!
@Agnemons
@Agnemons 6 ай бұрын
When the pay package was first implemented there was no push back. The general consensus was that Tesla was going to fail in the near term so to meet the conditions of the pay package was patently impossible. And yet Tesla did not go bankrupt and Tesla did pass all of the conditions required for the package to vest. For the lawyer to state that Elon would have been amply rewarded by the increase in value of the stock he already owned is rediculous. Lets ask the law firm to giveup their possible multi billion fee because they will be amply rewarded by their standard base fee and see how that swings. Of course the law firm will state that they were at risk of making nothing if they did not win. But Elon was in the same position. He did not get a salary at all. His total remuneration was tied up in those shares. If Tesla went bankrupt he got nothing, no shares no money. If Tesla did not meet any of, what were considered at the time, ludicrous goals Elon got nothing. The problem with this court decision is that it is using 20/20 hindsight to make a judgement. The package conditions need to be looked at in terms of the conditions that were prevalent at the time the decision was made. It is like saying the judge should not make any profit's from any investments she holds because she is amply rewarded by her salary as a judge.
@michaelm3691
@michaelm3691 6 ай бұрын
Hey Bloomberg, I heard about this little idea of telling the truth. Like that the whole compensation deal was a huge gamble on massive returns which nobody thought realistic and would leave him with nothing if he failed. That seems kind of relevant to mention ...if your business is truth.
@agustinvelazques3748
@agustinvelazques3748 6 ай бұрын
That lawyer has never done anything for anyone else. except for himself! Those shareholders who sued are haters and don't have the company's best interest in mind.
@nur-6c
@nur-6c 6 ай бұрын
This lawyer making billions from this suit. Why no one discussed about that?
@ericsred5440
@ericsred5440 6 ай бұрын
This is an epically frivolous lawsuit. Sets a very Bad precedent for American businesses.
@alicekramden8640
@alicekramden8640 6 ай бұрын
This guy is full of crap about the DE laws. Why was it so easy for subprime mortgage companies to get incorporated in DE? It wasn’t for the lower incorporation fees. It was because DE turns a blind eye to many regulations other states won’t ignore.
@FM-nm4ng
@FM-nm4ng 6 ай бұрын
Musk got Tesla stock over $1,000 per share. His 50 billion dollar pay package represents around 5% of the massive growth of Tesla stock. This inane judgement will end up hurting Delaware in the long run since companies will follow Musk's lead and reincorporate outside of Delaware.
@havok5565
@havok5565 6 ай бұрын
This Lawyer is a real tool.
@coloured888
@coloured888 6 ай бұрын
If Elon doesn't get that package it will cost Tesla 10 times that much when he focuses his time on other companies. 🔥
@Zaerki
@Zaerki 6 ай бұрын
This lawyer's mind is blown because his compensation was in the billions. Like that's inherently wrong. But Elon created hundreds of billions of value. This man's perspective is defeatist, and hints at his underlying desire to simply steal from others' labor. Why do any work yourself, when you can just take the value others have created? Completely disgusting perspective.
@p.o.4339
@p.o.4339 6 ай бұрын
WOW, there's a first. A lawyer lecturing US about telling the truth! 🤣
@markmyers905
@markmyers905 6 ай бұрын
I'd really like to know how this single shareholder owning a piddly 9 shares of Tesla stock is representative of all Tesla shareholders - specially when more than 70% of shareholders voted to approve the compensation package. This single shareholder, his lawyers, and especially the judge in this case are real pieces of work (to put it as politely as possible). I'd also like to know who is expected to pay these grifters legal fees. It sure feels to me that someone is screwing Tesla, Elon and all the other Tesla shareholders. The judge claims to be acting in the best interest of Tesla shareholders. How so? It appears that one single piddly 9 share holder (with a share value of less that $2,000 total) and his greedy ass law firm are the only ones getting any benefit from this decision.
@chunkyMunky329
@chunkyMunky329 6 ай бұрын
Because 70% of shares is not actually 70% of shareholders! 40% of Tesla is owned by groups like BlackRock and 10% is owned by Elon and other employees. So really, there's only 20% of the public shareholders voting yes against 30%
@giulioluzzardi7632
@giulioluzzardi7632 6 ай бұрын
One person with funds like that could buy a personal army.
@monkeysezbegood
@monkeysezbegood 6 ай бұрын
Seems Elons pay is fair. He's generated far more wealth for his shareholders, inlcuding me. Pay the man. And lets keep him.
@thewolfdoctor761
@thewolfdoctor761 6 ай бұрын
Unless you invested in the last 27 months, where you are more than likely to have lost money.
@MikeSmith-lx9jg
@MikeSmith-lx9jg 6 ай бұрын
@@thewolfdoctor761 YEA and this suit did not help .
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