If Musk is awarded an astronomic $56bn pay award for a second time, it will amount to an astonishing lack of self-reflection
ne reasonable view of the great Elon Musk pay affair says Tesla shareholders should stick to their guns and approve the astronomic $56bn award for a second time, thereby sending a message to the interfering Delaware judge whothat they’re quite capable of making up their own minds, thanks very much.
Thus the re-ratification vote will probably deliver an outcome similar to the original 73% majority in favour. The shareholder register will have evolved over the years but not markedly. If anything, retail investors, who account for almost 40% of the stock, sound even more infatuated with Musk these days. And, if a majority is indeed secured, that should be the end of the matter; there should be no need for another trip to court.
As the judge noted, Ira Ehrenpreis, the lead director, had a 15-year business relationship with Musk. Another member of the working group, Antonio Gracias, went on holiday with Musk’s family. A third was Todd Maron, Musk’s former divorce attorney and the company’s general counsel, “whose admiration for Musk moved him to tears during his deposition”.
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