From Brain Chips to His Tesla Pay, Elon Musk s Highs and Lows Converge – WSJ
Elon Musk is on a real dopamine roller coaster.
On Monday, he celebrated a breakthrough with his brain-computer-implant startup, Neuralink; the next day he watched his record $55.8 billion pay package at
get rescinded by a judge who called the six-year-old scheme unfair.
The pay package, approved by shareholders in 2018, was supposed to be like past dopamine hits for Musk, Kathaleen McCormick, the chancellor of the Delaware Court of Chancery, noted in her opinion. She cited a former Tesla board member s words about the board s motivation for giving him such a big payday in exchange for meeting lofty targets, such as adding as much as $600 billion to the company s market value.
We needed him focused on the Tesla objectives, former Tesla board member Antonio Gracias told the judge during a late-2022 trial sparked by a shareholder lawsuit over the deal.
Except Musk, who currently oversees six companies, doesn t punch a single time clock.
Even the idea that the Tesla board might ask that he agree to a time commitment at the electric-vehicle maker in exchange for what was a record pay package was a nonstarter. Rather, Musk testified that such a suggestion would have been silly.
via www.wsj.com
Judge McCormick may have this opinion right but maybe Elon should consider other jurisdictions for incorporation. Delaware is kinda going woke.