That sum (55.8 billion, dollar more, dollar less, in short, not peanuts) is needed by Elon Musk to live comfortably, but to colonize Mars, to transform man not only with microchips implanted in the brain but making him a multiplanetary species . He doesn’t care about anything, in other words about the ranking of the richest in the world in which, without that treasure, he would slip to a miserable third place behind Bernard Arnault, owner of LVMH, and his bitter rival Jeff Besoz (Amazon and Blue Origin), more Scrooge who sends rockets into space even if so far it has eaten in the dust compared to Musk’s stellar SpaceX.
The fact is that the huge compensation of 55.8 billion dollars granted by Tesla to Elon Musk in 2018 was canceled “because excessive and improperly approved by the Tesla board of directors”, over which the billionaire has a lot of influence. That Musk has influence on that advice is to say the least a given.
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The decision of the Delaware judge, Kathaleen McCormick, puts at risk the title of the richest in the world who is dancing on the figure of 200 billion dollars.
For the owner of Tesla, Delaware’s decision is a very hard blow that risks obscuring Neuralink’s success in implanting its first chip in a human being and which weighs on Tesla shares which lose more than 1.5% on Wall Street .
In justifying his decision, the judge described Musk’s compensation as an “incomprehensible figure”, “unprecedented” and “incredible”. And the process that led the board of directors to approve it was defined as “deeply flawed”: “It is surprising that there were no significant negotiations on the terms of the plan” and its structure, said McCormick, defining Musk as a “Superstar CEO” with “strict ties with the people who should negotiate and negotiate in the interests of Tesla.”
The members of the board of directors – he added – have “cooperated with Musk, not negotiated against him”. During the trial over his compensation—the highest in history—Musk had assured that he would use the resources to finance the colonization of Mars, one of his dreams.
«Colonizing Mars is expensive. Musk believes he has a moral obligation to direct his wealth towards this goal, including his compensation to Tesla”, the judge further observed in his sentence, explaining how for the billionaire his work in the electric car giant has only value whether the resources it generates can create “multi-planetary life.”
By agreeing with the Tesla shareholders who had sued and postponing to the parties involved the definition of how Musk will have to repay the amount, McCormick with his decision fuels the debate on the composition of the Tesla board and its adequacy to control the billionaire. But also on how the board of directors will respond to Musk’s request to have a greater stake in the company, at least 25%, to prevent it from being purchased and from developing robots and other artificial intelligence technology. It is not the first time that relations between Musk and the Tesla board of directors have come under scrutiny.
In fact, already in 2021 they had been sifted again in a Delaware court for the purchase of SolarCity, another of Musk’s companies. The judge in that case, however, sided with the billionaire, establishing that the board of directors had examined the agreement carefully and appropriately and had not approved it under Musk’s influence.
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2024-01-31 18:25:08
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