What? Eich people controlling a corporation so they can get richer? That's crazy!
Tuesday, July 18, 2023
Tesla directors in the news
Tesla Inc’s directors will return $735m to the company to settle claims they grossly overpaid themselves in one of the largest shareholder settlements of its kind, according to a filing yesterday in a Delaware court. The settlement resolves a 2020 lawsuit by a retirement fund which holds Tesla stock and challenged stock options that were granted to Tesla directors starting in June 2017. The settlement does not affect the $56bn compensation package of Elon Musk, which is being challenged by shareholders in a separate lawsuit that went to trial last year. A ruling is expected soon in the Musk case. The directors, including the Oracle co-founder Larry Ellison, agreed to return the equivalent value of 3.1m Tesla stock options, according to a court filing.
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Pretty much like any other product: You don't sell it for what it's worth, but for what you can get for it - or, in this case, what you think you can get away with.
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