There has been way too much drama leading up to Thursday’s yearly meeting of Tesla shareholders. A vote will be held by the company to “re-ratify” the $56 billion pay package that Elon Musk received in 2018. This package was thrown out by a judge in Delaware Chancery Court earlier this year. Also, there will be a vote on whether the company should move its incorporation from Delaware to Texas.
People who really support Tesla are telling the company’s “retail army” of owners to vote for both, but to pay Musk more attention when they vote. It’s not clear what real effects the results of either vote will have. But Tesla’s leaders and workers, including some who don’t post much on social media, are just pleading for votes.
People have been focusing on the idea that Musk should get this money because he met the goals that were set at the beginning in long-form posts, Spaces audio talks, podcasts, and many other calls to action. “A deal is a deal,” Tesla wrote on the social media site X used by its CEO.
But almost no one is talking about what chancellor Kathaleen McCormick said in her ruling in January. The main point was that Musk has so much power over Tesla and its board of directors that there wasn’t much discussion when the company made this deal with him in 2017 and 2018.
People who support Tesla have instead said that she is a “radical activist judge.” These are false charges that are easy to disprove by reading her analysis of the case’s evidence.
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So, now you have some homework! For Tesla fans, haters, owners, and people who just want to look, here it is again, embedded below. McCormick’s 201-page ruling is very detailed but easy to understand. It is important to review it once more before the vote. At the very least, it sets the stage for the court cases that will surely happen again after Thursday’s vote.
