There’s no dealing like self-dealing
By 
ROFL
It’s not exactly news that executive compensation in the United States is essentially a racket with little to no relationship to actual market value, which makes it especially remarkable to come up with a compensation package so many orders of magnitude beyond market value that a Delaware judge will throw it out:
A Delaware judge struck down Elon Musk’s multibillion-dollar pay package at Tesla
after finding the process for securing its approval “deeply flawed,” a major setback for the chief executive of the world’s most valuable automaker.
The decision, issued Tuesday in the Delaware Court of Chancery, calls into question how Tesla’s board plans to compensate Musk, a serial entrepreneur with an array of other business interests.
It also raises questions about whether his ties to his board are too close, and puts greater attention on Musk’s personal wealth. Musk doesn’t accept a salary from Tesla, and while in recent years he has ranked as the world’s richest person, most of his assets are tied up in shares of his companies.
Tesla, as a publicly traded company, is a financial pillar for his business empire. Musk has also borrowed against his stake in the electric-car maker.
“The process leading to the approval of Musk’s compensation plan was deeply flawed,” Chancellor Kathaleen McCormick wrote in the opinion, citing Musk’s “extensive ties” with board members who negotiated his most recent pay deal, which shareholders approved in 2018. The pay package was valued at a maximum of $55.8 billion, McCormick wrote.
“Musk was the paradigmatic ‘Superstar CEO,’ who held some of the most influential corporate positions (CEO, Chair, and founder), enjoyed thick ties with the directors tasked with negotiating on behalf of Tesla, and dominated the process that led to board approval of his compensation plan,” she wrote.
$55 billion! That’s not a compensation package, that’s just looting. I don’t know if this decision should hold up, but it certainly would.
