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Drudge Retort: The Other Side of the News
Monday, June 10, 2024

Norway's $1.7 trillion sovereign wealth fund said on Saturday it will vote against ratifying Tesla (TSLA.O), opens new tab CEO Elon Musk's $56 billion pay package, which is up for a shareholder vote next week, after a Delaware judge invalidated it earlier this year.

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... Musk's pay, the largest for a chief executive in corporate America, was approved in 2018, but voided by a judge earlier this year, who said the amount was unfair to shareholders, calling it an "unfathomable sum".

The fund said it appreciated "the significant value generated under Mr. Musk's leadership since the grant date in 2018".

Still, "we remain concerned about the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk," Norges Bank Investment Management (NBIM), the operator of the fund said.

In 2018, the fund had voted against the package.

"We will continue to seek constructive dialogue with Tesla on this and other topics," NBIM added. ...



#1 | Posted by LampLighter at 2024-06-10 12:24 AM | Reply

Tesla is just another Ponzi scheme at this point.

Tesla shareholders, the smart ones anyway, know Musk doesn't deserve that kind of pay, but they also don't want to do anything that causes the house of cards to collapse. Like chasing Musk away by reducing his pay to the pittance he is worth.

#2 | Posted by censored at 2024-06-10 09:03 AM | Reply | Newsworthy 1

At this point I'd like to see Musk jut selloff all his stock, and then 'walk away' from the company and let it flounder. Also the sell off will definitely send a -- message.

#3 | Posted by MSgt at 2024-06-10 05:19 PM | Reply | Funny: 1

At this point I'd like to see Musk jut selloff all his stock, and then 'walk away' from the company and let it flounder. Also the sell off will definitely send a -- message.

#3 | Posted by MSgt

It's already floundering. Smart investors have realized musk spouts almost as many lies and false promises as trump, and have been dumping their stock.

It's heading down with his lies or without them.

#4 | Posted by SpeakSoftly at 2024-06-10 05:34 PM | Reply

Tesla was always a fraudulent over hyped government sponsored concept that would never succeed in an actual free market. The only lying impetus was a radical obsession to replace clean burning internal combustion engines with Chinese EV and polluting batteries.

#5 | Posted by Robson at 2024-06-10 09:47 PM | Reply | Funny: 1

At this point, Musk only retains one successful business, SpaceX...

#6 | Posted by earthmuse at 2024-06-11 06:28 AM | Reply

Is flying missions under cost and burning investor cash to do it a success?

#7 | Posted by sitzkrieg at 2024-06-11 10:14 AM | Reply | Newsworthy 1

It is Sitz when you have secured contracts with the Dept. of Defense,
and your dominant satellite constellation still expanding and not yet
online everywhere, and are one of the two pre-eminent companies for
space launches in the U.S.

There is this concept called 'building your base' in business,
where you offer services at or under cost, to capture market share.
You should look it up and read about it sometime.

If SpaceX goes public, I will definitely be buying stock.

#8 | Posted by earthmuse at 2024-06-11 10:49 AM | Reply | Funny: 1

Secured contracts while flying under costs means you keep having to raise more revenue.

It does not solve the fundamental problem of a reusable rocket which is parallel supply chains, one to build new and one to refurbish. It's a lot cheaper to just build new unless you can scale. The scale up has never happened and isn't projected to happen.

#9 | Posted by sitzkrieg at 2024-06-11 10:57 AM | Reply | Newsworthy 1

Tesla was always a fraudulent over hyped government sponsored concept that would never succeed in an actual free market. The only lying impetus was a radical obsession to replace clean burning internal combustion engines with Chinese EV and polluting batteries.

#5 | Posted by Robson

In an actual free market, gas cars would have to pay for the cost of climate destruction at the pump, and EVs would be the far cheaper option.

#10 | Posted by SpeakSoftly at 2024-06-11 12:19 PM | Reply | Newsworthy 1

Not really, they'd just go back to making light weight vehicles. There is no light EV that also has useful range in America and the utility of a daily driver.

#11 | Posted by sitzkrieg at 2024-06-11 04:40 PM | Reply

A giant lithium battery is extremely destructive to the climate, and the road to more lithium is in fracking wastewater.

#12 | Posted by sitzkrieg at 2024-06-11 04:41 PM | Reply

"and the road to more lithium is in fracking wastewater."

Well that's a relief.

Lithium is probably the least worrisome chemical in fracking wastewater.

#13 | Posted by snoofy at 2024-06-11 04:48 PM | Reply

A giant lithium battery is extremely destructive to the climate, and the road to more lithium is in fracking wastewater.

#12 | Posted by sitzkrieg

All of which is just more fossil fuel excuses to keep their MORE harmful products from suffering.

What's going to be your excuse once the batteries switch to sodium ion?

Or do you have to wait to receive those talking points?

#14 | Posted by SpeakSoftly at 2024-06-11 05:38 PM | Reply

EVs are 100% fossil fuel products. Sodium Ion has an identical environmental impact as Lithium Ion. It's just blight. Want to conserve, drive a small battery hybrid, charge at home.

#15 | Posted by sitzkrieg at 2024-06-11 05:42 PM | Reply | Newsworthy 1

Let me repeat that in case you don't understand what I just said.

Halite is strip mined. Then through intensive industrial processes of molten sodium chloride, you get sodium.

The only difference is that there's a lot more halite to mine than current direct lithium reserves without recovery from existing industrial processes.

#16 | Posted by sitzkrieg at 2024-06-11 05:53 PM | Reply

"EVs are 100% fossil fuel products."

Aren't all products 100% fossil fuel products, by your way of thinking?

#17 | Posted by snoofy at 2024-06-11 05:54 PM | Reply

When it comes to transportation, pretty much unless you're walking.

But for fun, since we're now smelting Sodium to be "environmentally friendly", we need 10,000,000 continuous watts, so we need a minimum of 150,000 400 watt panels. We'll need quadruple that to charge batteries to support 24x7 operations. We're going to have to replace them every 10 years to sustain operations.

Now we're back to the problem that the Tesla battery in Australia couldn't solve. They installed it in an area that's primary industry is massive industrial smelters. The Gigabattery can run the smelter for about 3 minutes.

#18 | Posted by sitzkrieg at 2024-06-11 06:00 PM | Reply

Want to conserve, drive a small battery hybrid, charge at home.

#15 | Posted by sitzkrieg

Want to conserve? Don't reproduce then jump off a bridge. Into a compost heap.

#19 | Posted by SpeakSoftly at 2024-06-11 06:31 PM | Reply

Want to conserve, stop eating meat.

#20 | Posted by snoofy at 2024-06-11 06:32 PM | Reply | Newsworthy 1

I'll just buy carbon offsets. Same thing, right?

#21 | Posted by sitzkrieg at 2024-06-11 07:04 PM | Reply

"I'll just buy carbon offsets. Same thing, right?"

Until you sell them.

#22 | Posted by snoofy at 2024-06-11 07:17 PM | Reply

They need a better hype-person, like Musk before the red pill, for that to be profitable. Next year I'm taking a trip that will generate the same co2 emissions in 16 flight hours as 500,000 miles of driving a hybrid. That's about 50 years of driving for me.

#23 | Posted by sitzkrieg at 2024-06-11 07:46 PM | Reply

If you really want to innovate, invent a Futurama style suicide booth, that recycles the bodies into soylent green

#24 | Posted by hamburglar at 2024-06-11 07:52 PM | Reply

Tesla, to me, is exactly like Trump, any inspection of the actual facts concerning either would/should alert you to their more than obvious virtual guarantee that they'll fail

Tesla...they've been working(hard) on battery tech since the advent of diesel submarines. combined with infrastructure for recharging...in the context of climate change...price...actual real world workability

trump...he lies he cheats he steals

But there's one born every minute ...just look at the run religion(s) have had

The friggin' Trifecta....leave church and drive your Tesla to a trump rally

#25 | Posted by brerrabbit at 2024-06-11 11:56 PM | Reply

Hybrids is the way to go. But progressives are all or nothing in destroying gas vehicles.

#26 | Posted by boaz at 2024-06-12 10:04 AM | Reply | Funny: 1

Hybrids is the way to go. But progressives are all or nothing in destroying gas vehicles.

#26 | POSTED BY BOAZ

Any other history you want to re-write today?

#27 | Posted by Sycophant at 2024-06-12 11:01 AM | Reply | Newsworthy 1

Hybrids is the way to go. But progressives are all or nothing in destroying gas vehicles.

#26 | Posted by boaz

20 years ago your cult was calling hybrids gay. Now they're "the way to go?"

#28 | Posted by SpeakSoftly at 2024-06-12 12:23 PM | Reply

They must've gone gay.

#29 | Posted by Doc_Sarvis at 2024-06-12 12:40 PM | Reply | Funny: 1

Hybrids went from gay to 200 mph race cars pretty quickly.

#30 | Posted by sitzkrieg at 2024-06-12 01:11 PM | Reply

Hybrids went from gay to 200 mph race cars pretty quickly.
#30 | Posted by sitzkrieg

race-car-small

#31 | Posted by censored at 2024-06-13 12:16 PM | Reply

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