Tesla board to return $735 million in stock awards to end lawsuit

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Tesla board to return $735 million in stock awards to end lawsuit

Tesla board to return $735 million in stock awards to end lawsuit::Tesla Inc. directors, including co-founder Elon Musk, agreed to return more than $735 million in stock awards to settle an investor lawsuit.

https://www.autoblog.com/2023/07/17/tesla-board-to-return-735-million-in-stock-awards-to-end-lawsuit/Open link View original on lemmy.world

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topinambour_rex

lemmy.world

The case is the Police and Fire Retirement System of Detroit v. Musk, 2020-0477, Delaware Chancery Court (Wilmington).

Do retirements funds invests in stocks ? Didnt they learned from 2007 ?

DefiantTostada reply

lemmy.world

Two points:

It's the fiscally responsible thing for these pension funds to do. They have diversified investments, including S&P500 stocks. I hope the police and firefighter pension realized all those TSLA gains.
Institutional investors have POWER, and we don't want all institutional investors to be investment banks. Why isn't it good news that a union pension fund is holding a greedy board accountable for outsized executive pay? These guys saw a material impact in their investments at TSLA due to board BS and sued the board.