Elon Getting Crispy

Created
Mon, 05/02/2024 - 11:30
Updated
Mon, 05/02/2024 - 11:30
You’ve read about how the Trump White House was basically a pill mill, dispensing uppers and downers like candy and even handing out fentanyl for reasons no one has been able to explain. Right. Perfectly normal. Look what’s been happening at Tesla, the company owned by the other Very Stable Genius, Elon Musk. The Wall Street Journal reports: Several current or former directors at Tesla and SpaceX attend parties with him, go on exotic vacations and hang out at Burning Man, the Nevada arts and music festival. Musk and these directors, including venture capitalists Gracias and Ira Ehrenpreis, tech mogul Larry Ellison, former media executive James Murdoch, as well as Musk’s brother, Kimbal Musk, have invested tens of millions of dollars in each other’s companies—Ellison held billions of dollars in Tesla shares with about a 1.5% holding in 2022. Some also received career support and help from Elon Musk. Most members of Tesla’s current eight-person board have amassed shares worth hundreds of millions of dollars from their seats over the years, significantly more than what board members at other companies make for their service.  Tesla pays its directors mostly in stock options, and the current board, not including Musk himself, collectively has made more than $650 million selling shares from those options. They hold additional options valued at nearly $1 billion. Some directors agreed to return a portion of that compensation to Tesla to resolve a shareholder lawsuit about their compensation while denying any wrongdoing. A judge has yet to approve the settlement.  Some…