Money, Drugs, Elon Musk and Tesla's Board
The Journal.
The Wall Street Journal
4.2 • 5.8K Ratings
🗓️ 5 February 2024
⏱️ 20 minutes
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| 0:00.0 | Elon Musk is the wealthiest man in the world. Much of that wealth |
| 0:10.4 | comes from his shares in Tesla and the Tesla stock he earns as |
| 0:14.7 | CEO. But before Musk can get paid, his compensation needs to be approved by |
| 0:21.6 | Tesla's Board of directors. |
| 0:25.0 | And that board is supposed to be independent. |
| 0:29.0 | So Tesla trades on the Nasdak, which defines an independent director as someone who is not an employee, |
| 0:38.4 | a family member, or someone whose relationship quote unquote would interfere with the exercise of independent judgment. |
| 0:47.3 | And NASDAQ requires that the majority of the board be independent. |
| 0:55.8 | That's our colleague Rebecca Elliot who covers Tesla. And last week a Delaware judge threw out a huge pay package for Musk that the board had approved. |
| 1:05.2 | The judge said that Tesla's board wasn't independent enough in this matter, |
| 1:10.2 | and that Musk had too much influence over them. |
| 1:16.0 | This question of Elon's control over Tesla's board has really hung over the company for years. In the past it has not come to a head quite like this, |
| 1:30.4 | but in this case we had a Delaware judge saying this was not okay. |
| 1:36.7 | For months Rebecca and a team of reporters have been digging deeper into Musk and Tesla's board and they found some of the |
| 1:45.8 | relationships are complicated involving deep personal and financial ties. |
| 1:59.0 | Welcome to the journal, our show about money, business and power. I'm Kate Leimbaw. |
| 2:01.0 | It's Monday, February 5th. |
| 2:07.0 | Coming up on the show, is the relationship between Elon Musk and Tesla's Board of Directors too close? Like some kind of Pizza Ninja, Domino's are slicing their prices. |
| 2:29.0 | Domino's price slice. |
| 2:31.0 | Small pizzas now 8 quid, medium now 10 quid and large now 12 quid. |
| 2:36.0 | Yet we're making cuts too. |
| 2:38.0 | Domino! |
... |
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