Charles Hoskinson reveals a mind-blowing fact about Elon Musk

Charles Hoskinson reveals a mind-blowing fact about Elon Musk

Cardano creator Charles Hoskinson revealed an interesting fact: Elon Musk had an agreement with the board of directors and shareholders of Tesla; If he increased Tesla’s value to $1 trillion, he would receive a 5% commission. This operation was approved by 80% of the shareholders and the board.

Cardano creator Charles Hoskinson revealed an interesting fact: Elon Musk had an agreement with the board of directors and shareholders of Tesla; If he increased Tesla’s value to $1 trillion, he would receive a 5% commission. This operation was approved by 80% of the shareholders and the board.

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Musk joined a select group of CEOs whose businesses have been valued at $1 trillion, also known as the “trillion-dollar club.” But a Delaware judge later declared the compensation agreement void and awarded $5 billion to lawyers who filed suit challenging it.

Cardano founder Charles Hoskinson made people aware of this development. This circumstance has sparked debates about legal justice and corporate governance. Musk’s performance-based compensation plan seemed clear, so what caused this unexpected development?

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However, the judge’s decision to declare it invalid called into question the validity of the Delaware corporate agreements; However, it makes a lot of sense in the context of state policies. The lawsuit contended that even with board and shareholder approval, Musk’s compensation was unreasonable and not in Tesla’s best interests. Maybe not if Tesla had been headquartered in another state.

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Delaware is well known for both its complicated legal system and its business-friendly legislation. States that could offer more stable and advantageous conditions for corporations are those like Wyoming, which Hoskinson referred to. Wyoming has taken pains to present itself as a state that welcomes business and has laws friendly to corporate operations.

One way or another, Elon Musk remains, if not the richest person in the world, then one of the richest. However, he should keep in mind that the valuation of his company is not equal to the actual net worth of an entity or asset.

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