Is Elon Musk OK?

Just a few months ago, the prancing right-winger was constantly in the news. Today, though – poof! – he has vanished from media coverage. But fret not -- Elon always finds money to take care of Number One. Indeed, this month he was handed a $30 billion pay raise by his car company. Yes, BILLION.

Odd, since his stewardship of Tesla in the past couple of years has been disastrous. Sales, profit, quality, and market share are in the ditch, along with his own reputation. Yet, in a gushing letter to shareholders, the corporation’s board of directors asserted that its $30 billion handout was a “critical” gesture to induce Elon to show up for work. Apparently, $29 billion would not have been enough.

Who are these board members who supposedly “govern” the corporation and its CEO? One is Kimbal Musk. Yes, Elon’s brother! Others are close pals and lackeys, each of whom is extravagantly paid. For example, the board member who “negotiated” that ridiculous giveaway to His Supremeness has pocketed more than half a billion dollars in profits from Tesla stock options she has been granted.

Well, declare apologists for Musk and his captive board, if $30 billion was excessive, the shareholders who technically own Tesla could’ve sued to stop payment. Uh… no, they couldn’t. Last year, Musk moved Tesla’s official residence to Texas, where the corrupt governor dutifully passed a law dictating that only shareholders owning at least three percent of the stock can sue on matters of corporate governance. Basically, that eliminates all shareholders except: Musk.

And that’s how the corporate merry-go-round is rigged to keep spinning around and around and around.

Jim Hightower's Lowdown is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit jimhightower.substack.com/subscribe