Venture capitalist Naval Ravikant stated on Sunday that he would sell his Tesla, Inc (NASDAQ:TSLA) stock if Elon Musk’s $56 billion compensation package is not approved, and buy more if it is passed.
What Happened: Ravikant took to X to announce that he is a Tesla stockholder and will vote in favor of Musk’s rescinded pay package. Musk's 2018 pay package was rescinded by the Delaware Court of Chancery earlier this year, deeming it “an unfathomable sum.” Tesla’s board is now attempting to reinstate the rescinded pay package with another shareholder vote, the results of which will be declared at the company’s annual shareholder meeting on June 13.
On Sunday, Ravikant described the invalidation of Musk’s pay package as “politically motivated.”
“A politically motivated judge invalidated a private deal ex-post facto,” he ...