In today’s newsletter we discuss no dough for Elon Musk, PGA gets a $3 billion dollar investment, Instagram’s Threads is growing quickly, Jay-Z might be getting ready to drop a new album in 2024, and now Billionaires can have their own $2 billion dollar submarine superyachts.

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Should Tesla Stop Making Cars And Start Making Robots?

Business

No dough for Elon Musk.

That’s what Delaware state Chancery Court Chancellor Kathaleen McCormick decided when she ruled against Elon Musk and the Tesla board’s 2018 pay package that helped to make Tesla CEO Elon Musk one of the richest people in the world.

In her ruling she said that Musk and the Tesla board “bore the burden of proving that the compensation plan was fair, and they failed to meet their burden.”

And we’re talking about some serious money here!

The Tesla board in 2018 awarded Elon Musk an insane $55.8 billion dollar pay package in a series of 12 tranches of stock options, which totaled 303 million split-adjusted stock options with a sweetheart deal allowing him to exercise those stock options at just $23.34 a share when Tesla’s stock was trading in between an $18-$20 dollar a share range.

Like I said, sweetheart deal!

Now the compensation package has been ruled null and void.

How did Tesla’s board justify awarding Elon Musk this insane compensation package?

They argue that Tesla’s market cap was valued at $54 billion at the time the pay package was approved, but as of today it has risen to $607 billion representing a gain of more than 1,000% in large part thanks to Elon Musk they argue.

How did we get here in the first place?

Well, Elon Musk notoriously only receives $1 a year in salary from Tesla, and instead has opted to receive stock options as his form of compensation.

After the Tesla board awarded Elon Musk the biggest compensation packages in the history of publicly traded companies, a group of shareholders sued arguing that “the package of stock options was excessive and that the directors on Tesla’s board were not truly independent and were too close to Musk to protect shareholders’ interests.” according to an article on CNN.

You see, those 12 separate tranches of stock options really weren’t “stretch performance goals” as the company told shareholders. Attorney’s for the shareholders who sued argued that those “milestones were essentially the same as the company’s internal growth projections that were being shared with banks and rating agencies.”

So what’s next?

I’m guessing the answer is an appeal, followed by more appeals, and will be tied up endlessly in court for years since both Tesla and Elon Musk can afford to fight this for seemingly ever.

Judge strikes down Elon Musk’s massive, multi-billion-dollar pay package

Tech

You know what social media app is growing faster than Elon Musk’s X/Twitter?

Instagram’s Threads just had a phenomenal December, and tripled their downloads month-over-month.

And you know what’s even better news?

Elon Musk’s X/Twitter wasn’t even in the Top 10 on either Apple’s App Store or Google Play.

Let’s break down the numbers.

Instagram’s Threads had 12 million new downloads in December 2023 putting it at #4 on Apple’s App Store’s Top Charts, and #8 on Google Play’s list.

Where did Elon Musk’s X/Twitter appear on the lists? Try #37 on Apple App Store list, and #39 on Google Play.

And where do you think TikTok falls on these lists?

TikTok appeared in 1st place on Apple App Store, and #4 on Google Play store, in other words they are crushing Elon Musk’s X/Twitter.

Instagram Threads triples downloads in December, reaching the top 10; X falls to No. 36

Entertainment

Is Jay-Z getting ready to drop a new album in 2024?

That’s not just me hoping. There’s rumors going around that Jay-Z has been working on new music, and could be getting ready to release it this year.

How did this rumor get started?

There’s this famous NYC Street Artist named Hidji World who posted on IG that he was “shooting today” with Jay-Z, and in a photo he shared a first-take film slate labeled “JAY Z -2024 ALBUM.”

Could be nothing, but makes me think it’s something. If it wasn’t legit then someone from Jay-Z’s camp would have said something.

And sure enough Jay-Z’s Roc Nation quickly responded in a post on X/Twittersaying “A NEW JAY-Z ALBUM IS BEING TEASED FOR 2024.”

It’s been almost 7 years since Jay-Z dropped his last album “4:44” which was his thirteenth studio album that he released on June 30, 2017 through Roc Nation.

I know Jay-Z may not be everyone’s cup of tea, if you will, but he’s a cultural icon in my eyes and I’m far from alone in thinking that.

Jay-Z 2024 Album: Roc Nation Responds to Rumors of New Release

Sports

You know that deal between the PGA and LIV Golf? Yea, sounds like it might not be happening anymore.

That’s the rumor surrounding the PGA Tour landing a $3 billion dollar investment from a consortium of American sports owners led by the Strategic Sports Group (SSG).

Who is SSG? I thought you’d never ask! Join me while I geek out a bit about all the amazing brands they own or have invested in.

SSG is an investment group headed by Fenway Sports Group.

Alright, then who is the Fenway Sports Group?

“The Fenway Sports Group is an American multinational sports holding conglomerate which owns NASCAR's RFK Racing, Major League Baseball's Boston Red Sox, the Premier League’s Liverpool F.C., and the National Hockey League's Pittsburgh Penguins.” according to Wikipedia.
Among the many distinguished investors in the Fenway Sports Group is none other than LeBron James, who owns a 1% stake in the firm as a result of his earlier investment in the Premier League’s Liverpool F.C. soccer team.

What does a $3 billion dollar investment buy you these days?

How about showering PGA players with $1.5 billion in equity shares in the newly formed PGA Tour Enterprises, which will be the commercial arms of the PGA Tour under their control.

And since this is capitalism at its finest, the highest ranked players in the PGA will be receiving larger shares of the equity.

I don’t see LIV Golf handing out equity in their Saudi Arabian backed golf league anytime soon.

PGA Tour to land $3B investment, making LIV Golf deal uncertain

Boats

What do you get the Billionaire who has everything?

How about their own Submersible Superyacht that can dive 820 feet underwater.

That’s right. A new concept by Migaloo, who’s vision is to develop the most extraordinary designs above and below the waterline - for visionary and innovative owners, is a private submersible superyacht for the multi-billionaire who’s hard to buy for.

According to Forbes, there were 2,540 billionaires in the world as of 2023.

And you’d have to be a billionaire to afford Migaloo M5’s Submersible Superyacht, which has an asking price of $2 billion dollars.

This would look great in Jeff Bezos’ yacht collection.

Migaloo’s M5 Submersible Superyacht Can Dive 820 Feet Underwater

So much news, so little time. Until tomorrow we’re signing out.

— Chris