Putting a price on Elon Musk as a rare and unique resource

Elon Musk must be on cloud nine after 77% of Tesla shareholders voted to award him staggering $56 billion all-stock pay package.

The previous vote, which had been supported by 73% of shareholders, was overruled by a court in Delaware, where the company is incorporated, calling it excessive. Musk’s response was simply to propose that the company relocate to Texas, and put the proposal to a new vote. The increased approval doesn’t necessarily mean that Musk will receive his shares, because the case remains under the jurisdiction of Delaware where it was initially opened, but it looks more likely than not.

There’s no doubt that an overwhelming majority of Tesla’s shareholders are happy to give Musk whatever he wants, regardless of how excessive it may seem or defies the laws of gravity. Which is worth thinking about. Firstly, because this is a man who has managed to get his shareholders to accept that he can do whatever he wants with the company, turning it into his dream factory. And secondly, because those same shareholders now have no other place to go if things turn to custard, and in fact, in terms of share price, they haven’t gone too well this year.

Having said that, the deal sounds much better to Tesla shareholders when we look carefully into the fine print: first, the company does not pay…