Author Archive: Glenn Reynolds

CHANGE:

ELON MUSK’S HIGH-PAY CONTRACT:

Mr. Musk might have been negotiating with his mom or Genghis Khan and the outcome would have been the same. The board would have accepted the terms he laid out, proposing no reward at all unless he succeeded in creating an extraordinary and implausible increase in shareholder value.

Kathaleen St. Jude McCormick, in her ruling, emphasizes that, golly, Mr. Musk’s contract was bigger than any other chief executive’s. Fluster, fluster.

In the real world, his contract was most importantly different because no other CEO would have signed it. Rationally, candidates want to be compensated for their time and effort even if their efforts don’t pay off in a higher share price.

After all, 99% of the variables are outside a CEO’s control, from the policy environment and the acts of competitors to changes in tastes and technologies. The best plans of mice and men, etc. High-caliber business talents spend decades building their market value precisely so they have bargaining clout to get paid (at least somewhat) even for failing.

So far, at least, betting against Elon has been a loser’s game. That won’t always be true, of course. But when you look at everything he’s accomplished over the last couple of decades, it’s pretty much unmatched. Any one of his companies would be a triumph of the first order.

ICYMI: STEPHANIE GUTMANN: Just walk away, Caitlin (while you can still walk) or prepare to be made a whipping girl for the sins of White and Hetero Privilege for the rest of your WNBA career. “Why is seemingly everybody in the WNBA higher echelons so stubbornly grouchy about the ‘Caitlin effect,’ to the point of perversely, self-destructively shooting Clark down? Because the WNBA seems to have gotten comfortable in their dank little victim’s corner.”

Well, good, because that’s where they’ll be staying if they keep this up.

WHY IS THE WNBA SUCH A CESSPIT OF HATE, BIGOTRY, AND VIOLENCE?

OPEN THREAD: Don’t you know that when you play at this level there’s no ordinary venue. . . . Can’t be too careful with your company.

But the real brilliance is here. I get my kicks at Texas State Line sometimes.

FOR YOUR DELECTATION: My summer recipe for chilled poached salmon. Thanks to whoever it was who mentioned it in the open thread the other day.

STARLINER AND SLS DON’T REALLY WORK, BUT SURE:

STANFORD DISINFORMATION PROJECT collapses under scrutiny.

I salute the name, “Stanford Internet Observatory.” I think of astronomy and the clean pursuit of star systems, with the telescope instead focused on something infinite and microscopic: the galaxies of the internet.

However, it was just a run-of-the-mill political op, small and grubby, gussied up to sound fancy.

An apt summary of a lot of “academic” efforts lately.