I just want to start off by saying, hot damn, I love you guys.

我只想說，我愛你們。

But Musk can't expect a payday just yet.

但馬斯克現在還不能指望發財。

In January, a judge struck down the entire compensation package, now valued at roughly $48 billion, calling its approval process deeply flawed.

今年 1 月，一名法官否決了目前價值約 480 億美元的整個賠償方案，稱其審批程序存在嚴重缺陷。

The vote doesn't automatically override the judge's decision, but it gives Tesla's lawyers some leverage in challenging the court's concerns.

這次投票並不能自動推翻法官的決定，但它為特斯拉的律師在質疑法院的擔憂時提供了一些籌碼。

Here's how it could play out.

具體情況如下

First, the judge, Chancellor Kathleen McCormick, can choose to reverse her decision and accept the shareholders' vote.

首先，大法官凱瑟琳-麥考密克（Kathleen McCormick）可以選擇推翻自己的決定，接受股東的投票。

She says, OK, you got me. That's it. I guess I'll give it all back and we're done.

她說，好吧，你問倒我了。就這樣吧我想我會把錢都還回去，然後我們就結束了。

The other extreme is that she looks at it and she says, this is ridiculous. You can't undo a trial finding this way.

另一個極端是，她看了之後會說，這太荒謬了。你不能以這種方式撤銷審判結果。

And then that all gets appealed to the Delaware Supreme Court.

然後這一切都會被上訴到特拉華州最高法院。

The third possibility is she says, I don't have enough information to be able to determine if this fixed at all.

第三種可能是，她說，我沒有足夠的資訊來確定這個問題是否解決了。

In which case, maybe there has to be document production, discovery.

在這種情況下，也許需要出示證件，進行證據開示。

Maybe there has to be depositions. Maybe there has to be a whole new hearing.

也許需要取證。也許必須重新舉行聽證會。

Even after McCormick makes her final judgment, the legal battle isn't necessarily over.

即使麥考密克做出了最終判決，這場官司也不一定會結束。

If there is an appeal.

如果提出上訴。

Now the Delaware Supreme Court has essentially three issues before it.

現在，特拉華州最高法院主要面臨三個問題。

Issue one, was she correct about the 2018 package?

問題一，她關於 2018 年一攬子計劃的說法正確嗎？

Issue two, is she correct about the effect of the new vote?

問題二，她關於新投票的影響是否正確？

And issue three, legal fees.

問題三，法律費用。

For Tesla's board, the compensation deal's approval is already a victory.

對於特斯拉董事會來說，賠償協議獲得準許已經是一個勝利。

In a lot of ways, investors are sending a strong endorsement of this plan.

在很多方面，投資者都對這一計劃表示了強烈的支持。

And the board feels like that's an important part in getting this thing ultimately passed into Elon.

董事會認為，這是讓這件事最終通過進入伊隆的重要一環。

But worries that existed in 2018, when the pay package was first approved and challenged in court, haven't disappeared.

但是，2018 年薪酬方案首次獲得準許並在法庭上受到質疑時存在的擔憂並沒有消失。

The Tesla board was concerned that he was distracted.

特斯拉董事會擔心他分心了。

At the time he had SpaceX, he had the Boring Company, he had Neuralink.

當時，他擁有 SpaceX、Boring Company 和 Neuralink。

And they were worried he was not buckling down, if you will.

可以說，他們很擔心他沒有打起精神來。

And so they wanted to make it so enticing that he would be a fully engaged CEO at Tesla.

是以，他們想讓他成為特斯拉全心投入的首席執行官。

Here we are, all those years later, and he is arguably busier.

多年後的今天，他可以說更加忙碌了。

There has been criticism that he has been distracted.

有人責備他心不在焉。

Been distracted buying Twitter, now known as X.

一直在分心購買 Twitter，也就是現在的 X。

Been distracted with X.A.I., this startup that he created for artificial intelligence, that to some looks like a competitor to Tesla.

他一直忙於 X.A.I.，這家他創建的人工智能初創公司，在某些人看來是特斯拉的競爭對手。

And the question arises, is he fully engaged at Tesla?

問題是，他在特斯拉是否全身心投入工作？

Transcription by ESO. Translation by —

轉錄：ESO.翻譯