FRIDAY WRAP with Tesla’s vote, Supreme Court’s fakeout, Tyson’s heir, and Disney’s 3D chess

Introduction

IT’S FRIDAYYYYY!!! And we are LIVE, and ALIVE. This is Ari the Data Queen, joined by AnalystHole Matt Moscardi, Jessie the Money Whisperer, and Hazelnut Rallis. On today’s weekly wrap up: 

Story of the Week (DR):

1. Tesla shareholders vote to reinstate Elon Musk’s $56 billion pay package MM AB

1. Kimbal Musk 21% NO (non-Musk 26% NO)

2. James Murdoch 32% NO (39%)

3. Normal Say on Pay 21% NO (25%)

4. Redomestication 31% NO (non-Musk)

5. Devil-level Musk Pay 42% NO (non-Musk)

6. SHP declassify 53% YES (65%)

7. SHP simple majority 53% (65%)

8. SHP annual reporting on anti-harassment and discrimination efforts 31% (38%)

9. SHP adoption of a freedom of association and collective bargaining policy 20% (24%)

2. Tyson Food Heir Arrested—Again—And Suspended From CFO Position 2 years after he went to sleep in the wrong house: ‘This may be the end of the line’

1. John R. Tyson is the son of Tyson Foods chairman and former CEO John H. Tyson and the great-grandson of company founder John W. Tyson. He was promoted to CFO of Tyson Foods from his role as chief sustainability officer in September 2022

3. Elliott takes $1.9 billion stake in Southwest Airlines, seeks to oust CEO and chair

1. Southwest Airlines CEO says he's not quitting after an activist investor told him to get lost

2. CEO: Bob Jordan

3. Chair: former CEO Gary Kelly

4. Supreme Court rulings

1. Abortion pill access is preserved, thanks to a unanimous Supreme Court decision

1. The Supreme Court on Thursday unanimously preserved access to a medication that was used in nearly two-thirds of all abortions in the U.S. last year, in the court’s first abortion decision since conservative justices overturned Roe v. Wade two years ago.

2. US supreme court sides with Starbucks in union case over fired employees

1. The Supreme Court ruled in favor of Starbucks on Thursday in a challenge against a labor ruling by a federal judge, making it more difficult for a key federal agency to intervene when a company is accused of illegally suppressing labor organizing.

Goodliest of the Week (AB):

1. Canada demands 5% of revenue from Netflix, Spotify, and other streamers

1. Canada says $200M in annual fees will support local news and other content

2. The new fees are scheduled to take effect in September and apply to online streaming services that make at least $25 million a year in Canada. The regulations exclude revenue from audiobooks, podcasts, video game services, and user-generated content. The exclusion of revenue from user-generated content is a win for Google's YouTube.

2. Supreme Court maintains access to abortion pill in unanimous decision DR AB

1. SCOTUS threw out lawsuit on thursday, all 9 agreed on something abortion related!

3. Adults and teens turn to 'dumbphones' to cut screen time MM

1. HAVE WE COME FULL CIRCLE? 

Assholiest of the Week (MM):

1. Data:

1. The Alliance for Hippocratic Medicine did not have legal standing to bring the case.

2. The plaintiffs’ claims that they have “sincere legal, moral, ideological, and policy objections to mifepristone being prescribed and used by others” do not meet the threshold of standing to sue, Justice Kavanaugh wrote.

3. Headline: Abortion pill access is preserved, thanks to a unanimous Supreme Court decision

1. FALSE - the decision that was unanimous was that the justices agreed the filer of the lawsuit had no standing to file the lawsuit - not that abortion pill access should be preserved.  Kavanaugh in fact when on to give SUGGESTIONS how the filer could BLOCK access in the future on a local, state, or federal level

2. Data:

1. $87,000 in in-kind donations

2. At least $26,000 in in-kind donations for state congresspeople who voted for a bill to ban saying gay

3. In return, a $17bn development deal passed

4. Headline: Disney's feud with DeSantis is over — and it's donating to Republicans again

1. Perhaps the most significant sign of a final détente between Disney and the DeSantis administration came Wednesday when the Central Florida Tourism Oversight District approved Disney's $17 billion development deal.

3. Data: AB DR

1. How often are family members on the board together at non-controlled companies?

1. 24,000 US directors

2. 258 are non-executive family relationships (1.1%)

2. But it can’t POSSIBLY be that way for large caps, right?

1. 6,400 US large cap directors

2. 27 are non executives at non-controlled/dual class companies (0.4%)

3. But it can’t POSSIBLY be that way for mega caps - there are so few and they’re so important!

1. 421 directors

2. 1… repeat, 1… non executive family members at a non-controlled company (0.2%)

4. Headline: TESLA SHAREHOLDERS VOTE FOR PROPOSAL TO ELECT KIMBAL MUSK TO SERVE A THREE-YEAR TERM ON THE BOARD

1. Tesla stock soars after Elon Musk says his pay package is likely to be approved and BlackRock and Vanguard reportedly vote in favor

2. Knowledge map for that single director of such rarified expertise that he warrants being on the board of arguably the most important piggy bank company on Earth:

3. I’m saying it here and now: passive investors should no longer be allowed a vote.  There is no fiduciary duty being exercised, there is no analysis, there is no actual thought.  This is de facto dual class.

1. On average, BLK, State Street, and Vanguard own ~18% of every company - they side almost entirely with management on everything

2. Now a majority by the math is actually 59% IF there are no insider holdings of note

3. At Tesla, insider holdings - including the board - come to about 22%

4. To pass a majority at Tesla as a de facto dual class companies requires 85% of remaining shareholders - and a supermajority is not possible

Headline-iest (ALL):

1. MM: Ozempic vs Krispy Kreme: Wall Street firm bets weight-loss drugs won’t beat doughnut sales

2. MM: Game Developer Says Team Can’t Add Dating Feature Because Team Has No "Real Life" Romance Experience

3. AB: Google Helpless to Stop Its AI From Recommending Glue on Pizza

4. AB: Japan Should Let Married Women Keep Names, Business Lobby Says

5. DR: Joey Chestnut was kicked out of Nathan's eating contest after he endorsed plant-based hot dogs

6. DR: “Simulation of keyboard activity” leads to firing of Wells Fargo employees

Exhausting-est of the Week (JS):

Who Won the Week?

1. DR: Maniacal greed. On a lighter note: us. Our first AGM mention

2. AB: Canada

3. MM: Brothers everywhere

4. JS: 

Predictions

1. DR: Elon Musk finally reveals he is the Second Coming of…. David Koresh… renames Tesla to the Branch Elonians

2. AB: Apple will acquire dumb phone company. 

3. MM: After leaving Delaware because a woke judge took away Elon’s money, a Texas court strikes down Kimbal Musk’s election to the board citing his “woke” cowboy hat, since restauranteurs in Brooklyn not from Texas shouldn’t wear cowboy hats, prompting Elon to move the company next year to Florida and demands a special Disney like district with its own chancery court

4. JS: