And there is a fair argument that Apple's Tim Cook is worth the lil' over $50 million he made for 2023. His company generates about $110 billion in free cash flow every year, is wildly profitable, sells the best tech on the planet -- and sports a trillion dollar market cap.
Overnight, tiny Riot Platforms -- a money burning Bitcoin miner in dusty West Texas -- finally disclosed its CEO's all in 2023 pay (see table, far lower right, on page 60 of the just filed SEC proxy). CEO Jason Les makes just a lil' less than... Tim Cook?! And his board thought it "right" to pay him more than DOUBLE what the wildly profitable and much more complex businesses, with global regulatory footprints pay their literally life-saving CEOs?
I am sorry. There is simply no rational argument to support that. The shareholders of Riot ought to vote "no" -- in their "say on pay" this proxy season. It is in the mail, now from Castle Rock, Colorado. Or it will be soon.
And do keep an eye on Riot's NASDAQ-traded stock, which was over $25 late last year. . . at $7 something today, and likely $4 something after this weekend's "Halvening". How does such a five year con job. . . persist?!
As just one point of comparison, Caitlin Clark -- perhaps the best overall women's college player in a decade (and the best shooter ever seen, in the college ranks). . . is set to make only about $72,000 a year as a WNBA rookie, in salary (she will make more, in endorsements, though) -- while Victor Wembanyama, the men's no. one pick last year in the NBA draft will make $12 million this year (and $55 million over four years -- still below Jason Les's ~$72 million in the last four years).
Whoa -- onward, grinning just the same.
नमस्ते
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