Last week, I mentioned that Merck’s Rob Davis made a little over $20 million last year — joining the top tier of multinational life-science / pharma CEOs — in the take-home pay stratosphere. There is a fair argument that most of the pharma CEOs at bottom right are worth what they are paid — I may not agree with it, precisely — but I understand the argument.

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 pharma 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