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Ladybbird · 31-01-24, 12:33

Elon Musk Cannot Keep Tesla Pay Package Worth $55 BILLION Dollars Judge Rules

Worlds' richest man cannot keep the largest pay packet in corporate history, judge rules in Delaware case

Tesla boss Elon Musk was awarded up to $55 billion by his board of directors before shareholders took the to court

MailOnline 31 JAN 2024

Judge Kathleen McCormick found that Musk had too much control over the process and ruled in favour of the shareholders

Musk must hand back the biggest pay packet in corporate history after a judge ruled he strong-armed Tesla directors into awarding him $55 billion..

The ruling in a Delaware court comes five years after a lawsuit filed by shareholder Richard Tornetta targeted Musk and the directors of the electric car company he founded.

Chancery Court Judge Kathleen McCormick in her ruling found that the process leading to the board’s approval of his 2018 compensation package was 'deeply flawed'.

Musk had 'extensive ties with the persons tasked with negotiating on Tesla’s behalf', she found including General Counsel Todd Maron, who was his 'former divorce attorney'.

Musk immediately reacted to the ruling on his social media platform X, formerly Twitter, tweeting: 'Never incorporate your company in the state of Delaware.'

A shareholder lawsuit targeted Tesla chief executive Elon Musk

Musk was quick to react to the judges' ruling on his social media platform X, formerly Twitter

Chancery Court Judge Kathleen McCormick in her ruling found that the process leading to the boards’ approval of his 2018 compensation package was 'deeply flawed'

I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters.'

Defense lawyers said the pay plan was fairly negotiated by a committee of independent directors, contained lofty performance milestones, and was blessed by a shareholder vote that was not even required.

McCormick ordered directors back to the drawing board in a bid to come up with an appropriate pay package for the world's richest man.

'The parties are to confer on a form of final order implementing this decision and submit a joint letter identifying all issues, including fees that need to be addressed to bring this matter to a conclusion at the trial level,' she wrote.

Musk owns 13 percent of Tesla stock but announced a bid earlier this month to secure a quarter of its voting stock.

'I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control,' he wrote on X.

'Enough to be influential, but not so much that I can’t be overturned.'

Teslas' shares fell around 3 percent in the aftermath of the ruling.

31-01-24, 12:33	#2
Ladybbird Join Date: Feb 2011 Posts: 47,753 Thanks: 27,668 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	re: Elon Musk in China to Discuss Full Self Driving on Tesla Cars Elon Musk Cannot Keep Tesla Pay Package Worth $55 BILLION Dollars Judge Rules Worlds' richest man cannot keep the largest pay packet in corporate history, judge rules in Delaware case Tesla boss Elon Musk was awarded up to $55 billion by his board of directors before shareholders took the to court MailOnline 31 JAN 2024 Judge Kathleen McCormick found that Musk had too much control over the process and ruled in favour of the shareholders Musk must hand back the biggest pay packet in corporate history after a judge ruled he strong-armed Tesla directors into awarding him $55 billion.. The ruling in a Delaware court comes five years after a lawsuit filed by shareholder Richard Tornetta targeted Musk and the directors of the electric car company he founded. Chancery Court Judge Kathleen McCormick in her ruling found that the process leading to the board’s approval of his 2018 compensation package was 'deeply flawed'. Musk had 'extensive ties with the persons tasked with negotiating on Tesla’s behalf', she found including General Counsel Todd Maron, who was his 'former divorce attorney'. Musk immediately reacted to the ruling on his social media platform X, formerly Twitter, tweeting: 'Never incorporate your company in the state of Delaware.' A shareholder lawsuit targeted Tesla chief executive Elon Musk Musk was quick to react to the judges' ruling on his social media platform X, formerly Twitter Chancery Court Judge Kathleen McCormick in her ruling found that the process leading to the boards’ approval of his 2018 compensation package was 'deeply flawed' I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters.' Defense lawyers said the pay plan was fairly negotiated by a committee of independent directors, contained lofty performance milestones, and was blessed by a shareholder vote that was not even required. McCormick ordered directors back to the drawing board in a bid to come up with an appropriate pay package for the world's richest man. 'The parties are to confer on a form of final order implementing this decision and submit a joint letter identifying all issues, including fees that need to be addressed to bring this matter to a conclusion at the trial level,' she wrote. Musk owns 13 percent of Tesla stock but announced a bid earlier this month to secure a quarter of its voting stock. 'I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control,' he wrote on X. 'Enough to be influential, but not so much that I can’t be overturned.' *Teslas' shares fell around 3 percent in the aftermath of the ruling.*