A Delaware judge has reaffirmed her ruling that Tesla must revoke Elon Musk's multibillion-dollar pay package.
A Delaware judge has reaffirmed her ruling that Tesla must revoke Elon Musk’s multibillion-dollar pay package
The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk’s 2018 compensation package. Defense attorneys then argued that the second vote makes clear that Tesla shareholders, with full knowledge of the flaws in the 2018 process that McCormick pointed out, were adamant that Musk is entitled to the pay package. They asked the judge to vacate her order directing Tesla to rescind the pay package.
The judge noted, among other things, that a stockholder vote standing alone cannot ratify a conflicted-controller transaction. Meanwhile, McCormick found that the $5.6 billion fee request by the shareholder’s attorneys, which at one time approached $7 billion based on Tesla’s trading price, went too far.Attorneys for the Tesla shareholders argue that their work resulted in the “massive” benefit of returning shares to Tesla that otherwise would have gone to Musk and diluted the stock held by other Tesla investors. They value that benefit at $51.
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