A Delaware judge has reaffirmed her ruling that Tesla must revoke Elon Musk's multibillion-dollar pay package.
Wayne County until 1 PM Tuesday. Lake effect snow. Total snow amounts between 2-5" possible with isolated higher totals possible.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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk's whopping 12-digit Tesla compensation package rejected again by Delaware judgeA judge rules Elon Musk is not entitled to receive the compensation package Tesla shareholders voted for. The package is worth $103 billion and consists of 303 million Tesla options.
Read more »
Delaware Judge Reaffirms Ruling for Tesla to Revoke Elon Musk’s Pay PackageChancellor Kathaleen St. Jude McCormick of Delaware has upheld her decision that Tesla must rescind the multibillion-dollar pay package for Elon Musk, despite objections from Musk and Tesla’s corporate directors. The compensation package, initially valued at around $56 billion, was approved by directors who were not independent, leading to legal challenges.
Read more »
Elon Musk's $56B Tesla pay package rejected again by Delaware judgeMcCormick also ordered Tesla to pay the attorneys who brought the case $345 million, well short of the $6 billion they initially requested.
Read more »
Delaware judge reaffirms ruling that invalidated massive Tesla pay package for Elon MuskBy RANDALL CHASE DOVER, Del. (AP) — A Delaware judge has reaffirmed her ruling that Tesla must revoke Elon Musk’s multibillion-dollar pay package Chancellor Kathaleen St. Jude McCormick…
Read more »
Delaware judge reaffirms ruling that invalidated massive Tesla pay package for Elon MuskA Delaware judge has reaffirmed her ruling that Tesla must revoke Elon Musk’s multibillion-dollar pay package.
Read more »
Delaware judge reaffirms ruling that invalidated massive Tesla pay package for Elon MuskA Delaware judge has reaffirmed her ruling that Tesla must revoke Elon Musk’s multibillion-dollar pay package.
Read more »