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Tesla urges Delaware Supreme Court to restore Musk's $56 billion payday
- On Wednesday, Elon Musk, Tesla's Chief Executive Officer, will urge the Delaware Supreme Court to restore his $56 billion 2018 stock-options pay package nearly two years after a lower court rescinded it.
- In 2018, Chancellor Kathaleen McCormick, Delaware Court of Chancery, ruled the Tesla board lacked independence and shareholders lacked key information when approving the pay package.
- Because the stock continued to appreciate, the options are currently worth closer to $120 billion, and the five justices on Delaware's high court will consider the appeal and the $345 million legal fee.
- If Musk loses the appeal, he would still receive tens of billions under a replacement deal Tesla agreed in August, and the outcome could impact Delaware's corporate law and Court of Chancery.
- Recently, companies including Tesla, Dropbox and Andreessen Horowitz moved legal homes to Texas or Nevada, prompting Delaware lawmakers to overhaul corporate law amid the 'Dexit' departures.
16 Articles
16 Articles
Tesla’s pay package saga with Elon Musk enters its final chapter
Tesla has made a last-ditch effort to secure the $56 billion pay package for CEO Elon Musk, which was approved twice by company shareholders, after a Delaware Chancery Court denied the frontman the payday. Perhaps one of the biggest issues from a standpoint of being fluent in Tesla-related events has been Musk’s pay package. It […]
UPDATE 3-Tesla urges Delaware Supreme Court to restore Musk's $56 billion payday
Elon Musk’s $56 billion pay package from Tesla should have been restored by a vote of the company’s shareholders last year, a Tesla attorney argued to the Delaware Supreme Court on Wednesday. The company is also appealing a ruling by the lower court that rejected as legally invalid a vote by shareholders to restore the pay package.
Indian Express
Investing.comTesla urges Delaware Supreme Court to restore Musk’s $56 billion payday
Electric car-maker Tesla on Wednesday urged the Delaware Supreme Court to restore the $56 billion pay package of its CEO, Elon Musk, which was struck down in January 2024. Tesla’s attorney argued that Musk’s pay package from the company should have been restored by a vote of shareholders last year. “This was the most informed […]
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