Earlier this week, a Delaware judge voided Elon Musk’s $55 billion pay package after a Tesla shareholder, who owned just 9 shares , filed a lawsuit claiming that the package was excessive and unfair – despite the fact that it was based on milestones which the board and 80% of shareholders agreed upon, and which Musk achieved . The judge in the case, Kathleen McCormick of the Delaware Chancery Court (in which there is no jury), agreed with the shareholder , Richard Tornetta, that Tesla’s board lacked independence in crafting Musk’s pay – and will now have to go back to the drawing board to put together a new compensation plan.
So much for capitalism, right? Never incorporate your company in the state of Delaware — Elon Musk (@elonmusk) January 30, 2024 The move prompted Musk to create a poll asking if Tesla should move its state of incorporation from […]
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