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Re: Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules

By: Cactus Flower in ALEA | Recommend this post (0)
Wed, 31 Jan 24 4:21 PM | 25 view(s)
Boardmark this board | The Trust Matrix 		Msg. 52115 of 54959
(This msg. is a reply to 52113 by clo2)
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It's an absolutely crazy pay package.

But generally-speaking, I don't suppose it's a good idea for judges to be involved just because he's greedy. I think the issue was more about Musk's disclosures being inadequate.

Anyway, turns out he's not such a brilliant manager if twitter is anything to go by. What a mess he has made, and it was all so predictable.

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The above is a reply to the following message:
Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules
By: clo2 in ALEA
Wed, 31 Jan 24 1:41 PM 		Msg. 52113 of 54959

When is enough, enough...

Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules

DOVER, Del. (AP) — Elon Musk is not entitled to landmark compensation package awarded by Tesla’s board of directors that is potentially worth more than $55 billion, a Delaware judge ruled Tuesday.

The ruling by Chancellor Kathaleen St. Jude McCormick comes more than five years after a shareholder lawsuit targeted Tesla CEO Musk and directors of the company. They were accused of breaching their duties to the maker of electric vehicles and solar panels, resulting in a waste of corporate assets and unjust enrichment for Musk.

The shareholder’s lawyers argued that the compensation package should be voided because it was dictated by Musk and was the product of sham negotiations with directors who were not independent of him. They also said it was approved by shareholders who were given misleading and incomplete disclosures in a proxy statement.

http://apnews.com/article/elon-musk-tesla-compensation-pay-shareholders-e75687178d1175fba36ca55bd9c4c805?

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