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Delaware Supreme Court Hears Arguments over Elon Musk's Pay Package in Dover
The Delaware Supreme Court examines if Elon Musk’s 2018 Tesla pay, potentially worth over $100 billion, was fairly approved amid shareholder conflict claims.
- On Wednesday, the Delaware Supreme Court will hear arguments in the yearslong dispute as Elon Musk, Tesla CEO, seeks reinstatement of his controversial $56 billion pay deal.
- Richard Tornetta sued in 2018 alleging Tesla's board of directors violated fiduciary duty and argued Musk had excessive influence with inadequate disclosure.
- Tesla's lawyers argued that a June shareholder vote showed 77 percent support, while Kathaleen McCormick called the process `deeply flawed` and the award `unfathomable`.
- Shareholders will vote on the new compensation package at the annual meeting on Nov. 6, while Tesla's board of directors proposes an interim stock package as an alternative.
- Delaware's legislature passed a law earlier this year to make suits harder, with a constitutional challenge scheduled for Nov. 5 that could reshape Delaware's corporate reputation.
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Total News Sources12
Leaning Left3Leaning Right1Center1Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 20%
R 20%
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