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  5. US Judge Rejects Musk's $56 Billion Tesla Pay Package Again

US Judge Rejects Musk's $56 Billion Tesla Pay Package Again

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Elon Musk's $56 billion compensation package has been rejected by a judge in the United States. The decision, upheld by Chancellor Kathaleen McCormick of Delaware's Court of Chancery, reaffirms an earlier ruling that deemed the pay deal excessive and unfair to shareholders. The judge found that Tesla's ratification attempt to revive the package could not override her initial decision.

  1. US
    Kathaleen Mccormick
    Delaware Court of Chancery
    1. Were the court to condone the practice of allowing defeated parties to create new facts for the purpose of revising judgements, lawsuits would become interminable.
    2. The large and talented group of defense firms got creative with the ratification argument, but their unprecedented theories go against multiple strains of settled law.
    3. Even if a stockholder vote could have a ratifying effect, it could not do so here.
  2. US
    Bernstein Litowitz Berger & Grossmann
    1. We are pleased with Chancellor McCormick's ruling, which declined Tesla's invitation to inject continued uncertainty into Court proceedings.
  3. US
    Tesla
    1. The ruling is wrong, and we're going to appeal.
    2. This ruling, if not overturned, means that judges and plaintiffs' lawyers run Delaware companies rather than their rightful owners – the shareholders.
  4. US
    Charles Elson
    University of Delaware
    1. You had a board that wasn't independent, a process that was dominated by the chief executive, and a package that was way out of any sort of reasonable bounds.

Tesla

  1. Tesla sales drop 13% in first quarter as Elon Musk backlash and aging models hurt demand
  2. Tesla dealerships targeted in series of attacks across the US with FBI investigating the incidents
  3. Donald Trump purchases a Tesla vehicle from Elon Musk during a meeting at the White House

sources

  1. 1.ABC News (Australia)
  2. 2.Le Monde
  3. 3.The Times of India
  4. 4.The Times
  5. 5.France 24
  6. 6.BBC
  7. 7.Al Jazeera
  8. 8.The Guardian
  9. 9.ABC News
  10. 10.Agence France-Presse
  11. 11.Forbes
  12. 12.Reuters

perspectives

  1. 1.US under Donald Trump
  2. 2.US Economy
  3. 3.Tech industry
  4. 4.Lawsuit
  5. 5.Billionaire
  6. 6.Twitter Takeover by Elon Musk
  7. 7.US-EU relations
  8. 8.Protectionism
  9. 9.Electric Cars
  10. 10.China-EU Relations
  11. 11.Automotive industry

countries

  1. 1.NorwayNO
  2. 2.United StatesUS

organizations

  1. 1.TeslaUS
  2. 2.Delaware Court of Chancery
  3. 3.Federal Election Commissioner
  4. 4.Bernstein Litowitz Berger & GrossmannUS
  5. 5.TechScape
  6. 6.University of Delaware
  7. 7.Weinberg Center for Corporate Governance

persons

  1. 1.Kathaleen MccormickUS
  2. 2.Elon MuskUS
  3. 3.Richard Tornetta
  4. 4.Donald TrumpUS
  5. 5.Ben Margot
  6. 6.Charles ElsonUS

technicals

  1. 1.Model 3
US Judge Rejects Musk's $56 Billion Tesla Pay Package Again