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Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules
Medial
·
1y ago
Medial
A judge has ruled that Elon Musk must relinquish a compensation package given to him by Tesla's board of directors, potentially worth over $55 billion. The decision comes after a shareholder lawsuit accused Musk and the directors of breaching their duties and resulting in a waste of corporate assets. Plaintiff's attorneys claimed the pay package was a result of sham negotiations and lacked independence, while defense attorneys argued it was fairly negotiated by independent directors with ambitious performance goals and approved by shareholders.
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Elon Musk loses world’s richest person title to Jeff Bezos
Economic Times
·
1y ago
Medial
Elon Musk has lost his position as the world's richest person to Jeff Bezos after Tesla shares tumbled on Monday. Musk's net worth is now $197.7 billion, while Bezos holds a fortune of $200.3 billion. This change marks the first time Bezos has topped Bloomberg's ranking since 2021. The gap between Musk and Bezos has been narrowing as Amazon shares soar while Tesla shares decline. Musk's wealth may further decline after a Delaware judge invalidated his $55 billion pay package at Tesla. Bezos first became the world's richest person in 2017 but had been competing with Musk for the top spot last year.
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Elon Musk might not get to keep his $55 billion Tesla package. But overall, CEOs shouldn't panic about their paydays.
Business Insider
·
1y ago
Medial
A Delaware judge ruled against Elon Musk's $55 billion compensation package for his work at Tesla, citing excessive pay. While this case is rare, experts believe it may not have a significant impact on executive compensation in general. The unique circumstances of Musk's package, which tied his stock options to Tesla's market evaluation, made it difficult to defend. Additionally, the judge found that Tesla's board had extremely close ties to Musk, further complicating the situation. While the ruling is notable, it may not set a broad precedent for executive pay.
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Elon Musk's Neuralink moves legal home to Nevada
Economic Times
·
1y ago
Medial
Elon Musk's brain implant company, Neuralink, has relocated its legal headquarters from Delaware to Nevada. This move comes after a Delaware judge invalidated Musk's $55.8 billion pay package as CEO of Tesla. Musk had previously suggested moving Tesla's corporate registration to Texas. Legal experts note that many corporations choose Delaware for its favorable laws. In January, the judge ruled that Tesla's board lacked independence from Musk and the pay package was flawed. Musk's advocates argue that his unique role and contributions to Tesla justify his compensation.
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Delaware judge rejects Elon Musk's $56 billion Tesla pay - again
Economic Times
·
8m ago
Medial
A Delaware judge has ruled that Tesla CEO Elon Musk is still not eligible for a $56 billion compensation package, despite a shareholder vote in June to reinstate it. The judge's ruling follows her previous decision in January that deemed the pay package excessive and rescinded it. Tesla plans to appeal the ruling, stating that the judge overruled a majority of shareholders. Musk and Tesla can appeal to the Delaware Supreme Court once a final order is entered. The appeal process could take up to a year.
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Musk shifts Neuralink incorporation from Delaware to Nevada as he rails against $55 billion pay ruling
Business Insider
·
1y ago
Medial
Elon Musk has shifted the incorporation location of his brain-chip implant company Neuralink from Delaware to Nevada. The move comes after legal setbacks for Musk in Delaware, including a judge striking down his $55 billion pay package. Musk recommended incorporating in Nevada or Texas for shareholders to have more decision-making power. This is not the first time Musk has relocated his companies, previously moving X and expressing his intent to reincorporate Tesla. Delaware is known as the US's incorporation capital, but Musk has criticized it and advocated for Texas as a better option.
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Elon Musk may leave Tesla if $56 bn pay not approved, Denholm warns shareholders
Livemint
·
1y ago
Medial
Tesla's Chairperson, Robyn Denholm, has stated that CEO Elon Musk may leave the company if shareholders vote against his $56 billion pay package during the upcoming shareholders meeting. Denholm emphasized that motivating someone like Musk requires a different approach, and if shareholders reject the pay package, Musk may take his talents elsewhere. The approval process for Musk's compensation package was recently voided by a Delaware judge for being "deeply flawed". Denholm argued that the package is not about the money but about retaining Musk's focus and commitment to Tesla.
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Elon Musk says Tesla shareholders approved his $56 billion pay package
Economic Times
·
1y ago
Medial
Tesla shareholders have approved Elon Musk's $56 billion pay package, making him the richest person in the world with a net worth of $200 billion. The package, the largest in US corporate history, consists of stock options based on Tesla's revenue, profit, and market value. The approval comes after a legal challenge in Delaware, where a judge questioned the independence of Tesla's board and the excessiveness of the package. While some shareholders believe Musk deserves the incentives, others are concerned about Tesla's recent financial performance and competition in the market.
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Elon Musk suggests Tesla could leave Delaware after a judge blocked his $55 billion pay deal
Business Insider
·
1y ago
Medial
Elon Musk has expressed his dissatisfaction with the state of Delaware after a judge ruled against his $55 billion compensation package for Tesla. Musk took to Twitter suggesting that companies should never incorporate in Delaware and recommended incorporating in Nevada or Texas instead. He even posted a poll asking users whether Tesla should change its state of incorporation to Texas, where its headquarters are located. This ruling threatens Musk's position as the world's richest person.
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SpaceX files to relocate to Texas after Elon Musk's spat with Delaware over pay package
Business Insider
·
1y ago
Medial
SpaceX has filed to relocate its business incorporation from Delaware to Texas following CEO Elon Musk's public criticism of the Diamond State. This move comes after a judge in Delaware recently voided Musk's $55 billion Tesla pay package. Musk has expressed his discontent with Delaware and has already shifted the incorporation of his other companies, Neuralink and SpaceX, out of the state. Although Texas is not yet considered a major business hub like Delaware, Musk has already established many operations in the state, including plans to move Tesla's headquarters to Austin.
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A Tesla lawyer burst into tears during a deposition on Elon Musk's compensation package because he admired Musk so much, judge says
Business Insider
·
1y ago
Medial
Former Tesla general counsel, Todd Maron, reportedly burst into tears during a deposition discussing Elon Musk's $55 billion compensation package. Delaware judge Kathleen McCormick criticized the flawed process that led to the package's approval and highlighted Maron's admiration for Musk. Maron, who served as Musk's former divorce attorney, was heavily involved in the decision-making process. McCormick recently voided Musk's compensation package, prompting him to consider shifting Tesla's state of incorporation to Texas.
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