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Tesla again seeks shareholder nod for Musk's 2018 pay voided by judge

Livemint

Livemint · 1y ago

Tesla again seeks shareholder nod for Musk's 2018 pay voided by judge

Tesla is seeking shareholder approval for CEO Elon Musk's $56 billion pay package, which was rejected by a Delaware judge in January. The compensation is based on Tesla's market value reaching up to $650 billion over the next decade. The judge called the package an "unfathomable sum." Tesla disagrees with the decision and is asking shareholders to vote on the original package. The company also wants approval to change its state of incorporation from Delaware to Texas. Musk's compensation for 2023 was $0.

Related News

Tesla tells judge that shareholder vote should reverse Elon Musk's pay ruling

Economic Times

Economic Times · 1y ago

Tesla tells judge that shareholder vote should reverse Elon Musk's pay ruling

Tesla is asking a Delaware judge to uphold the vote by shareholders in favor of Elon Musk's $56 billion pay package and reverse her previous ruling that voided the compensation. The company is also urging the judge to reject a request for a $6 billion legal fee by the lawyers who led the case against Musk's pay package. Tesla argues that the shareholder vote should be taken into consideration, as it demonstrates support for the compensation package. The company plans to file a motion to reverse the previous ruling, indicating confidence in winning the case.

Elon Musk may be compelled to testify again in SEC's Twitter takeover probe

Economic Times

Economic Times · 1y ago

Elon Musk may be compelled to testify again in SEC's Twitter takeover probe

A federal judge may compel Elon Musk to testify again in the SEC's investigation into his Twitter takeover. Lawyers for Musk argued against the SEC's request for him to testify, alleging harassment with subpoenas. The judge did not make a decision during the hearing. The investigation focuses on whether Musk violated securities laws during his 2022 purchase of Twitter, now known as X. Musk has previously provided documents and testified for the SEC, but the agency seeks further testimony due to new documents. This ongoing dispute stems from Musk's 2018 tweet about taking Tesla private.

Elon Musk may leave Tesla if $56 bn pay not approved, Denholm warns shareholders

Livemint

Livemint · 1y ago

Elon Musk may leave Tesla if $56 bn pay not approved, Denholm warns shareholders

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.

Norway wealth fund to vote against Elon Musk's $56 billion Tesla pay package

Economic Times

Economic Times · 1y ago

Norway wealth fund to vote against Elon Musk's $56 billion Tesla pay package

Norway's sovereign wealth fund, which is Tesla's eighth-largest shareholder, has announced that it will vote against ratifying Elon Musk's $56 billion pay package. The fund had previously voted against the package in 2018, which was later invalidated by a judge. While the fund acknowledges the value generated under Musk's leadership, it raises concerns about the size of the award, performance triggers, dilution, and key person risk. Furthermore, the fund plans to vote in favor of a proposal calling on Tesla to adopt a freedom of association and collective bargaining policy.

Tesla blasts Glass Lewis, defends Elon Musk's $56 billion pay package

Livemint

Livemint · 1y ago

Tesla blasts Glass Lewis, defends Elon Musk's $56 billion pay package

Tesla Inc. has criticized proxy adviser Glass Lewis for recommending the rejection of CEO Elon Musk's proposed $56 billion pay package. In a letter to shareholders, Tesla accused Glass Lewis of omitting key considerations and relying on speculation. The company urged shareholders to ignore Glass Lewis's advice and support Musk's compensation package. The board is working to rally support for the package ahead of the annual meeting in June after it was nullified by a Delaware judge. Musk has previously criticized proxy advisers for holding too much power in shareholder voting decisions.

SpaceX files to relocate to Texas after Elon Musk's spat with Delaware over pay package

Business Insider

Business Insider · 1y ago

SpaceX files to relocate to Texas after Elon Musk's spat with Delaware over pay package

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.

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

Business Insider · 1y ago

A Tesla lawyer burst into tears during a deposition on Elon Musk's compensation package because he admired Musk so much, judge says

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.

Elon Musk's Neuralink moves legal home to Nevada

Economic Times

Economic Times · 1y ago

Elon Musk's Neuralink moves legal home to Nevada

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.

Elon Musk seeks Tesla shareholder vote on moving incorporation to Texas

Economic Times

Economic Times · 1y ago

Elon Musk seeks Tesla shareholder vote on moving incorporation to Texas

Tesla CEO Elon Musk has announced plans to hold a shareholder vote for transferring the company's state of incorporation from Delaware to Texas. This comes after a judge invalidated Musk's $56 billion pay package and criticized the directors who negotiated it. Musk, who has already moved Tesla's headquarters to Texas, expressed his preference for incorporating in Texas and conducted a poll, with over 87% of votes in favor of the shift. This move aligns with Musk's larger interest in Texas, where several of his other companies also have operations.

A $60-plus billion pay package? Musk gives Tesla’s board a nightmare task

Livemint

Livemint · 1y ago

A $60-plus billion pay package? Musk gives Tesla’s board a nightmare task

Tesla's board faces a challenging task in creating a new pay package for CEO Elon Musk after he took to Twitter to express discomfort about growing Tesla without having significant voting control. Musk's previous pay deals in 2012 and 2018 raised concerns about governance, with the 2018 agreement allowing him to potentially make $55.8 billion. The legal case surrounding his 2018 plan is still ongoing. Musk's latest compensation proposal includes the condition of obtaining 25% voting control, further complicating negotiations for the board.

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