Tesla Seeks to Overturn Court Decision on Musk’s Pay through Unprecedented Shareholder Vote
Wilmington, Del. — Tesla is pursuing an unusual legal move to reinstate a $56 billion compensation package for CEO Elon Musk, contrary to a previous court decision that voided the agreement. The automaker insists that a second approval from its shareholders should supersede the earlier ruling by the Delaware Chancery Court, sparking a debate over the power of stockholder votes versus judicial authority. In January, Chancellor Kathaleen McCormick of the Delaware Court of Chancery ruled against the compensation plan initially approved in 2018, which could have granted Musk stock worth more than $55 billion based … Read more