All articles tagged with #compensation lawsuit
The Delaware Supreme Court is set to hear a case challenging Tesla CEO Elon Musk's record-breaking compensation package, which could be worth over $100 billion, amid ongoing legal disputes over its approval and influence, with broader implications for corporate governance and state laws.
A former Tesla lawyer, Todd Maron, broke down in tears during a deposition about Elon Musk's compensation, highlighting the deep emotional ties between them. A Delaware court struck down Musk's $56 billion compensation package, citing a flawed process and conflicts of interest within Tesla. The court found that Musk alone determined the value of his compensation, which had no relation to Tesla's goals. Shareholders, including drummer Richard J. Tornetta, sued Tesla over unfair compensation, leading to a court battle in Delaware. Musk responded by suggesting Tesla might change its state of incorporation to Texas after a poll showed overwhelming support for the move.