Member LoginMember Login - User registration - Setup as front page - Add to favorites - Sitemap Tesla asks shareholders to reinstate Elon Musk's $55 billion pay package !

Tesla asks shareholders to reinstate Elon Musk's $55 billion pay package

Time:2024-05-01 14:13:02 source:Earthly Encounters news portal

DETROIT (AP) — Tesla will ask shareholders to reinstate a $56 billion compensation package for CEO Elon Musk that was rejected by a judge in Delaware this year, and to move the electric car maker’s corporate home from Delaware to Texas.

In a filing with federal regulators early Wednesday, the company said it would ask shareholders to vote on both issues during its annual meeting on June 13.

In January, Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to a landmark compensation package awarded by Tesla’s board of directors that is potentially worth about $55.8 billion over 10 years starting in 2018.

Five years ago, a Tesla shareholder lawsuit alleged that the pay package should be voided because it was dictated by Musk and was the product of sham negotiations with directors who were not independent of him.

Related information
  • Bizarre moment yacht gets wedged underneath railway arches while being carried on a low
  • What to expect in Michigan's state house special elections
  • A Supreme Court social media ruling could set new free speech standards
  • Devonte' Graham and the Spurs stun the Nuggets, who fall into a three
  • How to be a 'Fall Guy': Stunt performers on their rough
  • Skubal throws 5 scoreless innings, Canha homers and Tigers beat Twins 8
  • Biden could miss the deadline for the November ballot in Alabama
  • Heat never trail on the way to a 125
Recommended content
  • Brad Stevens selected as NBA's executive of the year after Celtics' NBA
  • Heim homers with 4 RBIs as Rangers win 12
  • Judge in Trump’s classified files case agrees to protect witness identities
  • Anonymous accounts use right
  • Haiti prime minister: transitional council names new leader
  • Ryan Feltner gets 1st win of season, Rockies use season