Tesla asks shareholders to reinstate Elon Musk's $55 billion pay package
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 articles
Real Madrid win lifts Shakhtar into next Champions League. Dortmund loss means Eintracht miss out
GENEVA (AP) — Real Madrid winning the Champions League title also was a victory for Shakhtar Donetsk2024-06-03Keke Palmer and Laverne Cox bring the glamour while being honored at Webby Awards in New York City
Keke Palmer and Laverne Cox brought the glamour while being honored on Monday at the 28th annual Web2024-06-03Former University of Missouri frat member pleads guilty in hazing that caused brain damage
COLUMBIA, Mo. (AP) — A former member of a University of Missouri fraternity has pleaded guilty in th2024-06-032 men accused of plotting Islamic State
LONDON (AP) — Two men accused of plotting to gun down Jews in an Islamic State-inspired attack in no2024-06-03Sarah Hyland reveals husband Wells Adams called her Little Shop of Horrors voice 'very sexual'
Sarah Hyland said she was surprised by her husband's reaction to her latest Broadway role. The Moder2024-06-03Mainland says flight route adjustment benefits both sides of Taiwan Strait
The initiation of the west-to-east operation of W122 and W123 routes that connect with M503 route, e2024-06-03
atest comment