The Austin-based automaker's chair criticized the Delaware judge who rejected the compensation plan, calling it 'unfathomable,' unfair to shareholders.
Tesla Inc. wants shareholders to reinstate a compensation package for CEO Elon Musk that a Delaware judge rejected earlier this year, calling its terms “unfathomable.” The Austin -based company is also asking investors to move its corporate home from Delaware to Texas . In an early Wednesday filing with federal securities regulators, Tesla asked shareholders to reinstate Musk’s $55 billion pay package during its June 13 annual meeting.
Elon Musk can’t keep 'unfathomable' Tesla pay package worth more than $55 billion, judge rules It may be a tough sell for Tesla and Musk. Shares of Tesla have tumbled nearly 40% this year as global demand for electric vehicles fades and Tesla sales have fallen rapidly. This week, the company said it was cutting about 10% of its workers — about 14,000 people.
Tesla sales plunge to start the year as competition heats up and demand for EVs slows Musk said a month after the judge’s ruling that he would try to move Tesla’s corporate listing to Texas. Almost immediately after the judge’s ruling, Musk did exactly that with Neuralink, his brain implant company, moving its corporate home from Delaware to Nevada. Tesla made and delivered more than 1.8 million electric vehicles worldwide in 2023, it reported.
Tesla planning to lay off 10% of workforce after weak quarterly sales “Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value,” she wrote. “That strikes us — and the many stockholders from whom we already have heard — as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it.
Delaware Chancery Court Delaware Court Kathaleen St. Jude Mccormick Robyn Denholm Elon Musk Delaware Austin Texas Nevada Neuralink EV
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