Tesla CEO Elon Musk’s $56 billion pay package will go to another shareholder vote in June, after a Delaware court voided it as excessive.
Tesla will ask shareholders to reapprove CEO Elon Musk's $56 billion pay package, months after a Delaware court found it deeply flawed and voided it.Musk has publicly and bitterly decried both the decision and continued incorporation in Delaware in the aftermath of the case, but Tesla's board says it arrived at both decisions independently.
Musk's pay package was invalidated after a shareholder won a lawsuit against the company earlier this year. Delaware Chancery Court Chancellor Kathaleen McCormick found that Musk, rather than Tesla's board, controlled the company and that the board's compensation committee, rather than negotiating with Musk over the terms of the deal,"worked alongside him, almost as an advisory body.
In January, the same day the pay package was rejected, Musk asked his X followers if Tesla should reincorporate in Texas. Months later, Tesla's board agreed and is now proposing the move to Texas and asking shareholders to approve the move.
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