Tesla will ask shareholders to reinstate Musk pay package rejected by Delaware judge
Source: AP
Updated 7:23 AM EDT, April 17, 2024
AUSTIN, Texas (AP) Tesla will ask shareholders to reinstate the compensation package for CEO Elon Musk that was rejected by a judge in Delaware this year and to move the electric carmakers 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 in June.
In January, Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to a landmark compensation package awarded by Teslas board of directors that is potentially worth more than $55 billion.
Musk said a month later that he would try to move Teslas corporate listing to Texas, where he has already moved company headquarters.
Read more: https://apnews.com/article/musk-pay-compensation-corporate-registration-ef5e30f6b56f7d936f8c882fc1c96875
bucolic_frolic
(43,206 posts)Last edited Wed Apr 17, 2024, 08:28 AM - Edit history (1)
Support your local Eloon.
$55 BILLION divided by 1.8 million Teslas sold in 2023, roughly, equals $30,555 of each vehicle sold just to pay Eloon's compensation.
Prof. Toru Tanaka
(1,971 posts)Traurigkeit
(194 posts)tanyev
(42,578 posts)PatSeg
(47,520 posts)When I first read it, I thought it was $55 million, which already seemed a bit excessive. How on earth is that creep worth $55 BILLION?
Mr. Sparkle
(2,935 posts)i'd say there is more than enough tesla fanboys to push this through
ck4829
(35,077 posts)Tesla to lay off more than 10% of staff globally as sales fall
https://democraticunderground.com/10143225712
sdfernando
(4,935 posts)before a product was ready for delivery, I thought "Hey, that's a great looking car, I would consider buying it." But it was also supposed to be in the low to mid $30,000.00 for a lower range, lower end trim (if I recall correctly). The real price was closer t0 $70,000.00. Not only way out of my range but a big disappointment as well. I started to sour on Tesla right then. Looney has only made things worse and I wouldn't touch one now. If someone gave me one, I'd immediately sell it for whatever I could get and look at the multitude of other options.
angrychair
(8,717 posts)To say the least. Its roughly 11% of the market cap of Tesla, which again, is excessive given stock performance and the disaster of a rollout for the Cybertruck.
CaptainTruth
(6,594 posts)... to reinstate a $55 billion compensation package for Elmo?
It doesn't seem like the best time to ask, as they watch their investment losing value.
Traurigkeit
(194 posts)BumRushDaShow
(129,165 posts)so....
Traurigkeit
(194 posts)BumRushDaShow
(129,165 posts)(but I expect it was faulty )
LetMyPeopleVote
(145,374 posts)The proxy statement/disclosure statement for this stockholder meeting will be fun to read in that Tesla/Musk will need to make full disclosure of the misleading information and reasons for the court ruling that overturned the results of the prior stockholder vote