Posted on 06/13/2024 7:58:45 AM PDT by george76
Tesla shareholders are voting to approve a $56 billion pay package for Elon Musk and to move the electric vehicle maker’s legal home to Texas, Musk said on social media platform X on Wednesday, adding that passage was by wide margins.
A yes vote gives the electric carmaker more ammunition in a Delaware court, where a judge voided the 2018 pay package plan, which at the time was the largest in US corporate history, saying the board was “beholden” to CEO Musk.
It also marks a massive win for Musk and the board, who have put their credibility on the line to gain shareholder approval
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“Thanks for your support!!” Musk said in his post on X.
The result will be announced at a meeting at Tesla’s headquarters in Texas on Thursday
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Tesla shareholders also cast ballots on other proposals including the move of its legal headquarters from Delaware to Texas, as well as the re-election of two board members: Musk’s brother Kimbal Musk and James Murdoch.
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Tesla stocks ended up 3.9% on Wednesday, a day before the shareholder meeting.
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COURT BATTLE..
The same package was previously rejected by a Delaware judge who invalidated it as an “unfathomable sum” granted by a conflicted board with close personal and financial ties to its top executive.
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“Even if the shareholders do approve the old package, it is not clear that the Delaware court will allow that vote to be effective,” said Adam Badawi, a law professor who specializes in corporate governance at the University of California Berkeley.
Musk has to wait months or years to get his pay package restored as appeals wind their way up to Delaware’s Supreme Court.
(Excerpt) Read more at nypost.com ...
Is this how he pays for Twitter/X? 44 billion it cost
“Is this how he pays for Twitter/X? 44 billion it cost”
#####################
I’d like to see him pay for some DA’s, Secys of State, Congress folk, governors, and POTUS, to counteract Zucky, Soros, and the WEF
Don’t forget a new player
Democrats want a democrat judge to nullify the results of a democratic vote.
“Musk has to wait months or years to get his pay package restored as appeals wind their way up to Delaware’s Supreme Court.”
why? after tesla moves its incorporation to texas, delaware no longer has jurisdiction ...
Who currently owns the shares that musk will get? Are they going to get paid?
“Are they going to get paid?”
LOL!
I wish Musk would do a buyout of Boeing.
Biden’s working on deal to hook up with Elon Musk the ambiance of money is in the air.
>>>Democrats want a democrat judge to nullify the results of a democratic vote.
Looks like democratic interference!
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