Court Rejects Attempt to Reclaim Musk’s $55.8 Billion Compensation from Tesla

05.12.2024

McCormick acknowledged that the attempt to ratify the package through a shareholder vote had several serious flaws, including “materially misleading statements” in the documents presented to shareholders about the consequences of their vote.

Tesla stated that it intends to appeal the decision, arguing that shareholders should control the votes, not judges. Elon Musk added on his platform X that this decision is unfair to the company’s shareholders.

Previously, shareholders supported Musk’s compensation plan in March 2018, which was aimed at rewarding the founder for Tesla’s growth. However, company shareholder Richard Tornetta filed a lawsuit, accusing the management of not being sufficiently independent in approving the terms of the package and effectively allowing Musk to dictate the terms.

Leave a Reply

Your email address will not be published.

loader-image
Ashgabat
10:38 am, Dec 12, 2024
temperature icon 1°C
небольшая облачность
Humidity 86 %
Pressure 1014 mb
Wind 2 mph
Wind Gust Wind Gust: 0 mph
Clouds Clouds: 20%
Visibility Visibility: 0 km
Sunrise Sunrise: 8:13 am
Sunset Sunset: 5:47 pm
Previous Story

Former Samsung Factory Begins Producing Domestic Servers

Next Story

USAID and WHO Partner with Turkmenistan to Strengthen Tuberculosis Control and Prevention

Latest from Technology

Apple Accused of Spying on Employees

04.12.2024
The lawsuit claims that Apple requires employees to install special software on personal devices used for work. This software allows the company to access
Go toTop