Tesla shareholders voted to restore Musk's record pay package that was thrown out by a Delaware judge earlier this year. A separate vote approved moving the company’s legal home to Texas.Tesla CEO Elon Musk leaves the Tesla Gigafactory for electric cars after a visit in Gruenheide near Berlin on March 13, 2024.DETROIT — Tesla shareholders voted Thursday to restore CEO Elon Musk's record $44.
Chancellor Kathaleen St. Jude McCormick ruled in January in a shareholder’s lawsuit that Musk essentially controlled the Tesla board when it ratified the package in 2018, and that it failed to fully inform shareholders who approved it the same year. Musk and Tesla didn’t win everything. Shareholders approved measures that trimmed board member terms from three years to one and cut the required vote on shareholder proposals to a simple majority.
John Lawrence, a Dallas-based lawyer with Baker Botts who defends corporations against shareholder lawsuits, agreed the vote doesn’t end the legal dispute and automatically give Musk the stock options. But he says it gives Tesla a strong argument to get the ruling overturned. “Full Self-Driving” keeps improving with new versions, and its safety per mile is better than human drivers, Musk said.
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