Tesla will use yesterday’s strong support for Elon Musk’s US$56 billion pay package to try to win over a Delaware judge that invalidated his 2018 agreement, the company’s board president said today. — Reuters picSAN FRANCISCO, June 14 — Tesla will use yesterday’s strong support for Elon Musk’s US$56 billion pay package to try to win over a Delaware judge that invalidated his 2018 agreement, the company’s board president said today.
McCormick in January called the package an “unfathomable sum” granted by a conflicted board with close personal and financial ties to CEO Musk. “Now that shareholders have voted for it a second time with all of the facts out in the open, the entire crux of the judge’s argument becomes invalid,” said Natela Shenon, a partner at Grant Shenon in Los Angeles, yesterday evening.
Some large investors argued that the package will hurt existing shareholders and that the board still lacks independence.
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