Serving on the Chancery Court in Delaware Judge Kathaleen McCormickreaffirming the decision made in January, Elon MuskHe destroyed her dreams once again. Elon Musk’s The $56 billion salary package he arranged for Tesla He set a barrier in front of him once again.
Tesla’s shareholder vote in June resulted in re-approving Musk’s salary. However, Judge McCormick ruled that this vote was not enough to change the court decision. The arguments presented by Tesla are also weak and misleading He described it as.
McCormick, Tesla’s voting initiative is legally invalid. He stated:
If the court allows losing parties to re-open cases creating new ‘facts’, the judicial process will drag on indefinitely.
Even though Shareholders Are Reactive, They Do Not Change the Court Decision
McCormick in his statements to legitimize Tesla’s shareholder vote serious misrepresentations He emphasized that it was. The judge said he would not allow it to be used as a method to justify Musk’s salary.
Tesla’s shares rose after the market closed following this decision. It lost 1.4% of its value. The company must also pay $345 million in legal fees to the lawyers of the shareholder who filed the lawsuit. Although this amount is significantly lower than the $5.6 billion that lawyers are demanding, it will still be a significant burden.
No Guaranteed Wage in Salary Plan
Musk’s salary package accepted in 2018, Tesla achieving 12 key financial and operational goals It stated that he would be given a large amount of shares in his case. There is no guaranteed salary in the salary plan. However, the court ruled that Musk influenced the Tesla board during the negotiation process of the package and conflicts of interest He stated that it happened.
The salary package was rated as the largest salary plan in history. current value approximately $101 billion. Following the court’s decision, Musk said: Delaware Supreme Courthas the right to object.
There was no statement on the issue from Musk, who had previously criticized the decision on X (formerly Twitter).
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