Source: Washington Post
“A Delaware judge rejected a bid to restore Elon Musk’s record-setting $56 billion pay package, despite Tesla shareholders overwhelmingly voting to award Musk the stock grant earlier this year. Delaware Court of Chancery Judge Kathaleen McCormick originally struck down the controversial compensation deal — the highest CEO pay package in history — in January, ruling in a case brought by a group of Tesla shareholders that the company’s board was too heavily influenced by Musk when it adopted the package in 2018. Tesla’s board responded by asking shareholders to participate in a new vote on whether to award the package, to be paid in stock awards. In June, that measure was passed. But McCormick opted Monday to uphold her original decision against Musk, Tesla and some board members who joined the defendants in challenging the earlier decision.” [editor’s note: If the judge wants to run Tesla, she should pony up for a majority of its shares – TLK] (12/02/24)