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BumRushDaShow

(144,186 posts) Sat Dec 14, 2024, 05:28 AM Dec 14

Judge clears way for Musk appeal to try to restore $56 billion Tesla pay

Source: Reuters

December 13, 2024 5:30 PM EST Updated 11 hours ago

WILMINGTON, Delaware, Dec 13 (Reuters) - A Delaware judge cleared the way on Friday for Elon Musk and Tesla to begin legal appeals to try to reinstate the chief executive's record-breaking $56 billion pay package from the electric carmaker.

The order by Chancellor Kathaleen McCormick of the Court of Chancery opens the 30-day window for an appeal to the Delaware Supreme Court.

Musk and the board that approved the 2018 pay package can appeal McCormick's ruling in January that they had breached their fiduciary duty to investors by approving a compensation plan she described as "unfathomable" in its size.

On Dec. 2, she declined to reconsider that ruling despite a June vote by Tesla shareholders in favor of the package.

Read more: https://www.reuters.com/legal/judge-clears-way-musk-appeal-try-restore-56-billion-tesla-pay-2024-12-13/

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Judge clears way for Musk appeal to try to restore $56 billion Tesla pay (Original Post) BumRushDaShow Dec 14 OP

What a sick greedy bastard. And who in their right mind would approve that pay package? groundloop Dec 14 #1

My heart and my brain coffeenap Dec 14 #2

What an arrogant, greedy monster. Fla Dem Dec 14 #3

I hope that this ruling stands LetMyPeopleVote Dec 14 #4

groundloop

(12,385 posts)

1. What a sick greedy bastard. And who in their right mind would approve that pay package?

Reply to BumRushDaShow (Original post)

Sat Dec 14, 2024, 08:08 AM

Dec 14

coffeenap

(3,220 posts)

2. My heart and my brain

Reply to BumRushDaShow (Original post)

Sat Dec 14, 2024, 09:10 AM

Dec 14

still cannot accept that a person like this exists. $56 billion--half of it could solve hunger or housing or myriad sufferings. Or, at least, raise pay for his own employees. No one should have this amount of power. But I know, they do, and it dooms us all.

Fla Dem

(25,869 posts)

3. What an arrogant, greedy monster.

Reply to BumRushDaShow (Original post)

Sat Dec 14, 2024, 09:46 AM

Dec 14

LetMyPeopleVote

(155,514 posts)

4. I hope that this ruling stands

Reply to BumRushDaShow (Original post)

Sat Dec 14, 2024, 06:55 PM

Dec 14

Under corporate law, a board needs to independent of the CEO to approve this type of compensation package. The Tesla board are not independent of Musk. I think that this ruling should be affirmed.

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