this post was submitted on 01 Feb 2024
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This is the best summary I could come up with:
A Delaware judge on Tuesday ruled in favor of the investors who challenged billionaire Elon Musk’s $56bn Tesla pay package as excessive, a court filing showed.
Tesla shareholder Richard Tornetta filed the lawsuit five years ago, accusing the company’s chief executive of improperly dictating negotiations around the compensation package and claimed that the board acted without independence.
Tesla directors argued during a weeklong trial that the company was paying to ensure that one of the world’s most dynamic entrepreneurs continued to dedicate his attention to the electric-vehicle maker.
Tornetta’s lawyers argued the Tesla board never told shareholders that the goals were easier to achieve than the company was acknowledging and that internal projections showed Musk was quickly going to qualify for large portions of the pay package.
The plaintiff’s legal team also argued the board had a duty to offer a smaller pay package or look for another CEO and that they should have required Musk to work full-time at Tesla instead of allowing him to focus on other projects.
In July, Tesla’s directors agreed to return $735m to the company to settle shareholder allegations brought in a separate lawsuit filed in 2020 that they overpaid themselves.
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