THE GUARDIAN: Company says in court filing Musk is entitled to vast payout because shareholders voted in his favor earlier this month
Tesla is claiming Elon Musk won his legal battle over his $56bn pay package because shareholders voted for the compensation, despite a judge rescinding it earlier this year, according to court filing made public on Friday.
The company’s filing comes two weeks after Tesla shareholders voted to ratify the 2018 package of stock options. Tesla held the vote following a January ruling by a Delaware judge to void the compensation because Musk improperly controlled the negotiation process and the company misled shareholders about key details.
The uncertainty in the case hangs over Musk’s relationship with Tesla, which is struggling with slower sales and stiffer competition. He has said he might develop some products outside the company if he does not obtain a larger ownership stake. » | Reuters | Thursday, June 27, 2024
