DETROIT (AP) — Tesla will ask shareholders to reinstate a $56 billion compensation package for CEO Elon Musk that was rejected by a judge in Delaware this year, and to move the electric car maker’s corporate home from Delaware to Texas.
In a filing with federal regulators early Wednesday, the company said it would ask shareholders to vote on both issues during its annual meeting on June 13.
In January, Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to a landmark compensation package awarded by Tesla’s board of directors that is potentially worth about $55.8 billion over 10 years starting in 2018.
Five years ago, a Tesla shareholder lawsuit alleged that the pay package should be voided because it was dictated by Musk and was the product of sham negotiations with directors who were not independent of him.
Hofstra's Tyler Thomas chosen as Haggerty Award winner
NASA's final tally shows spacecraft returned double the amount of asteroid rubble
Lawsuit seeks to force ban on menthol cigarettes after delays by Biden
$1.50 for a coffee? The viral street ‘cafe’ run by a homeless man
Owner of ship in Baltimore bridge collapse asks cargo owners to help cover salvage costs
NASA satellite blasts off to survey oceans and atmosphere of warming Earth
Easter weekend road toll worst since 2021
Lawsuit seeks to force ban on menthol cigarettes after delays by Biden
Earthquake now eclipse, Yankees play ball amid natural phenomena
Columbia's Abbey Hsu chosen as Met Writers Association Player of the Year
Allergy season arrived early in US. Here's why, what you can do