WILMINGTON, Del. (AP) — The head of Tesla's board of directors testified Tuesday in a shareholder lawsuit challenging a 2018 compensation plan for CEO Elon Musk potentially worth more than $55 billion that she was less concerned about how much time Musk would commit to the company than in ...
That package, approved in 2018 by Tesla shareholders, sparked a shareholder lawsuit that accused Musk and Tesla's board of directors of breaching their duties and unjustly enriching the billionaire. A Delaware judge ruled that Musk and his company failed to prove that the massive payout was fair...
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 ofsham negotiationswith directors who were not independent of him. Musksaid a month after the judge’s rulingthat he would try to move...
Tesla CEO Elon Musk took the witness stand Wednesday to defend himself in a shareholder lawsuit challenging a compensation package he was awarded by the company’s board of directors that is potentially worth more than $55 billion. Musk denied that he dictated terms of the compensation pa...
Related Topics:Elon MuskElon Musk Pay PackageFeaturedJoe GebbiaTeslaTesla Board of Directors Elon Musk Former OpenAI employees show support for Musk lawsuit The employees claim that the removal of non-profit status would “fundamentally violate” OpenAI’s mission. ...
Musk’s lawsuit with the SEC was settled on September 29, 2018, where the agency required the CEO to step down as Tesla’s Chairman, appoint two new independent directors to its board, establish a new committee of independent directors to oversee Musk’s communications and pay a $40 million...
Denholm, for example, testified in that case that her board tenure at Tesla netted her around $280 million, which she described as "life-changing wealth." The other directors named in the lawsuit included Musk's brother Kimbal, Brad Buss, Ira Ehrenpreis, Antonio Gracias, Stephen Ju...
The next step in the compensation case is an "implementing order" that will be hashed out between the court, Musk's team and the lawyers representing shareholder Richard Tornetta, a former heavy metal drummer who was the plaintiff in the 2018 lawsuit filed on behalf of all Tesla investors. ...
Lawsuit fodder Tesla’s board took minimal action in the wake of those episodes. It replaced Musk as chairman and named two new independent directors as required by the settlement of fraud charges brought by the U.S. Securities and Exchange Commission. It could face more litigation o...
Jude McCormick comes more than five years after a shareholder lawsuit targeted Tesla CEO Musk and directors of the company. They were accused of breaching their duties to the maker of electric vehicles and solar panels, resulting in a waste of corporate assets and unjust enrichment for Musk...