Tesla challenges Delaware court ruling on Musk's $56bn pay, seeking shareholder override in corporate decisions.
Tesla is challenging a Delaware court ruling that voided Elon Musk's $56bn CEO compensation package, arguing that stockholders should have the power to override judges in corporate decision-making. Tesla seeks the court to implement a second approval of Musk's pay package by shareholders, while the case could potentially reshape corporate law by determining if stockholders can overrule a judge's decision. The case may move to the U.S. Supreme Court if unsuccessful, with Tesla arguing that shareholders, not judges, should decide corporate transactions.
August 18, 2024
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