Attorneys for Elon Musk and Tesla’s corporate directors are asking a Delaware judge to vacate her ruling requiring the company to rescind a massive pay package for Musk.
FILE - Elon Musk arrives at the 10th Breakthrough Prize Ceremony on April 13, 2024, at the Academy Museum of Motion Pictures in Los Angeles. Attorneys for Musk and Tesla ’s corporate directors are asking a Delaware judge on Friday, Aug. 2, 2024, to vacate her ruling requiring the company to rescind a massive and unprecedented pay package for Musk. WILMINGTON, Del.
“Honoring the shoulder vote would affirm the strength of our corporate system,” David Ross, an attorney for Musk and the other individual defendants, told McCormick. “This was stockholder democracy working.”Elon Musk calls Maduro a ‘dictator’ in tech billionaire’s latest blow-up against foreign leader
McCormick, however, seemed skeptical of the defense arguments, peppering attorneys with questions and noting that there is no precedent in Delaware law for allowing a post-trial shareholder vote to ratify adjudicated breaches of fiduciary duty by corporate directors.
Donald Verrilli, a lawyer for an induvial stockholder who owns more than 19,000 Tesla shares, suggested that it would be wrong for the lone shareholder who filed the lawsuit to thwart the will of the majority of Tesla shareholders. At the time the lawsuit was filed, the plaintiff owned just nine shares of Tesla stock.
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