Tesla will ask shareholders to reinstate the compensation package for CEO Elon Musk that was rejected by a judge in Delaware this year and to move the electric carmaker’s corporate home from Delaware to Texas
FILE - A Tesla logo has rain drops on it Feb. 27, 2024, in Charlotte, N.C. After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday. that was rejected by a judge in Delaware this year and to move the electric car maker’s corporate home from Delaware to Texas.
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. In a letter to shareholders this week, Chairperson Robyn Denholm said that Musk has delivered on the growth it was looking for at the automaker, with Tesla meeting all of the 2018 CEO pay package targets.
Future growth is in doub and it may be a challenge to get shareholders to back a fat pay package in anTesla's shares have lost more than one third of their value this year as massive price cuts have failed to draw more buyers. The company said it delivered 386,810 vehicles from January through March, nearly 9% fewer than it sold in the same period last year.
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