
Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules
Associated Press
NEW YORK (AP) — A judge says Elon Musk must give up a compensation package awarded by Tesla’s board of directors that is potentially worth more than $55 billion.
The ruling in a Delaware court comes five years after a shareholder lawsuit targeted Tesla CEO Musk and the directors. They were accused of breaching their duties to the electric vehicle and solar panel manufacturer, resulting in a waste of corporate assets and unjust enrichment for Musk.
Plaintiff’s lawyers argued that the pay package was dictated by Musk and was the product of sham negotiations with directors who were not independent of him.
Defense attorneys said the pay plan was fairly negotiated by a committee of independent directors, contained lofty performance milestones, and was blessed by a shareholder vote that was not even required.
More Stories
Boston attorney charged with defrauding clients out of $2M+
A Boston-area attorney is charged with bilking two of his clients out of more than $2 million, using the money...
Squatter treats South End family’s empty home as hotel as Boston’s Mass and Cass spillover escalates
A South End family already grappling with Mass and Cass spillover was horrified to learn that a homeless intruder squatted...
Federal regulators approve Paramount’s $8 billion deal with Skydance, capping months of turmoil
By WYATTE GRANTHAM-PHILIPS, Associated Press NEW YORK (AP) — Federal regulators on Thursday approved Paramount’s $8 billion merger with Skydance,...
Federal regulators approve Paramount’s $8 billion deal with Skydance, capping months of turmoil
By WYATTE GRANTHAM-PHILIPS, Associated Press NEW YORK (AP) — Federal regulators on Thursday approved Paramount’s $8 billion merger with Skydance,...
MPR’s parent company announces layoffs, citing cuts in government support
American Public Media Group, the nonprofit parent company of Minnesota Public Radio, announced Thursday that it will be reducing its...
Sands of time
A true sign on summer, besides a good base sunburn, is the Revere Beach International Sand Sculpting Festival. It’s a...