Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Tesla will ask shareholders to reinstate Musk pay package rejected by Delaware judge

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

Via AP news wire
Wednesday 17 April 2024 12:23 BST

Your support helps us to tell the story

This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.

The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.

Help us keep bring these critical stories to light. Your support makes all the difference.

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.

In a filing with federal regulators early Wednesday, the company said it would ask shareholders to vote on both issues during its annual meeting in June.

In January, Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to a landmark compensation package awarded by Tesla’s board of directors that is potentially worth more than $55 billion.

Musk said a month later that he would try to move Tesla's corporate listing to Texas, where he has already moved company headquarters.

Almost immediately after the judge's ruling, Musk did exactly that with Neuralink, his brain implant company, moving the company's corporate home from Delaware to Nevada.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in