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Tesla is still trying to get approval for $56B pay package for CEO Elon Musk

By Joe HitiMay 15, 2024

Tesla Inc. is still working to gain approval from investors for a $56 billion pay package for Chief Executive Officer and company founder Elon Musk.

The electric vehicle manufacturer shared on Wednesday that it will ask shareholders to reinstate Musk’s pay package, which was determined to be “deeply flawed” by a Delaware judge earlier this year, Bloomberg reported.

However, Tesla didn’t stop there, as it also asked shareholders to approve moving the company’s incorporation from Delaware to Texas.

The move was first suggested by Musk after his pay package was ruled illegal and the announcement came days after Tesla said it planned to cut its workforce by 10%.

As for the pay package for the billionaire, Tesla argued that the court decision created a “fundamental problem for the company.”

Delaware Chancery Court Chancellor Kathaleen McCormick found that Musk controlled the company, not Tesla’s board and that the board’s compensation committee “worked alongside him, almost as an advisory body,” when negotiating the terms of his pay package.

Tesla shareholders, led by Richard Tornetta, filed a lawsuit against Musk and his pay package, which was shot down.

Musk has since criticized Delaware and the decision, saying, “Never incorporate your company in the state of Delaware.”

In its filing on Wednesday, Tesla cast doubt on McCormick’s decision, saying the decision was not based on the facts of the case. McCormick was also the presiding judge over Musk’s acquisition of Twitter.

“The Company and the Board believe that the decision in Tornetta ignored material evidence presented at trial and that the Delaware Court made errors of fact and incorrect conclusions of law,” Tesla said in the proxy filing.

Tesla later argued in the filing that “dozens of institutional stockholders” have shared their disagreement with the Tornetta decision.

As for the potential move to Texas, Tesla said that its “home and future are in Texas” and that it considered every state before deciding on the proposed move.

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