Bill Butler’s article published by Reuters and Westlaw Today: Directors and executives take note: Delaware court voids Elon Musk's $55B Tesla pay package
Moore & Van Allen (MVA) Litigation Member Bill Butler’s article titled, “Directors and executives take note: Delaware court voids Elon Musk's $55B Tesla pay package,” was published by Reuters and Westlaw Today on February 8. The article discusses the Delaware Court of Chancery’s decision in the Tornetta v. Musk case.
"Was the richest person in the world overpaid?" That is the question that the Delaware Court of Chancery answered in its Jan. 30, 2024, decision in the shareholder derivative action Tornetta v. Musk, et al., C.A. No. 2018-0408-KSJM, 2024 WL 343699 (Del. Ch. Jan. 30, 2024). According to the Chancery Court, what developed into the richest compensation plan in the history of public markets was not "fair" to Tesla and its stockholders.
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