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What factors are pushing Beta Drugs Limited (BETA) up ✌️【Investment Tools】✌️ Free stock data analysis to help you select stocks accurately and capture market trends. The judge in the case ruled Musk and rest of Tesla board failed to prove the compensation plan was fair.
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Delaware Chancery Court Chancellor Kathaleen McCormick, who oversaw the benchtrial that concluded in November 2022, ruled Tuesday that Musk and the Tesla board “bore the burden of proving that the compensation plan was fair, and they failed to meet their burden.”
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“I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters,” he said in a secondtweet. He also put up apoll on Xasking if Tesla should change its state of incorporation to Texas, where its headquarters is based. As of 7 am ET, 88% of those responding to the poll were voting yet.
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“We are enormously grateful for the court’s thorough and extraordinarily well-reasoned decision in turning back the Tesla board’s absurdly outsized pay package for Musk,” said a statement from Greg Varallo, one of the plaintiff’s attorneys in the case. He said Tesla investors will benefit from the decision by having the “dilution from this gargantuan pay package erased.”
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But McCormick rejected the argument that Musk would be uncompensated if the package was thrown out, writing, “Musk’s preexisting equity stake provided him tens of billions of dollars for his efforts.”
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“Given the collection of people tasked with negotiating on Tesla’s behalf, it is unsurprising that there was no meaningful negotiation over any of the terms of the plan.”
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“I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control. Enough to be influential, but not so much that I can’t be overturned,” Musk wrote in apost on X. “Unless that is the case, I would prefer to build products outside of Tesla.”
He said at that time the Tesla board was waiting for the court to make a decision in this case before it moved ahead with a new pay package.
Unless the decision is overturned on appeal, it will strip Musk of the 303 million options he now holds to increase his Tesla stake, plaintiff’s attorney Varallo told 【 - Free Exclusive Stock Market Insights 】 late Tuesday after the decision.
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He owns about 13% of the company’s shares outright. With the options he has now lost, he would have controlledabout 20.6% of the shares. He said he wanted to control at least 25% of the shares of the company.
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He is the CEO of SpaceX, a privately held space exploration company of which he is the primary shareholder, and he purchased Twitter in 2022, rebranding it X in 2023. He also has a company called the Boring Company that is developing ways to drill tunnels more cost effectively and an AI company called xAI, which he started last year. He is also the primary owner of Neuralink, which has been working toward using implants to connect thehuman brain to a computer.
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“It was around motivating him to achieve things that were bold and audacious and him putting his time and energy into that as opposed to his other interests,” Denholm said in testimony in the case.
“Quite honestly, I don’t know how much it costs to do any inter-planetary travel. It’s not a hobby of mine,” Denholm said in response to questioning about Musk’s uses for the money.
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