{"id":193091,"date":"2024-04-17T10:15:00","date_gmt":"2024-04-17T14:15:00","guid":{"rendered":"https:\/\/ibkrcampus.eu\/uncategorized\/fundamentally-unfair-tesla-board-chair-urges-shareholders-to-vote-again-on-elon-musks-voided-pay-package\/"},"modified":"2024-04-18T08:58:38","modified_gmt":"2024-04-18T08:58:38","slug":"fundamentally-unfair-tesla-board-chair-urges-shareholders-to-vote-again-on-elon-musks-voided-pay-package","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/securities\/stocks\/fundamentally-unfair-tesla-board-chair-urges-shareholders-to-vote-again-on-elon-musks-voided-pay-package\/","title":{"rendered":"‘Fundamentally Unfair:’ Tesla Board Chair Urges Shareholders To Vote Again On Elon Musk’s Voided Pay Package"},"content":{"rendered":"\n

Editor\u2019s note: This story was updated with details from the stockholder letter, more background and a modified headline<\/em><\/p>\n\n\n\n

EV giant\u00a0Tesla, Inc<\/strong>\u00a0is calling for its shareholders to vote once again on CEO Elon Musk\u2019s\u00a0invalidated pay package<\/a>, worth $47 billion at current stock price levels.<\/p>\n\n\n\n

What Happened<\/strong>: <\/h2>\n\n\n\n

Among the various proposals up for shareholder vote at Tesla\u2019s upcoming annual meeting are plans to switch the company\u2019s state of incorporation\u00a0from Delaware to Texas<\/a>\u00a0and to ratify Musk\u2019s 2018 compensation package.\u00a0<\/p>\n\n\n\n

The pay package, worth $56 billion earlier, was nullified by a Delaware court earlier in January, as the judge deemed it an \u201cunfathomable sum.\u201d In response to the ruling, Musk expressed discontent with Delaware and announced plans to relocate the company\u2019s incorporation to Texas, where Tesla is already headquartered.<\/p>\n\n\n\n

New Letter<\/strong>: <\/h2>\n\n\n\n

Tesla board Chairperson\u00a0Robyn Denholm<\/strong>\u00a0addressed stockholders in a letter, expressing dissatisfaction with the court\u2019s decision and advocating for the reinstatement of Musk\u2019s compensation plan.\u00a0<\/p>\n\n\n\n

“Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value,\u201d she wrote. \u201cThat strikes us \u2014 and the many stockholders from whom we already have heard \u2014 as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it.\u201d<\/p>\n\n\n\n

Why It Matters<\/strong>: <\/h2>\n\n\n\n

An overwhelming majority of stockholders\u00a0voted for the package<\/a>\u00a0in 2018 and the board stands behind it as well, she added.<\/p>\n\n\n\n

“We do not agree with what the Delaware Court decided, and we do not think that what the Delaware Court said is how corporate law should or does work,” Denholm wrote while also urging shareholders to reinstate their vote and approve ratification of Musk’s 2018 compensation plan.<\/p>\n\n\n\n

Tesla’s annual meeting will be held on June 13, 2024, at 3:30 p.m. Central Time (CT). <\/p>\n\n\n\n

The company\u2019s first-quarter results are also due next week<\/a>.<\/p>\n\n\n\n

Price Action:<\/strong>\u00a0<\/h2>\n\n\n\n

Tesla shares closed down 2.7% on Tuesday but rose about 1% to 158.57 in premarket trading, as per data from\u00a0Benzinga Pro<\/a>.<\/p>\n\n\n\n

Check out more of Benzinga’s Future Of Mobility coverage by\u00a0<\/em>following this link<\/em><\/a>.<\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted April 17, 2024 – ‘Fundamentally Unfair:’ Tesla Board Chair Urges Shareholders To Vote Again On Elon Musk’s Voided Pay Package<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

EV giant Tesla, Inc is calling for its shareholders to vote once again on CEO Elon Musk\u2019s invalidated pay package, worth $47 billion at current stock price levels.<\/p>\n","protected":false},"author":1340,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[147,8,12,153,148,7],"tags":[],"contributors-categories":[407],"class_list":{"0":"post-193091","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-north-america","7":"category-region","8":"category-securities","9":"category-stocks","10":"category-text-articles","11":"category-traders-insight","12":"contributors-categories-benzinga"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\n‘Fundamentally Unfair:’ Tesla Board Chair Urges Shareholders To Vote Again On Elon Musk’s Voided Pay Package<\/title>\n<meta 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