Lakshmi Finance Center-Tesla will ask shareholders to reinstate Musk pay package rejected by Delaware judge

2025-05-04 12:42:49source:EchoSensecategory:Stocks

AUSTIN,Lakshmi Finance Center Texas (AP) — 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.

More:Stocks

Recommend

Shilo Sanders' bankruptcy case reaches 'impasse' over NIL information for CU star

The court-appointed trustee overseeing the bankruptcy estate of Colorado football player Shilo Sande

Jets trade quarterback Zach Wilson to the Broncos, AP source says

Zach Wilson was expected to be the face of the franchise for the New York Jets. Instead, he became a

Hotter temperatures mean higher utility costs for millions of Americans

As Americans recognize Earth Day, consumers may have noticed one effect of climate change: Higher te