financetom
Business
financetom
/
Business
/
Tesla shareholder seeks to block Musk from litigating pay outside of Delaware
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Tesla shareholder seeks to block Musk from litigating pay outside of Delaware
Apr 24, 2024 8:21 AM

WILMINGTON, Delaware (Reuters) -A Tesla investor who successfully sued to void Musk's $56 billion pay package has asked a Delaware judge to keep the lawsuit in the state, after the company asked shareholders to approve moving the electric vehicle maker's legal home to Texas.

Richard Tornetta's legal team on Wednesday asked the Delaware judge who voided Musk's pay to rule on his request before the June 13 shareholder meeting.

Tesla investors at the meeting will vote on moving the company's legal home out of Delaware and on approving Musk's 2018 pay package.

In January, a Delaware Court of Chancery judge voided the pay package, which Tesla estimated is worth up to $56 billion, calling it "unfathomable."

Musk has criticized Delaware and its courts following the ruling and has said the state, which is home to a majority of large publicly traded corporations, is trying to prevent companies from leaving.

(Reporting by Tom Hals in Wilmington, Delaware)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Samsung chief faces ruling on controversial merger
Samsung chief faces ruling on controversial merger
Feb 2, 2025
SEOUL (Reuters) - Samsung Electronics Chair Jay Y. Lee faces a ruling by a Seoul appeals court on Monday over a 2015 merger that prosecutors said was designed to cement his control of the tech giant at the expense of minority shareholders. The case highlights long-running legal risks for Lee, who faces growing questions about his ability to lead Samsung...
Beyonce and Miley Cyrus duet claims country prize at Grammys
Beyonce and Miley Cyrus duet claims country prize at Grammys
Feb 2, 2025
* Beyonce aiming for first album of the year trophy * Show will raise money for wildfire relief * Taylor Swift also in the running for album prize By Lisa Richwine LOS ANGELES, Feb 2 (Reuters) - Beyonce and Miley Cyrus won the Grammy Award for best country duo or group performance on Sunday in one of the first honors...
OpenAI cites US roots to dodge India courts, but lawyers say case can be heard
OpenAI cites US roots to dodge India courts, but lawyers say case can be heard
Feb 2, 2025
NEW DELHI (Reuters) -OpenAI faces an uphill climb as it argues that Indian courts cannot hear lawsuits about its U.S.-based business in the country, where Telegram has failed with similar defences and U.S. technology firms have faced government heat on compliance. OpenAI, which counts India as its second biggest market with millions of users, is locked in an intense court...
Samsung chief faces ruling on controversial merger
Samsung chief faces ruling on controversial merger
Feb 2, 2025
SEOUL (Reuters) - Samsung Electronics Chair Jay Y. Lee faces a ruling by a Seoul appeals court on Monday over a 2015 merger that prosecutors said was designed to cement his control of the tech giant at the expense of minority shareholders. The case highlights long-running legal risks for Lee, who faces growing questions about his ability to lead Samsung...
Copyright 2023-2026 - www.financetom.com All Rights Reserved