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☆ Lawyers seek nearly $6 billion in Tesla stock after getting Musk pay package struck down
  + stars: | 2024-03-02 | by ( David Ingram | Lora Kolodny | ) www.cnbc.com   time to read: +4 min
The lawyers had earlier convinced the Delaware chancery court to revoke Musk's $56 billion pay package from 2018, with the judge ruling that Tesla's board of directors failed to prove it was fair to shareholders. The lawyers represent former heavy metal drummer Richard Tornetta, who filed the suit on behalf of his fellow Tesla investors. The lawyers are asking for just over 11% of the Tesla shares that would have gone to Musk, or slightly more than 29.4 million shares. Taking their pay in Tesla shares demonstrates they are prepared to "eat our cooking," the lawyers wrote. Musk's pay package was the largest ever disclosed in corporate America, according to Delaware Chancery Court Judge Kathaleen McCormick's 200-page ruling.
Persons: Elon Musk, BARTOSZ SIEDLIK, Elon, paydays, Richard Tornetta, Greg Varallo, Bernstein Litowitz Berger, Grossmann ., Tesla, Kathaleen McCormick's, Musk Organizations: European Jewish Association, Getty Images, Enron, Musk's, Tesla, Grossmann, Musk Locations: Krakow, AFP, Delaware, New York, America, Texas
☆ Tesla board silent as investors await next steps after Elon Musk's $56 billion pay package revoked
  + stars: | 2024-02-13 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com   time to read: +7 min
Antonio Masiello | Getty ImagesTwo weeks after a Delaware court ruled that Tesla must rescind Elon Musk's $56 billion pay package, the company's board remains mum on what the decision means for shareholders or what's next for the mercurial CEO. CNBC sent requests for additional information to Tesla investor relations, Musk and some board members. "Given the high stakes involved, it is likely that Tesla will appeal the decision," Kastiel said in an email. In the absence of a successful appeal, "any new compensation arrangement with him will have to be assessed" in light of McCormick's decision, Kastiel said. Kastiel also said that the decision likely makes Musk and Tesla more vulnerable to other types of lawsuits.
Persons: Elon Musk, Antonio Masiello, Tesla, Chancellor Kathaleen McCormick, Musk, Richard Tornetta, Kimbal, Robyn Denholm, JB Straubel, Greg Varallo, Bernstein Litowitz Berger, Grossmann, Varallo, Kobi, Kastiel wasn't, Kastiel, Eric Talley, Talley, wasn't, He's, Walter Isaacson, CNBC's, you'll, Isaacson, Ann Lipton, Lipton, — Organizations: Tesla Inc, Fratelli, Getty, Elon Musk's, SEC, CNBC, Tel Aviv University, Washington University Law, Nasdaq, Columbia Law School, SpaceX, Tesla, Tulane Law Locations: Italy, Rome, Delaware, Texas, Tesla, Nevada, California
☆ Questions about Elon Musk's Twitter takeover bleed into his pay-package trial, annoying Musk: 'Are we in the Tesla trial or Twitter trial?'
  + stars: | 2022-11-16 | by ( Grace Kay | ) www.businessinsider.com   time to read: +4 min
The billionaire was sued by a shareholder over his $50 billion Tesla compensation package. Musk appeared annoyed with questioning and asked, "Are we in the Tesla trial or Twitter trial?" "Are we in the Tesla trial or Twitter trial? "We're in cross examination in an interesting case Mr. Musk," Varallo said. Musk is facing a lawsuit from Tesla shareholder Richard Tornetta over his $50 billion Tesla compensation package.
☆ Elon Musk braces for $56 billion battle with heavy metal drummer
  + stars: | 2022-11-11 | by ( Tom Hals | Thomson Reuters | Award-Winning Reporter With More Than Two Decades Of Experience In International News | ) www.reuters.com   time to read: +4 min
WILMINGTON, Del, Nov 11 (Reuters) - Elon Musk has taken on Detroit's automakers, short-sellers and securities regulators. Next week, the Tesla (TSLA.O) chief executive is set to square off in court against an unlikely foe - a thrash metal drummer who hopes to strip Musk of his $56 billion pay. Tornetta sued Musk and the Tesla board on behalf of the company in what is known as a shareholder derivative lawsuit. The pay package was widely criticized and California's teachers retirement system known as CalSTRS was among the investors who voted against it. The disputed pay package allows Musk to buy 1% of Tesla's stock at a deep discount each time escalating performance and financial targets are met; otherwise Musk gets nothing.
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