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☆ Historic film gives inside look at King Charles’ coronation one year ago
▼ + stars: | 2024-05-03 | by ( Lauren Said-Moorhouse | Max Foster | ) edition.cnn.com time to read: +3 min

Editor’s Note: This is a version of CNN’s Royal News, a weekly dispatch bringing you the inside track on Britain’s royal family. London CNN —King Charles III was presented with the historic document that officially records his accession and crowning on Wednesday, as the one-year anniversary of his coronation next week draws closer. Charles became the British monarch on the death of his mother, Queen Elizabeth II, on September 8, 2022. His coronation was held eight months later on May 6, 2023 in an event unlike anything the nation had seen in seven decades. “Having it on the websites, it makes it more interesting for people,” the King remarked, according to PA Media.

Persons: London CNN — King Charles III, Charles, Queen Elizabeth II, Buckingham, King, Queen Camilla, Antonia Romeo, Charles ’, Edward II, Queen Isabella, ” Charles, Timothy Noad, Aaron Chown, Stephanie von Werthern, Gill, Camilla, Penny Mordaunt, Earl Marshal, Duke, Oliver Dowden, Queen Victoria Organizations: CNN’s Royal, London CNN, Westminster Abbey, Press Association, UK’s, Media, PA Media Locations: London, British, Westminster, Bookbinders, United Kingdom, Norfolk

☆ US regional banks are still under pressure. That’s likely to continue
▼ + stars: | 2024-04-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Despite overcoming a crisis in 2023, the pain isn’t over for America’s regional banks. Shares of New York Community Bank have tumbled 71%, Bank OZK shares have slid 16% and Webster Financial shares have lost 11%. Regional banks reported wide losses on their profits during the first quarter. PNC projects that its net interest income will fall between 4% to 5% in 2024 from last year. “I’m worried about a handful of [regional banks],” Bair told CNBC on Tuesday.

Persons: that’s, Jerome Powell, “, ” Powell, Sheila Bair, “ I’m, ” Bair, ” Tesla, Tesla, Elon Musk, Chris Isidore, Musk, Chancellor Kathaleen McCormick, Read, Samantha Delouya, —, Maximilian Kotz, Leonie Wenz, Noah Diffenbaugh Organizations: CNN Business, Bell, New York CNN, Regional Banking, New York Community Bank, Bank OZK, Webster Financial, PNC Financial, T Bank, US Bancorp, Citizens, PNC, Valley Bank, Signature Bank, First Republic Bank, Federal Reserve, Wilson Center, Federal Deposit Insurance Corporation, CNBC, Tesla, Securities and Exchange Commission, United Nations, Potsdam, Climate, CNN, Stanford University Locations: New York, Delaware, ” Delaware

☆ Tesla asks shareholders to vote again on Musk's $56 billion payout
▼ + stars: | 2024-04-17 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Tesla said Wednesday it will ask shareholders to reinstate CEO Elon Musk's $56 billion pay package, which a Delaware judge voided earlier this year after ruling that the record-setting compensation deal was "deeply flawed." Tesla said the court decision created a "fundamental problem for the company." Tesla has not hired Innisfree since 2018, when it first asked shareholders to vote on Musk's pay package. Musk's pay package was invalidated after a shareholder won a lawsuit against the company earlier this year. The company also noted that "dozens of institutional stockholders" have told Tesla that they disagree with the Tornetta decision.

Persons: Elon Musk, Lola, Tesla, Elon Musk's, Musk, Innisfree, Musk's, Chancellor Kathaleen McCormick, Richard Tornetta, McCormick Organizations: Regency Bruin Theatre, Twitter, Board, Delaware Court Locations: Los Angeles , California, U.S, Delaware, Texas

☆ Why Tesla wants to give Elon Musk a $55 billion pay package
▼ + stars: | 2024-04-17 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Tesla is seeking shareholder approval for Elon Musk's pay package, which a judge previously struck down. AdvertisementWhy does Tesla's board think Elon Musk deserves a $55 billion pay package? Tesla plans to ask shareholders to vote again on Musk's $55 billion pay package after it was struck down by a Delaware Judge earlier this year. Tesla shareholders will be able to vote on the issue during the company's annual meeting in June. Musk does not receive a salary from Tesla and his pay package centered on a series of goalposts around the carmaker's financial growth, initially set in place in 2018.

Persons: Tesla, —, Elon, Robyn Denholm, Denholm, Kathleen St, J, McCormick, Musk Organizations: Elon, Service, Delaware Judge, Securities and Exchange Commission, Delaware Court, Tesla, The New York Times Locations: Delaware, Texas

☆ Elon Musk says in email that Tesla sent 'incorrectly low' severance packages to some laid-off employees
▼ + stars: | 2024-04-17 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

Tesla CEO Elon Musk sent an internal email on Wednesday, telling staffers that the company sent out some severance packages that were too low to a number of laid-off workers this week. "As we reorganize Tesla it has come to my attention that some severance packages are incorrectly low," Musk wrote in the brief email. His earlier CEO pay plan, worth $56 billion, was voided in a ruling by Delaware chancery court judge Kathaleen McCormick, who decided that, as CEO, Musk controlled Tesla, and the board's compensation committee wasn't independent, among other factors. Tesla shares have dropped about 37% this year as of Wednesday, closing at $155.45. WATCH: This is a 'fork in the road' period for Musk and Tesla

Persons: Elon Musk, Porte, Musk, Tesla, Kathaleen McCormick Organizations: Twitter, Viva Technology, Porte de, Reuters Locations: Paris, France, Delaware

☆ Trump Media director accused of 'hacking' files in attempted corporate 'coup': lawsuit
▼ + stars: | 2024-04-10 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +4 min

That blank-check company last month completed a merger to take Trump Media & Technology Group Corp. public, allowing it to trade on the Nasdaq. Those co-founders have sued Trump Media in Delaware Chancery Court over their stake in the company. Trump Media did not immediately respond to CNBC's requests for comment on the lawsuit. Trump Media in an April 1 regulatory filing reported that ARC II owns 6.9%, or about 9.5 million shares, of the post-merger company. To access the account, which "stores the lifeblood" of both investment firms, Swider allegedly enlisted Cano, Orlando's former assistant.

Persons: Donald Trump, Stefani Reynolds, Donald Trump's, Eric Swider, Patrick Orlando, Swider, Orlando, Alexander Cano, DWAC's, he's, Cano, Orlando's, Brendan Mcdermid Organizations: AFP, Getty Images Investment, Benessere Investment Group, ARC Global Investments, Digital, Swider, Trump Media & Technology Group Corp, Nasdaq, Trump, DWAC, Securities and Exchange Commission, Trump Media, Wired, Orlando, collude, ARC II, ARC, Benessere, Truth Social, Trump Media & Technology Group Locations: Washington ,, South Florida, Orlando, Florida, Delaware Chancery, New York City, U.S

☆ Trump to be deposed in dispute with media company co-founders
▼ + stars: | 2024-04-04 | by ( ) www.cnbc.com time to read: +2 min

Republican presidential candidate Donald Trump is scheduled to be deposed later this month by lawyers for co-founders of his social media company as part of a dispute over ownership in Trump Media & Technology Group which went public last week. They said in 2021 they were pledged 8.6% of pre-merger Trump Media stock for helping to launch the company. Trump Media sued Litinsky and Moss in Florida on March 24, and is seeking to strip them of their stock, which it said they failed to earn due to mismanagement. Trump owned 90% of the social media company prior to its merger last month with a blank check firm that took the company public. In midday trade on Thursday, Trump Media was down 4.2% at $46.70, valuing the company at more than $6 billion.

Persons: Donald Trump, Christopher Clark, Andy Litinsky, Wes Moss, Litinsky, Sam Glasscock, Trump Organizations: Trump Media & Technology Group, Delaware's, Chancery, Trump Media, Trump, United Atlantic Ventures Locations: New York, Moss, Florida, Delaware, Washington, Georgia

☆ Trump Media sues its co-founders, accuses them of 'severe mismanagement'
▼ + stars: | 2024-04-02 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

The media company that Donald Trump recently took public is suing its co-founders, accusing them of failing "spectacularly" to get the company off the ground and then trying to "thwart the deal." In February, Moss and Litinsky sued Trump Media in Delaware Chancery Court over their stake in the company. They made "wasteful decisions" that caused "significant damage" to Trump Media and a decline in DWAC's stock price, the company claims. Trump Media calls the claim that UAV is owed stock "baseless," and says the services agreement Trump signed with UAV in 2021 is no longer valid. Lawyers for Trump Media did not immediately respond to CNBC's request for comment on the lawsuit.

Persons: Donald Trump, Wesley Moss, Andrew Litinsky, Trump, Moss, Litinsky, Patrick Orlando, Eric Trump Organizations: Trump Media & Technology Group, United Atlantic Ventures, Trump, Trump Media, Corp, Nasdaq, Orlando's, Securities and Exchange Commission, Bloomberg, Lawyers Locations: Sarasota County , Florida, Delaware Chancery, Florida

☆ Potential Obstacle to Trump Media’s Merger Appears to Have Been Cleared
▼ + stars: | 2024-03-09 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

The threat of a last-minute obstacle to the merger of former President Donald J. Trump’s social media company and a cash-rich shell company appears to have subsided. Two early founders of Trump Media & Technology Group reached a temporary truce with Mr. Trump’s company at a hearing on Saturday morning in Delaware Court of Chancery. The lawsuit, filed on Feb. 28 by a company controlled by Wes Moss and Andy Litinsky, had the potential to delay a scheduled March 22 vote by shareholders of Digital World Acquisition Corp. on the long-delayed merger with Trump Media. If shareholders approve the merger, it would give Trump Media more than $300 million in badly needed cash to keep operating. The deal would also boost Mr. Trump’s net worth by more than $3 billion, based on Digital World’s current stock price.

Persons: Donald J, ’, Wes Moss, Andy Litinsky Organizations: Trump Media & Technology Group, Truth, Digital, Trump Media Locations: Delaware Court

☆ Former Twitter execs sue Elon Musk over severance payments
▼ + stars: | 2024-03-04 | by ( Brian Fung | Clare Duffy | ) edition.cnn.com time to read: +2 min

New York CNN —A group of former Twitter executives sued Elon Musk on Monday in a bid to recover more than $128 million in severance that they allege Musk has not paid since he acquired the company, now called X, more than a year ago. The executives include former Twitter CEO Parag Agrawal, former CFO Ned Segal, former Chief Legal Officer Vijaya Gadde and former General Counsel Sean Edgett — all of whom were fired within hours after Musk took control of Twitter. Monday’s lawsuit is just the latest legal action brought by former Twitter employees related to Musk’s acquisition. The company has also been accused of failing to pay annual bonuses to employees laid off after Musk’s takeover. Musk and X have also faced lawsuits from vendors, landlords and business partners who claim the company has failed to pay what they are owed.

Persons: Elon Musk, Musk, Parag Agrawal, Ned Segal, Vijaya Gadde, Sean Edgett —, “, ”, Agrawal, Gadde, Segal Organizations: New, New York CNN, Twitter, Court, Northern, Northern District of Locations: New York, Northern District, Northern District of California, Delaware

☆ Lawyers who voided Elon Musk's pay as excessive want $6 bln fee
▼ + stars: | 2024-03-02 | by ( ) www.cnbc.com time to read: +1 min

The lawyers who voided Elon Musk's $56 billion compensation as excessive on Friday sought a record a $6 billion legal fee, payable in the electric car maker's stock. Musk blasted the request as "criminal," posting on his X platform that "the lawyers who did nothing but damage Tesla want $6 billion." The company would pay the lawyers who represented Richard Tornetta, a shareholder who sued Musk in 2018 over the pay package, which a Delaware judge nixed in January. The electric vehicle maker is being asked to pay the fee because it benefited from the return of Musk's pay package, which the legal team said will result in the return to the carmaker of 266 million shares. Judge Kathaleen McCormick, who is overseeing the case and will decide on the fee, called Musk's pay "unfathomable" in her ruling.

Persons: Elon Musk, Tesla, Elon, Musk, Richard Tornetta, nixed, Kathaleen McCormick Organizations: Elon Musk's Locations: Krakow, Poland, Delaware

☆ 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

☆ Lawsuits Threaten to Delay Trump Media’s Merger
▼ + stars: | 2024-03-01 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

A rash of lawsuits are threatening to stall a shareholder vote on the long-delayed merger of former President Donald J. Trump’s social media company and a cash-rich shell company. Two early founders of Trump Media & Technology Group have filed suit to preserve their ownership stake in the business, the parent company of the Truth Social online posting platform. The lawsuit, filed Wednesday under seal in Delaware Chancery Court by a partnership led by Wes Moss and Andy Litinsky, claims that Trump Media is trying to dilute its ownership stake in the company, of which Mr. Trump is a majority shareholder. The lawsuit seeks an expedited hearing in Delaware state court ahead of a March 22 vote by shareholders of Digital World Acquisition Corp. on its merger with Trump Media. Mr. Moss and Mr. Litinsky were contestants on Mr. Trump’s realty television show, “The Apprentice,” and went to him in January 2021 with the idea of creating a social media company.

Persons: Donald J, Wes Moss, Andy Litinsky, Trump, . Moss, Litinsky, ” Organizations: Trump Media & Technology Group, Trump Media, Digital, Trump’s realty Locations: Delaware Chancery, Delaware

☆ Trump Media sued by co-founders ahead of DWAC merger, potential setback for lucrative deal
▼ + stars: | 2024-02-29 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

Donald Trump (R) and producer Andy Litinsky (L) attend the Comedy Central Roast Of Donald Trump at the Hammerstein Ballroom on March 9, 2011 in New York City. The partnership, United Atlantic Ventures alleges that Trump Media & Technology Group engaged in "wrongful 11th hour ... maneuvering" to dilute UAV''s minority stake in the media company, a court filing says. Donald Trump attends the 'Celebrity Apprentice' Red Carpet Event at Trump Tower on January 5, 2015, in New York City. "They actually went out and did the work, they created Truth Social, and now the beneficiary of that, Donald Trump, doesn't want to pay." CNBC has requested comment from spokesmen for Trump, TMTG and DWAC about the lawsuit, which was first reported by The Washington Post.

Persons: Donald Trump, Andy Litinsky, Moss, Wes Moss, Trump, Jean Carroll, Christopher Clark, Clark, Donald J, TMTG, UAV's, TMTG's Organizations: Trump Media, Twitter, Facebook, United Atlantic Ventures, Trump Media & Technology Group, Trump Tower, Trump, Republican, TMTG, CNBC, The Washington Post, Securities and Exchange Commission, Department of Justice, SEC Locations: New York City, TMTG, Delaware, New York, partnership's Delaware

☆ Elon Musk may be done with Delaware, but don't expect other corporations to follow his crusade
▼ + stars: | 2024-02-21 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Elon Musk has had it with Delaware — but don't expect other corporations to flee the business-friendly state, too. Musk also specifically went after the judge who ruled to void his pay package, Kathleen McCormick, calling her an "activist and politician" in an X post. "The reason Elon Musk frequently escapes account from other judges is because they don't see through his phantabulating," Lauren Pringle, editor of the Chancery Daily, which covers Delaware courts, told the outlet. Advertisement"I don't expect a mass migration of firms from Delaware," Michal Barzuza, a professor at the University of Virginia who researches corporate law and governance, told the Post. So, despite Musk's latest crusade against the state, it seems unlikely many other Delaware-based corporations will jump ship anytime soon.

Persons: Elon Musk, Musk, Lawrence Cunningham, Kathleen McCormick, McCormick, Lauren Pringle, Michal Barzuza, John Coates, Fortune, there's, Coates, Musk's Organizations: SpaceX, Business, Fortune, Markel Group, Constellation Software, Washington Post, Chancery, University of Virginia, Harvard Locations: Delaware, Texas

☆ Tesla’s Chair Under Scrutiny for Oversight of Elon Musk
▼ + stars: | 2024-02-15 | by ( Natasha Frost | Jack Ewing | ) www.nytimes.com time to read: +1 min

Elon Musk, the chief executive and public face of Tesla, is constantly making news and broadcasting his opinions on his social media site, X. To some analysts and investors, Ms. Denholm is the “adult in the room” who has helped Mr. Musk turn Tesla into the world’s most valuable automaker. But to her critics, she has failed at her most important job: serving as a check on Mr. Musk. Late last month, a Delaware judge sharply criticized Ms. Denholm’s leadership while striking down Mr. Musk’s 2018 compensation package, which is worth more than $50 billion. Ms. Denholm took a “lackadaisical approach to her oversight obligations” at Tesla, said Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery.

Persons: Elon Musk, —, Robyn M, Denholm, Musk, Musk’s, Kathaleen St, J . McCormick Locations: Australia, Delaware

☆ How Elon Musk's war on Delaware could change the way corporations make some of their biggest decisions
▼ + stars: | 2024-02-14 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

It remains to be seen what Tesla will do about Elon Musk's pay just a few weeks after a Delaware judge voided his $56 billion compensation package, the largest CEO pay package in public corporate history. But Musk has already made some big decisions, including a declaration of a war on the state of Delaware. "Never incorporate your company in the state of Delaware" Musk posted on X shortly after the decision. "Put simply, neither the Compensation Committee nor the Board acted in the best interests of the Company when negotiating Musk's compensation plan. But even as those figures have risen, Musk's compensation would be an "outlier among outliers," said Matteo Tonello, managing director at The Conference Board.

Persons: Elon Musk, Tesla, Elon Musk's, Musk, Chancellor Kathaleen McCormick, McCormick, Charles Elson, Todd Maron, Elson, Matteo Tonello Organizations: Elon, Twitter, Fortune, Weinberg, Corporate, Tesla, Company, The Conference Board Locations: Krakow, Poland, Delaware, Texas, Nevada

☆ SpaceX files to move incorporation site from Delaware to Texas
▼ + stars: | 2024-02-14 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +1 min

SpaceX has filed to change its incorporation location to Texas from Delaware, according to public filings with the Texas Secretary of State. Neuralink, another one of Musk's companies, has also begun moving its location of incorporation from Delaware to Nevada. He has also promised that Tesla will hold a shareholder vote to get approval to move the company's site of incorporation to Texas. "SpaceX has moved its state of incorporation from Delaware to Texas!" Musk is expected to file for appeal to the Delaware State Supreme Court regarding his pay package.

Persons: Elon Musk, Tesla, Musk, didn't, Elon Organizations: SpaceX, USSF, U.S . Space Force, Missile Defense Agency, Texas, State, Elon, Delaware, Court, Twitter Locations: Cape Canaveral , Florida, U.S, Texas, Delaware, Nevada

Hinds County Chancery Judge Crystal Wise Martin blocked the law in October 2022 after Parents for Public Schools sued the state. The nonprofit group argued the grants would give private schools a competitive advantage over public schools. “Any appropriation of public funds to be received by private schools adversely affects schools and their students,” Martin wrote. Tate Reeves created a grant program to help private schools pay for water, broadband and other infrastructure projects. State attorneys also wrote that the Mississippi Constitution only blocks the Legislature from sending money directly to private schools.

Persons: JACKSON, Crystal Wise Martin, ” Martin, Tate Reeves, general's, “, lopsidedly, Martin Organizations: Mississippi Supreme, Public Schools, Mississippi’s Republican, Republican Gov, Midsouth Association of Independent Schools, Public, American Civil Liberties Union of Mississippi, Mississippi Center for Justice, Democracy Forward, Mississippi Department of Finance, Administration, DFA, Mississippi Constitution, Mississippi Adequate Education Locations: Miss, Mississippi, Hinds County

☆ Tesla stock drops as investors scrutinize board’s close personal ties to Elon Musk
▼ + stars: | 2024-02-05 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Ehrenpreis is also a close friend to Kimbal Musk, Elon’s brother, who is also a Tesla board member. In another instance, the judge emphasized the role of Tesla’s general counsel Todd Maron — who was previously Musk’s divorce lawyer — in advising Tesla’s board and compensation committee. Maron was “totally beholden to Musk,” McCormick wrote in her ruling last week, adding that Maron’s admiration for Musk “moved him to tears” during both his deposition and in trial testimony. Maron’s team prepared “an aggressive timeline for approving a compensation plan,” McCormick wrote in her more than 200-page ruling. The break-neck speed of the process “reflected a reckless approach to a fiduciary process.”Robyn Denholm, the Tesla board chair, doesn’t appear to have had any personal relationship with Musk outside of her service on the board, McCormick wrote.

Persons: New York CNN — Tesla, Elon Musk’s, Judge Kathaleen McCormick, Musk, Ira Ehrenpreis, Kimbal, Ehrenpreis, Antonio Gracias, McCormick, Tesla’s, Todd Maron —, —, Maron, “, ” McCormick, Musk “, Maron’s, Robyn Denholm, Denholm, can’t, ” Tesla, Tesla, Monday’s selloff, Piper Sandler, Gordon Johnson, ” Johnson, Elon, ” Organizations: New, New York CNN, Elon, The, Gracias, Nasdaq, GLJ, CNN Locations: New York, Delaware, Spain, Kimbal’s

☆ Tesla's board faces a 'tornado situation' after Elon Musk's $55 billion pay package was struck down, analysts say
▼ + stars: | 2024-02-02 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +3 min

Tesla's board is at a crossroads after a hefty pay plan for Elon Musk was rejected, analysts said. After the Delaware ruling, Musk announced a shareholder vote to move Tesla's incorporation to Texas. AdvertisementTesla's board has its work cut out for it following a judge's surprise ruling against Elon Musk's massive payday, analysts said. "It now creates a tornado situation for Tesla's Board in the next move, with [Wall] Street closely watching this poker move and potential statement," the report said. "Musk is Tesla and Tesla is Musk," Dan Ives, managing director at Wedbush, told Business Insider.

Persons: Elon Musk, Musk, —, Tesla, Kathaleen McCormick, Wedbush, Dan Ives, Ives Organizations: Elon, Tesla, Service, Wedbush Securities, Board, Company, Investors, Reuters Locations: Delaware, Texas, Tesla

SpaceX, X (formerly known as Twitter), and Tesla CEO Elon Musk speaks during live interview with Ben Shapiro at the symposium on fighting antisemitism on January 22, 2024 in Krakow, Poland. Elon Musk said late Wednesday that Tesla will hold a shareholder vote on whether to transfer the electric carmaker's state of incorporation to Texas. After the poll, Musk said Tesla will "will move immediately to hold a shareholder vote to transfer state of incorporation to Texas." Musk will likely have to seek approval from the Tesla board to enact such a move. "Never incorporate your company in the state of Delaware," Musk posted on X this week.

Persons: Elon Musk, Ben Shapiro, Tesla, Musk, Musk's, Chancellor Kathaleen McCormick Organizations: SpaceX, Tesla, Musk Locations: Krakow, Poland, Texas, Delaware

☆ Elon Musk says Tesla shareholders will vote ‘immediately’ on quitting Delaware for Texas
▼ + stars: | 2024-02-01 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

CNN —Stung by a Delaware court ruling earlier this week that struck down his record Tesla pay package, Elon Musk says he is seeking shareholder approval to incorporate the company in Texas. Soon after Tuesday’s ruling about his 2018 salary package — worth about $51 billion at current stock prices — Musk put up a poll on X asking if Tesla (TSLA) should move its registration from Delaware to Texas, where it is already headquartered. Hours later, the Tesla CEO wrote that the “public vote is unequivocally in favor of Texas.” The poll results showed Texas had won the backing of more than 87% of about 1.1 million votes. Musk added he will now “immediately” seek shareholder approval to incorporate the electric carmaker in the southern state. Delaware is famously one of the world’s most welcoming places for companies of all kinds and sizes to incorporate for legal and tax purposes.

Persons: Elon Musk, Musk, Tesla, “, ”, Chancellor Kathaleen McCormick Organizations: CNN, Texas, Fortune Locations: Delaware, Texas, . Delaware, Nevada

☆ Elon Musk’s $50 Billion Tesla Pay Was Struck Down. What Happens Next?
▼ + stars: | 2024-01-31 | by ( Jack Ewing | Peter Eavis | ) www.nytimes.com time to read: +1 min

Tesla and Mr. Musk could appeal the court decision. Mr. Musk has also indicated that he might seek to incorporate the company in another state that he believes could be more hospitable to businesses, like Texas. What happens to Mr. Musk’s stock options? As part of a compensation package Tesla finalized in 2018, Mr. Musk received options to buy 304 million shares that are now worth more than $50 billion. While he has met the goals needed to receive those options, Mr. Musk does not appear to have converted them into shares of Tesla.

Persons: Elon, Kathaleen St, J . McCormick, Tesla, Musk Organizations: Tesla, Mr Locations: Delaware, Texas

☆ Who can rein in Elon Musk? Someone you’ve probably never heard of
▼ + stars: | 2024-01-31 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

But this week, a Delaware state judge handed down a message that Musk and other powerful men in America seldom hear: Nope. The outcome of Musk’s pay package dispute is the latest instance of a towering, brash business leader getting put in his place by the one institution powerful enough to do so: US courts. Kathaleen McCormick struck down Elon Musk’s 2018 Tesla pay package after an investor challenged it as excessive. Kathleen Flynn/ReutersAmong the threads connecting Musk, Trump and McMahon is a history of evading negative consequences. “And if that’s the case, let that be a message to other people: The litigation system actually does work.”The pay package dispute wasn’t McCormick’s first rodeo with Musk.

Persons: CNN Business ’, New York CNN — Elon Musk, Kathaleen McCormick, who’d, Donald Trump, Trump, Vince McMahon, McMahon, Elon, Kathleen Flynn, Eric Talley, Talley, ”, Musk, McCormick, McCormick didn’t, “ We’ve, ‘, ’ ” Talley, “, Katie McCormick Organizations: CNN Business, New York CNN, Bloomberg, World Wrestling Entertainment, Reuters, Trump, Columbia, Twitter Locations: New York, Delaware, America

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