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☆ The Tesla chair was meant to rein in Elon Musk, but she's shunned the spotlight. A court ruling has dragged her into it.
▼ + stars: | 2024-02-21 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Not every CEO in charge of a publicly traded stock market giant gets to act like Elon Musk . But her tenure as chair came in for criticism last month after a Delaware judge voided Musk's $55.8 billion pay package approved by the Tesla board in March 2018. At trial, Denholm was not sure whether the Disclosure Committee was fulfilling its obligations under the SEC Settlement," McCormick's opinion noted. AdvertisementMcCormick also drew attention to how Musk changed his title to "Technoking of Tesla" in March 2021. Musk is also seeking to reincorporate Tesla in Texas from Delaware following the court decision in the state on his pay package.

Persons: Elon, Robyn Denholm, Denholm, She'd, Tesla, Musk, Judge Kathaleen McCormick, Judge McCormick, that's, McCormick, Musk's, “, Technoking ”, Elon Musk, Antonio Masiello, ”, …, reincorporate Tesla Organizations: Juniper Networks, Telstra, Blackbird Ventures, Business, Securities and Exchange Commission, SEC, New York Times, Board Locations: Australian, Delaware, Tesla, Texas

☆ Why Elon Musk's battle with Delaware is about more than a $55 billion pay package
▼ + stars: | 2024-01-31 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +7 min

Musk's Tesla pay was structured without a salary to involve 12 stock option awards that would only be given once performance goals for each of them were met. Though Musk can appeal the decision, there are signs that this battle is about more than just the massive pay package that has propelled him to a $205 billion fortune. The carmaker is currently worth $600 billion, up from roughly $50 billion in 2018, when Musk received his pay plan. So it's reasonable to take Musk at face value when he says his Tesla pay, as McCormick put it, is a "means of bankrolling that mission." Closer to home, Musk's legal battle could trigger a rethink of where Corporate America goes to do business.

Persons: —, Elon, Thomas Jefferson, Tesla, Richard Tornetta —, Musk, Judge Kathaleen McCormick, Musk's Tesla, Chandan Khanna, …, Judge McCormick, McCormick, DealBook, that's Organizations: Service, The, The Diamond State, Business, SpaceX, Toyota, Delaware Inc, Corporate America Locations: Delaware, The Diamond, Tesla, Mars, America's, America, Nevada, Texas

That plan quickly falls through — and Twitter decides to adopt a poison-pill strategy to fend off a hostile takeover from Musk. At this point, shares in Musk's automotive company, Tesla, began to decline; by mid-November, they will have lost close to half their value. “Musk’s conduct simply confirms that he wants to escape the binding contract he freely signed, and to damage Twitter in the process,” Twitter says. In the meantime, Musk and Twitter jockey for position ahead of the October trial — with Judge Kathaleen McCormick increasingly siding with Twitter in key pre-trial motions. Within 48 hours, the site was flooded with users who bought blue checkmarks only to turn around and impersonate official accounts, including Musk's.

☆ Twitter hunts for documents showing possible connection between Elon Musk and former executive turned whistleblower Peiter 'Mudge' Zatko
▼ + stars: | 2022-09-22 | by ( Kali Hays | ) www.businessinsider.com time to read: +5 min

Zatko accused Twitter of lax security and other missteps during his time as a top executive. He also sided with Elon Musk in claiming "bots" are improperly quantified on the platform. Twitter now wants to know if Zatko has had prior dealings with Musk or those on his side of the deal. He also openly sided with Musk and his claims that Twitter hosts more "bots" or fake accounts that it publicly discloses. A section of Zatko's disclosure is titled "Lying about Bots to Elon Musk" and accuses Twitter of misrepresenting how it counts and combats spam accounts, saying "Elon Musk is correct."

☆ Elon Musk scores court win in attempt to get Twitter to produce more data on fake accounts
▼ + stars: | 2022-08-25 | by ( Grace Kay | Kali Hays | ) www.businessinsider.com time to read: +4 min

A judge partially granted Elon Musk's demand for more data from Twitter on "bots." Twitter now has to give Musk's legal team information on an additional 9,000 Twitter accounts reviewed in the final quarter of last year, according to the order. Alex Spiro, a lead lawyer for Musk, said, "We look forward to reviewing the data Twitter has been hiding for many months." In his counterclaims against Twitter, Musk said the platform intentionally mislead investors regarding the company's prospects by "miscounting" the number of spam accounts on the site. In one, she rejected his position that the independent data analysts he used to analyze the previous Twitter data he had should be protected from discovery.

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