Bloomberg Law Judge Voids Musk's Multibillion Dollar Pay Package Again
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Dec 4, 2024 Eric Talley, a business law expert from Columbia Law School, discusses a Delaware judge's decision to void Elon Musk's multibillion-dollar Tesla pay package. He delves into the complexities of shareholder votes and corporate jurisdiction impacts. David Voreacos, a Bloomberg legal reporter, sheds light on the ongoing legal troubles of Gautam Adani, including accusations of bribery and the intricate extradition hurdles between the U.S. and India. The conversation highlights both the implications for Musk's wealth and the broader landscape of corporate law.
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Musk's Pay Package Voided
- A Delaware judge voided Elon Musk's multi-billion dollar Tesla pay package twice.
- The judge ruled that Tesla's board was improperly influenced by Musk and agreed to his terms.
Shareholder Vote's Impact
- The judge's decision considered the shareholder vote but didn't change the initial ruling.
- The shareholder vote didn't invalidate the fact that the initial outcome benefited stockholders.
Attorney Fee Award
- Plaintiff's lawyers requested billions in fees, but the judge awarded $345 million.
- The judge based this amount on the option's value at the grant date and standard percentages.