Musk won pay package with shareholders' vote, Tesla argues in court filing
What did Tesla argue in their recent court filing?
Tesla argued in their recent court filing that CEO Elon Musk won the legal battle over his $56 billion pay package because shareholders voted to reapprove the compensation after a Delaware judge voided the compensation plan earlier this year2. The company believes the judge should issue a final order that finds for the defendants.
How did Tesla shareholders recently vote on Musk's compensation?
Tesla shareholders recently voted to reinstate Elon Musk's $44.9 billion pay package, which was previously thrown out by a Delaware judge. The compensation package, originally approved in 2018, consists of performance-based targets that trigger stock option awards that Musk must hold for a period of five years before exercising.
When are oral arguments on this issue scheduled?
Oral arguments on the issue of Elon Musk's $56 billion pay package are scheduled for late July or early August, as per the judge's order. The exact date will be agreed upon by both sides. The judge will hear these arguments following a shareholder vote that reinstated Musk's compensation plan.