Attorneys for a Tesla shareholder urged a Delaware judge on Tuesday to invalidate a 2018 compensation package awarded by the company's board of directors to CEO Elon Musk that is potentially worth more than $55 billion.
The shareholder's lawyers argue that the compensation package should be voided because it was dictated by Musk and the product of sham negotiations with directors who were not independent of him. They also say it was approved by shareholders who were given misleading and incomplete disclosures in a proxy statement.
or attended any meetings at which the plan was discussed by the board, its compensation committee, or a working group that helped develop it. Tesla has achieved all twelve market capitalization milestones and eleven operational milestones, providing Musk nearly $28B in stock option gains, according to a post-trial brief filed by plaintiff's attorneys. The stock option grants are subject to a five-year holding period, however.
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