Elon Musk's legal battle for his $56bn pay award goes on, and Tesla's board still looks supine
The Guardian|December 04, 2024
The first time around, the judge Kathaleen McCormick of the Delaware court of chancery got it right. The $56bn (£44bn) pay package awarded by Tesla to Elon Musk in 2018 was indeed a governance abomination, a stitch-up in which ordinary shareholders weren't told about the "deeply flawed" process whereby a "superstar CEO" secured wildly over-the-top terms from pliant directors.
Nils Pratley
Elon Musk's legal battle for his $56bn pay award goes on, and Tesla's board still looks supine

Her closely-argued ruling in January spelled it out in persuasive detail. The company had "inaccurately described key directors as independent and misleadingly omitted details about the process".

Ira Ehrenpreis, the lead director negotiating for Tesla, had a 15-year business relationship with Musk. Another member of the working group regularly went on holiday with Musk's family. A third was the company's general counsel and Musk's former divorce lawyer.

This story is from the December 04, 2024 edition of The Guardian.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the December 04, 2024 edition of The Guardian.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM THE GUARDIANView All
White House Rushes Weapons To Ukraine Before Trump Takeover
The Guardian

White House Rushes Weapons To Ukraine Before Trump Takeover

The Biden administration is hurrying military equipment to Ukraine in a last-ditch effort to shore up the country's defenses against the Russian invasion before Donald Trump assumes the US presidency in January.

time-read
1 min  |
December 04, 2024
Poorest Countries Struggle To Pay Record Debt Costs After Rates Soar
The Guardian

Poorest Countries Struggle To Pay Record Debt Costs After Rates Soar

Developing countries spent a record $1.4tn (£1.1tn) in debt payments to foreign lenders in 2023 as soaring interest rates pushed the cost of financing loans to a 20-year high, the World Bank's latest International Debt Report shows.

time-read
2 mins  |
December 04, 2024
West Ham look to Conceicao as Lopetegui pressure grows
The Guardian

West Ham look to Conceicao as Lopetegui pressure grows

West Ham are considering Sergio Conceicao as a replacement for Julen Lopetegui, whose future as manager is under growing pressure after his team's 5-2 defeat at home against Arsenal last Saturday.

time-read
1 min  |
December 03, 2024
Van Nistelrooy's 'hurt' New Leicester manager stung by his enforced United exit
The Guardian

Van Nistelrooy's 'hurt' New Leicester manager stung by his enforced United exit

New Leicester manager stung by his enforced United exit

time-read
3 mins  |
December 03, 2024
'So far so good' Coach perfect fit for Reds, says captain
The Guardian

'So far so good' Coach perfect fit for Reds, says captain

Virgil van Dijk believes Liverpool found the \"perfect match\" for their tight-knit, experienced squad when appointing Arne Slot as Jürgen Klopp's successor.

time-read
2 mins  |
December 03, 2024
Definitely maybe: Slot looks imperious at Anfield but could Guardiola be forced from Etihad?
The Guardian

Definitely maybe: Slot looks imperious at Anfield but could Guardiola be forced from Etihad?

Perhaps the most extraordinary aspect of Sunday afternoon at Anfield was how ordinary it all felt. Everybody came for something apocalyptic and what they got was a league game that felt like pretty much any other league game in which Liverpool beat a side who aren't as good as them.

time-read
3 mins  |
December 03, 2024
Van Dijk still Liverpool's spirit animal as City's decay deepens
The Guardian

Van Dijk still Liverpool's spirit animal as City's decay deepens

Imperious defender is central to Slot's success and makes a stark contrast to Haaland's struggles in City's attack

time-read
5 mins  |
December 03, 2024
Yoro in line for overdue Manchester United debut
The Guardian

Yoro in line for overdue Manchester United debut

Ruben Amorim has revealed \"special talent\" Leny Yoro could make his Manchester United debut at Arsenal tomorrow evening.

time-read
1 min  |
December 03, 2024
The Guardian

Saudi Arabia seals more than 900 sponsor deals amid World Cup drive

Saudi Arabia has struck more than 900 sponsorship deals across the sporting landscape and made dozens of formalised agreements with football federations as it prepares for a controversial coronation to host the 2034 World Cup.

time-read
2 mins  |
December 03, 2024
Wiegman ready to make Lionesses 'uncomfortable' in Euro 2025 push
The Guardian

Wiegman ready to make Lionesses 'uncomfortable' in Euro 2025 push

Sarina Wiegman says she has wanted England's players to feel uncomfortable so they can learn new things before Euro 2025.

time-read
2 mins  |
December 03, 2024