Elon Musk: Never incorporate your company in the state of Delaware
Corrupt Judge Kathaleen McCormick stole $56 Billion from Elon Musk this week and awarded $345 million of Musk's money to backstabbing lawyers jealous of Musk for winning stockholders repeated confidence in leading Tesla," says Eugene Delgaudio, president of Public Advocate of the United States.
Leftist Bankrupt CNBC reports:
Tesla
CEO
Elon
Musk
lost
his
bid
to
get
his
2018
CEO
pay
package
reinstated
on
Monday
when
a
Delaware
judge
upheld
her
prior
ruling
that
the
compensation
plan
was
improperly
granted.
The package, worth about $56 billion, was the largest compensation plan in U.S. history for a public company executive. Tesla said in a post on X, that it plans to appeal the ruling, which Musk, in a separate post on his social media site, called "absolute corruption."
In January, Chancellor Kathaleen McCormick voided the pay plan, ruling that Musk had individually "controlled Tesla" and dictated the terms of his compensation to a board that didn't fairly negotiate. She called the process leading to approval of that pay plan "deeply flawed."
Following the opinion, Tesla conducted a shareholder vote in June 2024 at its annual meeting in Austin, Texas, asking investors to "ratify" Musk's 2018 CEO pay plan. Musk's attorneys attempted to sway the judge to reverse her opinion after the trial, leaning on the results of that vote....................
Following
the
January
decision,
Musk
had
lashed
out
at
the
Delaware
court
posting
on
X,
"Never
incorporate
your
company
in
the
state
of
Delaware."
Tesla
then
held
a
shareholder
vote
to
reincorporate
in
Texas,
and
officially
shifted
its
state
of
incorporation
there.
Musk has also moved the state of incorporation for his defense contractor company SpaceX to Texas from Delaware.