this post was submitted on 01 Feb 2024
193 points (95.7% liked)
Technology
59446 readers
4475 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
This is the best summary I could come up with:
A Delaware judge on Tuesday ruled in favor of the investors who challenged billionaire Elon Musk’s $56bn Tesla pay package as excessive, a court filing showed.
Tesla shareholder Richard Tornetta filed the lawsuit five years ago, accusing the company’s chief executive of improperly dictating negotiations around the compensation package and claimed that the board acted without independence.
Tesla directors argued during a weeklong trial that the company was paying to ensure that one of the world’s most dynamic entrepreneurs continued to dedicate his attention to the electric-vehicle maker.
Tornetta’s lawyers argued the Tesla board never told shareholders that the goals were easier to achieve than the company was acknowledging and that internal projections showed Musk was quickly going to qualify for large portions of the pay package.
The plaintiff’s legal team also argued the board had a duty to offer a smaller pay package or look for another CEO and that they should have required Musk to work full-time at Tesla instead of allowing him to focus on other projects.
In July, Tesla’s directors agreed to return $735m to the company to settle shareholder allegations brought in a separate lawsuit filed in 2020 that they overpaid themselves.
The original article contains 684 words, the summary contains 197 words. Saved 71%. I'm a bot and I'm open source!