Tesla has told the Delaware Supreme Court that Elon Musk’s $56 billion pay package should have been restored last year through a shareholder vote, as the company appeals a lower court ruling that rescinded the CEO’s record compensation.
Tesla’s attorney Jeffrey Wall argued on Wednesday that a vote by the company’s shareholders to reinstate Musk’s pay was “the most informed stockholder vote in Delaware history” and should be recognised to resolve the case. The hearing marks the final stage of one of the largest corporate legal battles in recent U.S. history.
The dispute follows a January 2024 ruling by Delaware’s Court of Chancery, which invalidated Musk’s 2018 compensation plan. Chancellor Kathaleen McCormick found that the Tesla board lacked independence from Musk and that shareholders did not have sufficient information when approving the package. Applying a strict legal standard, she deemed the pay unfair to investors.
Tesla is also appealing a separate ruling by the lower court that rejected the shareholders’ vote to restore the package as legally invalid. Current and former Tesla directors denied wrongdoing and argued that the Chancery Court misinterpreted both the facts and the law.
The case carries broader implications for Delaware corporate law and its Court of Chancery, historically a key venue for business disputes but recently criticised for being unfavourable toward influential entrepreneurs.
Musk did not attend the court session, which was held in a special courtroom accommodating around 65 attendees, mostly lawyers.
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Russian troops in Ukraine have lost access to Starlink internet terminals after Kyiv and SpaceX moved to block unauthorised Russian use, a disruption Ukrainian officials described as a major blow to Moscow’s battlefield operations.
Tech billionaire Elon Musk said the search at his social media platform X offices in Paris on Tuesday by French authorities was a "political attack".
Ukraine is creating a white list for Starlink terminals to ensure only verified devices stay active, after officials warned that Russian forces were attempting to use the network during the Ukraine conflict.
Elon Musk’s rocket company SpaceX has acquired his artificial intelligence firm xAI, as the billionaire moves to bring more of his technology businesses under one structure.
JD Vance arrived in Armenia on Monday (9 February), becoming the first sitting U.S. Vice President to visit the country, as Yerevan and Washington agreed to cooperate in the civil nuclear sector in a bid to deepen engagement in the South Caucasus.
The United States and Azerbaijan signed a strategic partnership in Baku on Tuesday (10 February) encompassing economic and security cooperation as Washington seeks to expand its influence in a region where Russia was once the main power broker.
Buckingham Palace said it is ready to support any police investigation into allegations that Prince Andrew shared confidential British trade documents with late sex offender Jeffrey Epstein, as King Charles expressed “profound concern” over the latest revelations.
U.S. military forces have seized a sanctioned oil tanker in the Indian Ocean after tracking the vessel from the Caribbean Sea, the Pentagon said on Monday.
“Peace is not just about signing treaties - it’s about communication, interaction and integration,” Sultan Zahidov, leading adviser at the AIR Center, told AnewZ, suggesting U.S. Vice President JD Vance's visit to the South Caucasus could advance the peace agenda between Azerbaijan and Armenia.
Türkiye’s national energy company, TPAO, has struck a new cooperation deal with U.S. energy giant Chevron, signing a memorandum of understanding to explore joint oil and gas exploration and production opportunities, the Turkish Energy and Natural Resources Ministry announced on Thursday.
Wall Street ended sharply lower on Tuesday as investors worried about artificial intelligence (AI) creating more competition for software makers, keeping them on edge ahead of quarterly reports from Alphabet and Amazon later this week.
U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
The S&P 500 edged to a record closing high on Tuesday, marking its fifth consecutive day of gains, as strong advances in technology stocks offset a sharp selloff in healthcare shares and a mixed batch of corporate earnings.
Chevron is in talks with Iraq’s oil ministry over potential changes to the commercial framework governing the West Qurna 2 oilfield, one of the world’s largest producing assets, after Baghdad nationalised the field earlier this month following U.S. sanctions imposed on Russia’s Lukoil.
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