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Tesla ( NASDAQ:TSLA ) bull and Wedbush Securities Senior Equity Research Analyst Dan Ives has weighed in on the Delaware Court decision that rescinds Elon Musk’s 2018 compensation plan, which was approved by about 80% of TSLA shareholders at the time. Now, obviously, this is a jaw-dropper that came down in Delaware.
Elon Musk’s legal team threw some allegations against Twitter in a recent filing, with the Tesla CEO’s camp alleging that the social media company had ordered whistleblower Peiter “Mudge” Zatko, its former head of security, to destroy evidence as part of his severance package. Judge Kathaleen St. per share. .
On Tuesday, July 12, Twitter officially filed a lawsuit against Elon Musk in the Delaware Court of Chancery. Twitter claims Musk “refused to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.” — Bret Taylor (@btaylor) July 12, 2022. .”
Texas Governor Greg Abbott expressed his support to Elon Musk and Tesla after the CEO noted on X that TSLA investors are on track to ratify his 2018 CEO Performance Award and approve the electric vehicle maker’s proposed redomestication from Delaware to Texas. Abbott shared his thoughts in a post on his personal X account.
Elon Musk has made his opening remarks in a Wilmington, Delaware, courthouse on Monday morning, defending Tesla’s $2.6 Musk commented on questions asked by his attorney, Evan Chesler, initially, stating that the nature of the transaction did not result in any monetary gain for him personally.
Is the law firm behind the legal complaint that ultimately rescinded Elon Musk’s 2018 pay package looking to get overpaid? The case was filed by a thrash metal drummer and car enthusiast, Richard Tornetta, who held nine TSLA shares when the legal complaint was filed. A growing number of Tesla shareholders say so.
Dan Ives, an analyst at Wedbush who has been routinely bullish on the stock, was one of the most vocal personalities on Wall Street yesterday as varying ideas surrounding the narrative of the Earnings Call circulated. Ives called the call a “train wreck,” and talked about the lack of information Tesla reported during Earnings.
Delaware Supreme Court could be next. They filed a complaint in court in Delaware. Earlier this year, Delaware Chancery Court Chief Judge Kathleen St. Tesla’s legal team believed the vote would “ratify” the compensation package and force the judge to vacate her decision to void the pay package.
During the first day of a week-long trial in a Delaware court, a Tesla director and a former executive testified in favor of Elon Musk’s high-risk, high-reward compensation package. Chancellor Kathaleen McCormick of Delaware’s Court of Chancery will be deciding the case.
The other shareholder proposals are interesting, but everyone’s attention has been on two in particular: whether to reapprove Musk’s previously-voided $55 billion pay package and whether to redomicile the company to Texas from Delaware. Why Delaware, anyway? The deadline to vote remotely was just before midnight, June 12, Central time.
Filed in the Delaware Chancery Court, the lawsuit accuses Musk of Tweeting in a manner that could affect the value of Tesla stock. ” Tesla does not currently have a General Counsel in its legal department, which is likely the person who would be required to review Musk’s Tweets before they are sent. Tesla Inc. ,
I want to give a special shout out to our small but mighty IR team and legal team, and everyone involved in running this year’s proxy campaign—both inside and outside of Tesla. Or if you want to vote in person, ballots and ballot boxes are available at the front. We presented a similar proposal in 2021.
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