A Delaware state judge has rejected a request by the board of Tesla Inc. to dismiss a stockholder complaint over an “excessive” 2018 performance award to CEO Elon Musk.
Bernstein Research finds turnover at Tesla is sky high and worries that could hurt the company.
The judge says it’s significant that Musk is Tesla’s controlling shareholder and notes “the size of the award is extraordinary; it allows Musk the potential to earn stock options with a value upwards of $55.8 billion.” Musk has a 19% stake in the company. In allowing three out of four claims to proceed in a case that presents novel questions of law, the judge says “the award is a transaction with a conflicted controlling stockholder and, as such, it ought to provoke heightened judicial suspicion.”
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