Elon Musk’s massive 2018 Tesla pay package restored by Delaware court
Elon Musk’s controversial $56bn pay package from Tesla was reinstated by the Delaware supreme court on Friday, two years after a lower court struck down the vast compensation deal as “unfathomable”,The reinstated pay package could be worth as much as $139bn today, according to the New York Times,The decision comes less than two months after Tesla shareholders approved a new plan that could be worth $1tn to Musk, already the world’s richest person, in a decade’s time,Musk’s fortune currently stands at an estimated $600bn,Rescinding the pay deal would be “inequitable”, and would leave Musk “uncompensated for his time and efforts over a period of six years”, the Delaware supreme court justices wrote, echoing arguments from Tesla board members earlier this year.
At the company’s annual meeting in Austin, Texas, this November, shareholders had approved a stopgap measure for Musk, ensuring – regardless of how the Delaware supreme court ruled on this appeal – that he would get the $56bn his supporters say he is owed,Tesla did not immediately respond to a request for comment or for more details on Friday’s ruling,Both of the compensation packages, as well as other pay plans approved by Tesla shareholders, require Musk to meet a number of lofty goals related to product development and increasing the company’s value to $8,5tn in order to cash out on those awards,The case that first invalidated the original pay package was launched seven years ago when a Tesla stockholder, who held just nine shares at the time, filed a suit arguing that the plan was set up to overpay the world’s richest person.
That first ruling voided the billions Musk was to receive, which left the Tesla co-founder less than pleased.Not only did Musk relocate Tesla to Texas from Delaware, where it was incorporated at the time the suit began, he also publicly lashed out against the state and specifically its court of chancery and chief judge, Chancellor Kathaleen McCormick.“She has done more to damage Delaware than any judge in modern history,” he wrote on X, his social media platform, in February 2024.Tesla stockholders in 2024 were again asked to vote on the 2018 pay package.They approved it, and once again, McCormick struck it down, ruling that the “Superstar CEO”, as she called him, had undue influence in developing his own pay package and that stockholders weren’t fully informed ahead of the vote.
Musk has voiced his displeasure ever since,“Any lawyer still recommending incorporation in Delaware at this point should be sued for malpractice,” he posted online earlier this year,In Friday’s opinion, the justices agreed with McCormick’s earlier findings that there was a breach of fiduciary duty in developing the original package and presenting it to shareholders,They ordered $1 be paid to the plaintiff in nominal damages,However, the five judges agreed that rescinding Musk’s full pay package wasn’t appropriate.
While Musk has publicly called for other companies to follow his lead and leave Delaware – which has historically been home to more than 60% of Fortune 500 companies – experts have tracked only a few dozen companies that have actually done so,That includes big companies including Dropbox and Coinbase, while other tech companies like Meta have only threatened to leave,
UK supermarkets turn to European turkeys as avian flu hits supply
Several of the UK’s big supermarkets have been forced to source turkeys from elsewhere in Europe to keep shelves stocked this Christmas, after avian flu curtailed UK production.Asda, Lidl and Morrisons are understood to be stocking branded turkey imported from mainland Europe – a move industry sources described as “unprecedented” – to “protect availability” and ensure sufficient supply for festive meals.All three retailers’ own-label fresh and frozen turkeys will be entirely British-sourced. However, Morrisons is stocking Bernard Matthews-branded turkey from Poland, and Asda is selling a Cherrywood-branded turkey crown from mainland Europe.Lidl said a small proportion of its branded frozen turkey, sold under the Gressingham label, was sourced from the EU
‘Bills keep going higher’: community ‘warm spaces’ on the rise in the UK
When Fatma Mustafa began attending Walworth Living Room, a community project in south London, a few years ago, she began to feel like it was her second home. The registered “warm space” is designed to feel like a living room: comfy sofas, a communal table, activities and food in a warm environment.Mustafa, 48, says that on universal credit (UC) it is hard to cover bills and easy to fall into debt. Attending three days a week, she says, cuts costs on energy and groceries.She has a pay-as-you-go energy meter, which is increasingly “just eating my money away”, she says
‘It can be quite a thankless job’: why driving examiners are quitting
It has long been a stressful rite of passage for many young people but, in recent years, passing the actual driving test is the easy part. Now, many people seeking a test need to wake up early to snag a date before the bots do and, even then, they are looking at a long and arduous wait.Despite moves from the government to address the issue, an audit report released this week found plans to cut the wait for a driving test to seven weeks by the end of the year would not be achieved until November 2027.One of the main barriers is an exodus of driving examiners. Only a net 83 more driving test examiners have been hired despite 19 recruitment campaigns since 2021, with the average wait for a practical test now at 22 weeks across Great Britain, according to the National Audit Office
Tinsel and Home Alone back in style as TikTok seeks comfort in #90sChristmas
Tinsel, DIY tree decorations, deep burgundy drapes – and Home Alone on VHS. Christmas has gone retro on TikTok, and in people’s living rooms.The app has reported a surge in Christmas decor videos, with an emphasis on nostalgia as users embrace festive looks from bygone eras. For younger TikTokers, that means the 90s.More than 8,000 videos have been posted under the hashtag #90sChristmas, celebrating a look that includes multicoloured tree lights, homemade felt ornaments and – in a post with nearly 4m views – VHS tapes of Christmas classics such as the Macaulay Culkin caper
Stokes vows to remain England captain as McCullum admits regret over Ashes preparations
As Ben Stokes stressed his commitment to leading England after losing the Ashes inside 11 days, Brendon McCullum gave his first admission of regret. Poor preparation has been widely blamed for this failed tour of Australia and, in that regard, the head coach was prepared to hold his hand up.Speaking after the 82-run defeat at Adelaide Oval that took Australia 3-0 up with two Tests in Melbourne and Sydney to come, Stokes offered a simple “absolutely” when asked if he had the energy to continue as captain but played down England’s threadbare warm-up period.“That dream that we came here with is now over, which is obviously incredibly disappointing,” said Stokes, at the ground where he made his Test debut 12 years ago. “I hate living in hindsight because you can never change what you have done
Dominant Australia defeat England in third Test to retain Ashes – as it happened
With the third Test wrapped up, I’ll do likewise. Thanks for your company throughout five (!) thrilling days of Test cricket and see you all in Melbourne.Ali Martin has delivered his match report.And Geoff Lemon has written about Pat Cummins and his Ashes legacy. Enjoy!Having wrapped up the series in 11 days and retained the Ashes in ruthless fashion, Australia will have a very merry Christmas indeed
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