Musk was not happy with the ruling and took to X, writing, “Shareholders should control company votes, not judges.”
ers to approve the Musk compensa- tion plan. In June, Tesla shareholders again
approved the original $56 billion compensation overwhelmingly — with 77% of stock owners backing Musk and the package. After the shareholder vote, Tesla
went back to the Delaware court to seek its approv- al, only to fi nd its compensation plan rebuffed again.
MCCORMICK
“Even if a stockholder vote could have a ratifying eff ect, it could not do so here,” McCor-
mick said in her opinion. “Were the court to condone the
practice of allowing defeated parties to create new facts for the purpose of revising judgments, lawsuits would become interminable,” she wrote. McCormick saw little contradic-
tion, however, in penalizing Musk for the wealth he created while granting the lawyers who sued him on behalf of shareholders an incredible $345 million in attorney fees for their legal fi lings. Musk was not happy with the rul-
ing and took to X, writing, “Share- holders should control com-
pany votes, not judges.” Musk reposted other
X posts critical of the ruling. One repost stated: “Things to do in Delaware: 1) Leave.” Musk also reposted
fund manager Cathie Wood’s X post, where she called McCormick an “activist judge at its worst.” Wood continued:
“No judge has the right to determine CEO compensation. Shareholders voted twice, overwhelm- ing each time, to ratify @elonmusk’s 2018 performance- based pay pack- age.”
Since the
court’s fi rst ruling, Musk has been on the warpath with Delaware. This year, he moved both Tesla and SpaceX’s incorporation from Dela- ware to Texas. He also moved Neura- link to Nevada. Musk has also urged other com-
panies to quit Delaware as well. On X, Musk bluntly stated, “Never incorporate your company in the state of Delaware.” The home state of President Joe Biden, Delaware has come under criticism for its close ties to the Biden family and its political agenda. In 2023, The Wall
Street Journal pub- lished an article, co-authored by for- mer Attorney General William Barr, lambasting Delaware for embrac- ing far-left environmental, social, and governance (ESG) policies and attempting to push them on corpora- tions.
And The Hill reported that major
corporations are fl eeing Delaware as a result of its highly politicized agenda. Data suggests Delaware is seeing
a drop-off in new incorporations. In 2022, the last year the state released data, Delaware saw a 6% fall in new incorporations.
JANUARY 2025 | NEWSMAX 17
MCCORMICK/AP IMAGES
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100
