Delaware Judge Kathaleen St J McCormick this week agreed with Tesla shareholder Richard Tornetta’s lawsuit that claimed Tesla breached its fiduciary duty by unjustly enriching its CEO.
A hot potato: If there’s one thing we know about Elon Musk, it’s that he holds a grudge. Following a ruling by a judge in Delaware, where Tesla is incorporated, that voided his $55 billion compensation package this week, the billionaire has announced that Tesla is moving its state of incorporation to Texas. The announcement comes just as hundreds of CEOs voted Musk America’s most overrated Chief Executive Officer.
Delaware Judge Kathaleen St J McCormick this week agreed with Tesla shareholder Richard Tornetta’s lawsuit that claimed Tesla breached its fiduciary duty by unjustly enriching its CEO to the tune of $55 billion.
Musk’s response to the decision came in the form of X/Twitter posts advising people never to incorporate companies in Delaware, opting for Nevada or Texas if “you prefer shareholders to decide matters.
