Musk Blasts 'Cynical' Suit Challenging Tesla Director Pay
Law360 (September 18, 2020, 5:39 PM EDT) -- Tesla Inc. CEO Elon Musk and the company's board have laid into a stockholder for launching a Delaware Chancery class suit in June that paints Tesla's stock-heavy board compensation practices as unfair and excessive, panning the claims as "cynical and opportunistic."
In a 113-page answer filed late Thursday to the June derivative complaint, attorneys for Musk and 11 current or former directors argued that the electric car company's director compensation plan was fair and created strong incentives for company growth. Company revenues have increased from $413.3 million in 2014 to $24.6 billion in 2019, the answer noted.
Lead stockholder Police and Fire Retirement System...
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