Don’t Cry For Me, Elon Musk
Elon Musk, whose 2012 employment agreement compensation was the largest in US corporate history, is angry that the Delaware Chancery Court invalidated his 2018 employment agreement (also the largest in US business history).
The 2018 agreement is fairly described as being a “performance based, equity compensation plan.” It contained a dozen milestones each of which when attained delivered to Musk approximately 1% of the shares of Tesla.
BTW, Elon Musk does not draw a salary.
Musk enjoying a blunt on Joe Rogan’s pod cast.
In his sophomoric anger, Musk has threatened to move Tesla’s state of incorporation from Delaware to either Nevada or Texas. This would require shareholder approval. Seems wildly childish and small, but, hey, Elon Musk is Elon Musk.
Nevada corporate law is modeled (plagiarized from) on Delaware law and has only a decade of experience whilst Texas has jury trials. You do not want a jury trial if you are a public company.
