15:04:25 EDT Fri 03 May 2024
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Tesla Inc CDRs (CAD Hedged)
Symbol TSLA
Shares Issued 21,600,000
Close 2024-04-17 C$ 14.33
Market Cap C$ 309,528,000
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Globe/wire say Tesla insists Musk deserves $56B (U.S.)

2024-04-18 08:59 ET - In the News

The Globe and Mail reports in its Thursday edition that Tesla wants shareholders to reaffirm their approval of chief executive officer Elon Musk's $56-billion (U.S.) compensation that was set in 2018, but was rejected by a Delaware judge in January. A Reuters dispatch to The Globe says that the revote comes ahead of next week's quarterly earnings for Tesla, which is grappling with weak demand as well as Mr. Musk's erratic behaviour. "Elon has not been paid for any of his work for Tesla for the past six years," board chair Robyn Denholm wrote in the regulatory filing. "That strikes us -- and the many stockholders from whom we already have heard -- as fundamentally unfair." Tesla's board, which includes Mr. Musk's brother Kimbal, has repeatedly come under fire for its close ties with the billionaire. In seeking a revote, Tesla is using a section of Delaware law that allows companies to ratify actions that are technically defective, such as selling stock before the board approves an increase in shares. The board's special committee, which was formed to insulate the process of setting the pay from allegations of Mr. Musk's influence, admitted that its "novel" approach might be rejected again by a Delaware court.

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