The 96 million new shares serve as an initial “good faith” payment, honoring Musk’s 2018 $50 billion package that was voided by a Delaware court.
The Delaware court had ruled the 2018 package unfair to investors, prompting Musk to appeal in March, arguing legal errors in its cancellation.
A special committee, including chair Robyn Denholm and director Kathleen Wilson-Thompson, stated the new shares aim to gradually increase Musk’s voting power, seen as crucial to keeping him focused on Tesla.
Critics, including corporate governance expert Charles Elson, argue the move undermines the Delaware ruling.
Analysts predict another annual sales decline in 2025. Meanwhile, Tesla’s robotaxi trials in Texas face regulatory hurdles, with no permits yet in California. - Reuters
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