To address growing concerns, Delaware lawmakers this month introduced Senate Bill 21, a proposal aimed at making the state's corporate laws more appealing to executives like Musk, Meta CEO Mark Zuckerberg, and Ackman.
With help from famed former judge Leo Strine, Delaware lawmakers have raced to propose a bill friendlier to controlling stockholders as the state scrambles to protect its $2 billion legal economy.
Elon Musk’s $100 billion Tesla pay dispute has escalated beyond the courtroom, drawing Delaware lawmakers into a race to prevent corporate flight. As Tesla officially moved its incorporation to Texas following Musk’s legal defeat in the Delaware Court of Chancery,
The legislation would amend Delaware General Corporation Law and could pave the way for the reinstatement of Musk’s 2018 CEO pay package at Tesla.
Divisions under the Department of Health and Social Services will present their requests to committee members.
A law firm representing Elon Musk and Tesla helped draft a bill some experts say could, if passed, possibly restore Musk's lost multibillion-dollar compensation package.
After a bruising battle with Elon Musk, the state where most of the S&P 500 is incorporated, is making itself more pliable for boards and big shareholders.
The proposed bill, which was posted on the Delaware General Assembly’s website on Monday, would make it more difficult for shareholders to show that a corporate director is “conflicted” in a deal, a legal status which makes it easier to prove the transaction was unfair to ordinary shareholders.
More CEOs fed up with Delaware and its powerful Chancery Court are going the way of Elon Musk, reincorporating their companies elsewhere and publicly airing their frustrations.
Meta, AI entrepreneurs, academics, and other charities and activists are criticizing the startup's plan to shed its ties to its nonprofit parent.