Elon Musk Greed Killing Telsa
June 10, 2018
*** Days after some shareholders said the time has come to oust the CEO of Tesla, Elon Musk faces yet another challenge. A new lawsuit filed in the Delaware Court of Chancery and unsealed on Thursday accuses Musk of swindling the company with his unprecedented $2.6 billion award, recently approved by shareholders, and calls for the removal of the board and the appointment of new directors to better reflect the interests of the shareholders.
“The new E. Musk compensation plan is so large it dwarfs the pay package of every other public company CEO,” the motion submitted by Richard Tornetta states.
*** Tesla’s legal woes have been piling up as the company is going through a rough patch, failing to produce a quarter of the target of 400,000 Model 3 vehicles and accumulating over $2 billion in debt last year. The cost of the Model 3, which was once touted as a ‘mass-market’ car, meanwhile soared from $35,000 to $78,000.
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Tesla Model 3, page-152
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