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Tesla begins legal bid for Elon Musk’s OK

STORY: Tesla begins legal battle to win approval for Elon Musk’s $56 billion settlement. Shareholders approved the package last week – a record amount in the history of the American corporation. But the company still has to convince the court that canceled the first payment. Delaware Judge Kathaleen McCormick ruled that the process that led to the package was controlled by Musk. She said Tesla also withheld from shareholders key details about the targets it was supposed to meet. Now, the EV maker says it has fixed those issues. In addition to the vote, the payment agreement was reviewed by a special board committee, and the firm provided hundreds of pages of additional information. While the sum seems huge, WealthWise Financial head Noreen Gilbert says Musk should have been paid: “The pay package was actually agreed upon years ago based on metrics that Elon Musk had to get right and he did well by all those metrics. So the truth is he should have been paid that amount, he jumped through all the hoops to make that happen.” Tesla has now written to Judge McCormick, asking that the parties to the legal dispute over the pay now present their views on shareholder approval. A shareholder who brought the case against the package has already said he believes the vote has “no legal effect”.