Tesla's Law Firm Involved in Drafting Delaware Law Change That Could Restore Musk's $55 Billion Pay Package

New legislation may redefine shareholder control, influencing Musk's compensation case A law firm representing Elon Musk and Tesla has played a key role in drafting proposed changes to Delaware's corporate laws, which some experts suggest could ultimately reinstate Musk's $55.8 billion compensation package. This development comes as Musk's legal team continues to appeal a court ruling that voided the record-breaking pay deal. The proposed amendments to the Delaware General Corporation Law aim to redefine the criteria for classifying a shareholder as a "controller." Under current law, a shareholder who owns less than one-third of a company's stock can still be deemed a controller if they exercise significant influence over corporate decisions. This designation was a pivotal factor in the Delaware Chancery Court's decision to invalidate Musk's substantial compensation package. The new legislation seeks to tighten the definition, requiring a sharehol...