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TORNETTA v. MUSK

C.A. No. 2018-0408-KSJM.

310 A.3d 430 (2024)

Richard J. TORNETTA, Individually and on Behalf of All Others Similarly Situated and Derivatively on Behalf of Nominal Defendant Tesla, Inc., Plaintiff, v. Elon MUSK, Robyn M. Denholm, Antonio J. Gracias, James Murdoch, Linda Johnson Rice, Brad W. Buss, and Ira Ehrenpreis, Defendants, and Tesla, Inc., a Delaware Corporation, Nominal Defendant.

Court of Chancery of Delaware.

Date Decided: January 30, 2024.

Attorney(s) appearing for the Case

Gregory V. Varallo , Glenn R. McGillivray , BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP, Wilmington, Delaware; Jeroen van Kwawegen , Margaret Sanborn-Lowing , BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP, New York, New York; Peter B. Andrews , Craig J. Springer , David M. Sborz , Andrew J. Peach , Jackson E. Warren , ANDREWS & SPRINGER LLC, Wilmington, Delaware; Jeremy S. Friedman , Spencer M. Oster , David F.E. Tejtel , FRIEDMAN OSTER & TEJTEL PLLC; Bedford Hills, New York; Counsel for Plaintiff Richard J. Tornetta.

David E. Ross , Garrett B. Moritz , Thomas C. Mandracchia , ROSS ARONSTAM & MORITZ LLP, Wilmington, Delaware; Evan R. Chesler , Daniel Slifkin , Vanessa A. Lavely , CRAVATH, SWAINE & MOORE LLP, New York, New York; Counsel for Defendants Elon Musk, Robyn M. Denholm, Antonio J. Gracias, James Murdoch, Linda Johnson Rice, Brad W. Buss, and Ira Ehrenpreis.

Catherine A. Gaul , Randall J. Teti , ASHBY & GEDDES, P.A., Wilmington, Delaware; Counsel for Nominal Defendant Tesla, Inc.

POST-TRIAL OPINION

Was the richest person in the world overpaid? The stockholder plaintiff in this derivative lawsuit says so. He claims that Tesla, Inc.'s directors breached their fiduciary duties by awarding Elon Musk a performance-based equity-compensation plan. The plan offers Musk the opportunity to secure 12 total tranches...

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