Voting Result gives Tesla strong ammunition to appeal to Delaware Supreme Court
$Tesla(TSLA.US$ $BYD COMPANY(01211.HK$ $NIO Inc(NIO.US$ $XPeng(XPEV.US$ Tesla has released the Shareholders Meeting 2024 voting result:
> 76% for redomestication of Tesla from Delaware to Texas
> 77% (72% if exclude Elon and Kimberly votes) for ratifying Elon Musk 2018 Compensation Package
My Take: According to APNews, John Lawrence, a Dallas-based lawyer agreed that the vote doesn’t end the legal dispute and automatically gives Musk the stock options. But he says it gives Tesla a strong argument to get the ruling overturned. He expects Musk and Tesla to argue that shareholders were fully informed before the latest votes, so McCormick should reverse her decision. The vote, he said, was done under Delaware law and should be considered by the judge. It definitely gives Tesla and Musk strong ammunition to try to get her to revisit this. If the ruling stands, then Musk likely will appeal to the Delaware Supreme Court, Lawrence said.
Source:
$BYD COMPANY(01211.HK$ $BYD Co.(BYDDF.US$ $S&P 500 Index(.SPX.US$ $Nasdaq Composite Index(.IXIC.US$ $Tesla(TSLA.US$ $VOLKSWAGEN A G(VWAGY.US$ $NIO Inc(NIO.US$ $Li Auto(LI.US$ $XPeng(XPEV.US$ $General Motors(GM.US$ $Ford Motor(F.US$ $Rivian Automotive(RIVN.US$ $MERCEDES-BENZ GROUP AG(MBGAF.US$ $TOYOTA MOTOR CORP(TOYOF.US$ $GEELY AUTO(00175.HK$ $Stellantis NV(STLA.US$
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I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
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Dramericanjesus : She will not change her mind. Final ruling in July.
ZnWC OP Dramericanjesus : The article didn't say about changing McCormick's mind. Read carefully.