A Tesla investor, who recently won a lawsuit against Elon Musk’s $56 billion compensation plan, is urging a Delaware court to retain jurisdiction over the ongoing legal battles involving the tech mogul. This move comes as Tesla proposes relocating its legal headquarters to Texas, prompting concerns about potential jurisdictional changes.
Richard Tornetta, represented by his legal team, has petitioned a Delaware judge to decide on this matter before Tesla’s shareholder meeting scheduled for June 13th. At the meeting, shareholders will vote on relocating Tesla’s legal domicile away from Delaware, along with approving Musk’s controversial pay package from 2018.
Earlier in January, a judge from Delaware’s Court of Chancery invalidated Musk’s compensation plan, criticizing its exorbitant nature. Musk, in response, has been critical of Delaware’s legal system, suggesting that the state is attempting to dissuade companies from leaving. This clash underscores the tensions between corporate governance and jurisdictional preferences within the Tesla ecosystem.
