La juge d'un tribunal de l'État du Delaware, dans l'est des États-Unis, a donné raison à un actionnaire du constructeur automobile Tesla qui demandait l'annulation d'un plan de rémunération estimé à 56 milliards de dollars en faveur de son patron Elon Musk.
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TechTranscript
00:00 The judge of a Delaware state court, in the east of the United States,
00:04 has given reason to a Tesla car manufacturer shareholder who asked for the cancellation of an estimated $56 billion remuneration plan in favor of his boss Elon Musk.
00:13 According to her, the shareholders received wrong and misleading information about the Board of Directors and the Remuneration Committee.
00:21 Hard blow for billionaire Elon Musk.
00:24 The judge of a Delaware state court, in the east of the United States, has given reason to a Tesla car manufacturer shareholder who asked for the cancellation of an estimated $56 billion remuneration plan in favor of his boss Elon Musk.
00:38 The judgment is in favor of the plaintiff, concluded the Catalan judge M.C. Cormick in his decision of 200 pages published Tuesday, January 30.
00:46 The plaintiff is found to have a cancellation, she concluded.
00:50 The judge has specified that the parties must now discuss among themselves to establish a final decision intended to implement this judgment and to put an end to this case at the trial level.
00:59 "Has the richest man in the world been overpaid?" begins the judge's decision, emphasizing that the plan represented 250 times the average remuneration of Elon Musk's peers.
01:09 The one she nicknamed "Superstar Suyo" (Superstar Boss) owned at the time 21.9% of Tesla's capital but was the one who really had control, according to the document.
01:20 The judge considers that the shareholders received wrong and misleading information about the Board of Directors and the Remuneration Committee,
01:27 of which several members have been close to the billionaire for 15 to 20 years before the General Assembly during which the plan was approved.
01:34 "Never put your company's headquarters in the state of Delaware," reacted the billionaire on the social network X, former Twitter, which belongs to him.
01:43 A ridiculously oversized remuneration plan.
01:46 Around midnight on Thursday, Wednesday, Tesla's shares lost 2.89% in electronic exchanges after the New York Stock Exchange closed.
01:55 The lawyer's office representing the main plaintiff, Richard Tornetta, and other shareholders rejoiced in a statement that won an emblematic remuneration case.
02:05 The judge will determine that Tesla's Board of Directors had failed its fiduciary duty by structuring the remuneration by slice of "Elon Musk" and, as a result,
02:15 she ordered that the package as a whole be canceled, as noted by Bernstein, Litowitz, Berger and Grossman.
02:22 "We are extremely grateful for the thorough and extremely well-reasoned decision of the court to overturn the ridiculously oversized remuneration plan,"
02:30 said Greg Varalo, one of the main lawyers of the plaintiffs, quoted in the cabinet statement.
02:36 "This will be done for the benefit of Tesla's investors, who will see the dilution generated by this gargantuan plan be erased," he continued.
02:45 Elon Musk's lawyer did not respond immediately.
02:49 Trial without jury
02:50 Audiences took place in November 2022, during which Elon Musk was going to defend this huge remuneration plan.
02:57 The group's survival rate was extremely low, then recalled the multi-entrepreneur, assuring that the builder was close to bankruptcy in 2018.
03:07 Elon Musk was pursued, alongside Tesla and some members of the board of directors, by a shareholder who blamed him for having unjustly authorized in 2018 the largest remuneration plan ever attributed to a manager.
03:20 This plan was to give Elon Musk Tesla shares according to the achievement of several objectives over 10 years.
03:26 It was estimated at $56 billion.
03:30 According to the plaintiff, the businessman dictated these terms to the managers who, in view of their relationship with him or their personal interests, were not independent enough to oppose it.
03:40 And this while he was not working full-time for Tesla, as he was also at the head of SpaceX and Neuralink and The Boring Company.
03:49 He also bought back the social network Twitter, which he renamed X.
03:54 The trial, which lasted five days, was held without a jury.
03:58 Elon Musk had assured not to have participated in the development of the plan, even though documents shown in the audience suggested that he had spoken to members of the board of directors and staff.
04:08 With AFP