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Delaware has enacted new legislation aimed at retaining businesses following high-profile departures, including Elon Musk's relocation of Tesla and SpaceX to Texas. The law, signed by Governor Matthew Meyer, seeks to enhance corporate governance by limiting investor lawsuits and providing more protection for board members amid conflicts of interest. This move comes as the state faces declining percentages of Fortune 500 companies registered there, despite a record number of total incorporations.
Delaware is facing challenges to its status as the corporate capital following a judge's rejection of Elon Musk's Tesla compensation package, prompting lawmakers to propose legislation aimed at protecting corporate interests. Critics argue the bill will undermine shareholder rights and governance standards, potentially leading to a corporate exodus from the state. With significant state revenue tied to corporate fees, the outcome could have lasting implications for Delaware's economy and legal landscape.
Elon Musk has called for the impeachment of U.S. District Judge Paul Engelmayer after he issued a temporary order blocking Musk's DOGE team from accessing U.S. Treasury systems. Musk criticized the ruling as "insane," arguing it hinders efforts to combat fraud and waste, while state attorneys general contend it protects sensitive data from potential misuse. Legal experts assert that the judiciary has the authority to check executive power, emphasizing the importance of the rule of law in this case.
Elon Musk declined an invitation to dinner from Nicolai Tangen, CEO of Norway’s $1.4 trillion sovereign wealth fund, after the fund voted against ratifying Musk's controversial pay package. Musk expressed his disappointment over the fund's decision, which he felt warranted a lack of future favors. Tangen clarified that his messages were public records, and Musk later criticized him as a "dangerous politician" for allegedly using the fund for self-promotion.
A Delaware judge has invalidated Elon Musk's $56 billion pay package for Tesla, ruling it excessive and influenced by Musk's control over the board. Despite shareholder support for the package, the judge emphasized the flawed approval process and potential conflicts of interest. Tesla plans to appeal the decision, now complicated by its recent move to Texas.
Kathaleen McCormick
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Delaware enacts law to retain businesses amid high-profile corporate departures
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