News & Analysis as of

Elon Musk

Kelley Drye & Warren LLP

How Elon Musk’s $1 Million Election Sweepstakes May Affect Other Sweepstakes

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Earlier this week, Philadelphia’s District Attorney sued Elon Musk over his political action committee’s sweepstakes to award a $1 million daily prize to swing-state voters who pledge to support the Constitution. The lawsuit...more

Kaufman & Canoles

K&C Sports & Entertainment Law Weekly Roundup - October 2024 #5

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A federal judge late Wednesday ordered the U.S. Department of Veterans Affairs to lock down UCLA’s Jackie Robinson Stadium on the VA’s West Los Angeles campus at noon Thursday until the university comes up with a proposal for...more

Verrill

Pennsylvania Suit Against Musk for Operating an Illegal Lottery

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In a follow up to my previous post Who Needs Rules? Elon’s Election $1MM A Day Giveaway, the Commonwealth of Pennsylvania filed a Civil Action today in the Court of Common Pleas in Philadelphia County seeking an injunction to...more

Nossaman LLP

Compliance Notes - Vol. 5, Issue 33

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Campaign Finance & Lobbying Compliance At its open meeting on October 10, 2024, the Federal Election Commission (FEC) approved an advisory opinion concluding that Congresswoman Nanette Barragán may use campaign funds to pay...more

Verrill

Who Needs Rules? Elon's Election $1MM A Day Giveaway

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Recently, Elon Musk launched a promotion on X (formerly Twitter). The promotion, however, doesn’t follow the rules that are typically required with promotions. Here’s the ad:...more

Benesch

AI Reporter - September 2024

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There has been a seismic shift in the relationship between Big Tech’s AI power couple, Microsoft and OpenAI. The former listed the AI pioneer as a competitor in its annual report, perhaps signaling a less friendly dynamic...more

Kohrman Jackson & Krantz LLP

Cleveland Retirement Fund Sues Elon Musk for Stealing AI Assets from Tesla

Elon Musk’s Ventures and Controversies - Elon Musk is well known for his many ventures as well as his disdain for convention. While serving as the CEO of Tesla, Inc., Musk acquired Twitter (now X Corp.) and founded a private...more

Parker Poe Adams & Bernstein LLP

Interview Exchange Leads to Unfair Labor Practice Claims

This week, Elon Musk interviewed former President Trump on his social media platform X. During the interview, the two participants discussed their response to a hypothetical strike at Musk’s Tesla production facility. Trump...more

Latham & Watkins LLP

Recent Developments for Directors - August Edition

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Last month, the SEC announced another enforcement action emphasizing the need for early disclosure of cybersecurity events. In the recent action, the company had taken three weeks to act on internal alerts of malware on its...more

Mayer Brown

DGCL Amendments Proposed to Address Recent Delaware Court of Chancery Decisions Affecting Stockholder Agreements, Board Approvals...

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Three recent decisions from the Delaware Court of Chancery (the “Court”) have upended long-standing market practice related to, among other matters, stockholder agreements, board approvals of merger agreements and the...more

Mintz - Employment Viewpoints

A Post (f/n/a “Tweet”) to Remind Plan Sponsors of Key Considerations in Designing Severance Plans

The recent Complaint filed for severance benefits against Elon Musk, X Corp., et.al., serves as a reminder that it is as important to clearly establish the fiduciary governance structure over severance plans subject to the...more

Lowenstein Sandler LLP

Corporate Governance Takeaways Following Rescission of Elon Musk’s $55.8 Billion Equity Compensation Package

“Was the richest person in the world overpaid?” That’s how the Delaware Court of Chancery (the Court) began the 200-page opinion in Tornetta v. Musk to rescind Elon Musk’s entire $55.8 billion 10-year equity compensation...more

McDonnell Boehnen Hulbert & Berghoff LLP

AI News Roundup – Musk sues OpenAI, Figure AI creates humanoid robots and more

To help you stay on top of the latest news, our AI practice group has compiled a roundup of the developments we are following. ...more

Dechert LLP

Delaware Court of Chancery’s Rescission of Elon Musk’s US$55.8 Billion Pay Package Signals Expansion of Scrutiny into Potential...

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The Delaware Court of Chancery issued a post-trial opinion, on January 30, 2024, in Tornetta v. Musk, holding that Tesla’s board of directors (the “Board”) breached its fiduciary duties in awarding CEO Elon Musk (with the...more

Jones Day

Delaware Court Applies Traditional Entire Fairness Standard to Very Large Stockholder-Approved, Performance-Based Equity Award

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The Case: A Tesla stockholder sued Tesla's board of directors to rescind a performance-based stock option grant awarded to Elon Musk, Tesla's CEO. The option award was worth a total of $56 billion and offered the opportunity...more

BCLP

Tesla’s Super-charged Equity Award to Elon Musk Unplugged by Delaware Court Cautionary Tale for Boards and Executives

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The Delaware Chancery Court invalidated a substantial equity award to Elon Musk – the largest in history. It applied the entire fairness test instead of the more deferential business judgment rule, finding that Musk...more

A&O Shearman

Was the richest person in the world overpaid?

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Chancellor Kathleen McCormick of the Delaware Court of Chancery grappled with this question in a recent derivative lawsuit challenging Tesla’s performance-based equity award with a potential USD55.8 billion maximum value and...more

Ballard Spahr LLP

Delaware Chancery Nixes Musk’s $55.8-Billion Tesla Pay-Out

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The Delaware Court of Chancery invalidated a $55.8-billion payout by Tesla, Inc., to its founder and controlling stockholder, Elon Musk. In a 200-page post-trial decision, Chancellor McCormick stated Musk was required to...more

Fenwick & West LLP

Delaware Chancery Court Orders Recission of Elon Musk Moonshot Grant in Important Case on Transactions with Potential Corporate...

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Background on Moonshot Award Practices - In the years leading up to the slowdown in the IPO markets in late 2021, it had become increasingly common for high-growth technology companies to grant large equity incentive...more

Farrell Fritz, P.C.

Out of Control! What the Elon Musk Compensation Case Reminds Us about Transactions with Controlling Stockholders

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Process still matters.  That’s the main takeaway from the Delaware Court of Chancery’s 200-page opinion striking down Tesla’s 2018 incentive package awarded to Elon Musk.  The court rescinded the incentive package mainly...more

Moore & Van Allen PLLC

Directors and executives take note: Delaware court voids Elon Musk’s $55B Tesla pay package

”Was the richest person in the world overpaid?” That is the question that the Delaware Court of Chancery answered in its Jan. 30, 2024, decision in the shareholder derivative action Tornetta v. Musk, et al., C.A. No....more

Goodwin

Delaware Court of Chancery Rescinds Elon Musk’s $55.8 Billion Compensation Package in Cautionary Tale About Director Independence...

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On January 30, 2024, the Chancellor of the Delaware Court of Chancery struck down the $55.8 billion compensation plan that Tesla, Inc.’s board of directors had granted to Tesla’s well-known CEO, Elon Musk, finding that the...more

Benesch

Starbucks Union Dispute Reaches Supreme Court

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On Friday, January 12, the United States Supreme Court agreed to hear an appeal from Starbucks on a case involving the termination of seven Memphis, Tennessee employees....more

Davies Ward Phillips & Vineberg LLP

“Con Ed” Damages in Canadian Public M&A: Revisiting Cineplex v Cineworld in Light of Recent Delaware Case Law

What is a spurned seller’s recourse when a buyer walks away from a deal in breach of the purchase agreement? In private M&A, the answer is reasonably straightforward: sue the buyer to close the deal or to recover damages. In...more

Benesch

Trade Secrets/Non-Compete Year in Review - 2023

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Welcome to our 2023 Trade Secret and Restrictive Covenant Year in Review. 2023 was a busy year in this space, but not as busy as many expected. Although multiple states introduced restrictive covenant legislation, the most...more

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