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Shareholder suit attacks Elon Musk's pay, seeks to overhaul Tesla board

The lawsuit alleged that Musk used his power over Tesla's board to buy SolarCity at a price that unfairly benefited Musk, a large shareholder in SolarCity

Tom Hals | Reuters  |  Wilmington, De 

Elon Musk’s multi-billion dollar compensation package should be rescinded and the board of Tesla Inc should be overhauled to better protect investors in the electronic car company, according to a law suit filed by a shareholder on Thursday. The lawsuit accused the board of corporate waste and Musk, the company’s chief executive officer and chairman, of unjust enrichment. The lawsuit is seeking class action status. Tesla said in a statement that the lawsuit “seeks to take the power from our shareholders and instead give it to plaintiffs lawyers. We will ...

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First Published: Sat, June 09 2018. 22:08 IST