Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.

Tesla directors return $735m to settle claims they were overpaid

  • By Al Mayadeen English
  • Source: News websites
  • 18 Jul 2023 09:00
3 Min Read

In an act considered of 'good faith', Tesla directors agree to return money after being accused of overpaying themselves.

  • x
  • Unsold 2023 Model X sports-utility vehicle sits outside a Tesla dealership Sunday, June 18, 2023, in Littleton, Colo. (AP)
    Unsold 2023 Model X sports-utility vehicle sits outside a Tesla dealership Sunday, June 18, 2023, in Littleton, Colo. (AP)

Tesla Inc's directors agreed to return $735 million to the company in order to settle the accusation that they overpaid themselves in one of the largest shareholder settlements of its kind, a Monday filing stated in a Delaware court. 

The agreement ends a 2020 lawsuit filed by a retirement fund that owns Tesla stock, which challenged stock options issued to Tesla directors beginning in June 2017. However, the settlement has no bearing on Elon Musk's $56 billion remuneration package, which is being contested by shareholders in a separate action that went to trial last year. A decision in the Musk lawsuit is likely soon.

According to a court document, the directors, which included Oracle co-founder Larry Ellison, agreed to repay the equivalent value of 3.1 million Tesla stock options.

The directors were given credit for acting in good faith and in the best interests of Tesla stockholders but agreed to settle to eliminate the risk of litigation to themselves and to the company, the court filing said. 

Read next: Musk in court over $56 billion pay package from Tesla in 2018

Related News

Fed Governor Cook says she won't resign after Trump fired her

Syria welcomes US decision to lift sanctions, hosts US delegation

They were accused of providing themselves unfair and disproportionate compensation in the form of about 11 million stock options from 2017 to 2020, which reportedly far surpassed corporate board guidelines.

The Police and Fire Retirement System of the City of Detroit in 2020 introduced the case and the settlement was set to be paid to Tesla to benefit the company using a derivative lawsuit. That said, the settlement is one of the largest ever derivative cases in the court of chancery. a major venue for shareholder litigation. 

Tesla and Musk have a history of battling lawsuits. Musk has won defamation lawsuits, securities law violations, and shareholder lawsuits accusing him of coercing Tesla into buying SolarCity at trial. As part of the settlement, the directors gave up any compensation for 2021, 2022, and 2023, and the board decided to change the way compensation is determined.

On that note, Tesla has defended itself against the case by claiming that the firm saw nearly unparalleled growth, with its stock price increasing tenfold. Along with the increase in stock value, the value of stock options granted to the directors and Musk increased dramatically.

The company argued it used the stock options to ensure that the incentives of directors were aligned with the goals of investors.

Read next: Tesla mulls making investments in Spain

  • United States
  • Tesla
  • Elon Musk

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Launch of a ballistic missile from Yemen toward the occupied Palestinian territories. (YAF military media)

Yemeni Forces announce firing hypersonic missile at Al-Lydd Airport

  • Politics
  • 22 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS