“Never incorporate your company in the state of Delaware.”
When Musk made that rather bold declaration on X, it turned out that he was exactly right.
Especially when considering that Delaware has turned aggressively against Musk in recent court proceedings … which should really come as no surprise, considering that Delaware is the home state of Biden.
Indeed, Musk already made good on his word to oppose Delaware, chiefly when he moved the incorporation of both Tesla and SpaceX to Texas.
In addition, Musk also moved Neuralink to Nevada, another state far more friendly to business, much like Texas.
That said, despite Musk moving his businesses, it seems that Biden’s home state is still out to get him, especially following Trump’s epic victory.
And the court did so in perhaps one of the most egregious overreaches in recent memory.
“A Delaware judge moved Monday to confirm its confiscation of Elon Musk’s wealth that he created at Tesla – denying him a compensation package that would be worth over $100 billion in value today,” Newsmax reported.
According to Delaware Chancellor Judge Kathaleen McCormick, who is apparently offended by business innovation, Musk’s pay package was denied due to it apparently being the “biggest compensation plan ever – an unfathomable sum.”
Frankly, the net worth that Pelosi has from being a long-term “public servant” is far more unfathomable, which has been extensively documented.
Charles Elson, a retired University of Delaware professor, was sure to sing the praises of McCormick, claiming that she would not, at all, be affected by Musk.
“She’s met a lot of people like him in private practice. He’s not going to intimidate her,” Elson bragged.
Is that so?
Well, it sure seems that McCormick and Musk have ended up meeting more than once.
For instance, McCormick previously presided over Twitter’s lawsuit against Musk in July 2022 when he tried to back out of the Twitter acquisition. Naturally, she was anti-Musk then as well.
Now, she’s appeared once again in 2024, this time in an effort to hit Musk’s bank account.
Musk was not amused, which was evident from an official statement from Tesla.
“A Delaware judge just overruled a supermajority of shareholders who own Tesla and who voted twice to pay @elonmusk what he’s worth. The court’s decision is wrong, and we’re going to appeal. This ruling, if not overturned, means that judges and plaintiffs’ lawyers run Delaware companies rather than their rightful owners – the shareholders,” Tesla tweeted.
Arkk fund manager Cathie Wood also came to Musk’s defense, blasting McCormick’s ruling as that of an “activist judge at its worst.”
“No judge has the right to determine CEO compensation. Shareholders voted twice, overwhelming each time, to ratify @elonmusk’s 2018 performance-based pay package,” Wood angrily declared.
Dems don’t have the right to do a lot of things that they do, but they continue to persist in doing so anyway.
Wood also declared that Musk would successfully audit the federal government, as he
purportedly has “more proprietary data” than anyone in the world.
Which is perhaps why the courts are trying – and largely failing – to stop Musk now.
Author: Jane Jones
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