Delaware
Tesla wants shareholders to reinstate $56 billion pay package for Musk rejected by Delaware judge
AUSTIN, Texas (AP) — Tesla will ask shareholders to reinstate a $56 billion compensation package for CEO Elon Musk that was rejected by a judge in Delaware this year and to move the electric car maker’s corporate home from Delaware to Texas.
In a filing with federal regulators early Wednesday, the company said it would ask shareholders to vote on both issues during its annual meeting on June 13.
In January, Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to a landmark compensation package awarded by Tesla’s board of directors that is potentially worth about $55.8 billion over 10 years starting in 2018.
Five years ago, a Tesla shareholder lawsuit alleged that the pay package should be voided because it was dictated by Musk and was the product of sham negotiations with directors who were not independent of him.
Musk said a month after the judge’s ruling that he would try to move Tesla’s corporate listing to Texas, where he has already moved company headquarters.
Almost immediately after the judge’s ruling, Musk did exactly that with Neuralink, his privately held brain implant company, moving its corporate home from Delaware to Nevada.
In a letter to shareholders this week, Chairperson Robyn Denholm said that Musk has delivered on the growth it was looking for at the automaker, with Tesla meeting all of the stock value and operational targets in a 2018 CEO pay package that was approved by shareholders.
“Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value,” Denholm wrote. “That strikes us — and the many stockholders from whom we already have heard — as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it.”
Tesla posted record deliveries of more than 1.8 million electric vehicles worldwide in 2023, according to a regulatory filing. But the value its shares has eroded quickly this year as sales of electric vehicles soften.
Future growth is in doubt and it may be a challenge to get shareholders to back a fat pay package in an environment where competition has increased worldwide and demand for electric vehicle sales is fading. Shareholders also will be asked to cast a nonbinding advisory vote on future executive compensation.
Tesla’s shares have lost more than one third of their value this year as massive price cuts have failed to draw more buyers. The company said it delivered 386,810 vehicles from January through March, nearly 9% fewer than it sold in the same period last year.
At the time of the Delaware court ruling, Musk’s package was worth more than $55.8 billion, but the court may have cost the mercurial CEO over $10 billion due to the company’s stock slide this year. The filing said Musk’s 2018 compensation was worth $44.9 billion at the close of trading on April 12.
Since last year, Tesla has cut prices as much as $20,000 on some models. The price cuts caused used electric vehicle values to drop and clipped Tesla’s profit margins.
This week, Tesla said it was letting about 10% of its workers go, about 14,000 people.
In the filing, Tesla’s board wrote that the decision to seek shareholder approval of Musk’s 2018 pay package was made by the board after it received a report from a special committee of one board member, Kathleen Wilson-Thompson.
The board wrote that if there is any significant vote against future executive pay packages, “we will consider our stockholders’ concerns, and the compensation committee will evaluate whether any actions are necessary to address those concerns.”
Shares of Tesla Inc., which slid another 8% this week, were down slightly in trading just after Wednesday’s opening bell.
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This story has been corrected to explain that shareholder voting on future executive compensation is advisory only.
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
For many people in Delaware, the UDairy Creamery is a favorite spot for a scoop of ice cream.
Whether customers are ordering guava sherbet, butter pecan or one of the creamery’s many other flavors, the University of Delaware shop has built a loyal following over the past 15 years.
But almost as soon as the creamery opened on the university’s South Campus, it outgrew its space.
“It was always a little too small and a little too tough to come in and leave at the same time,” said Jen Rodammer of the UDairy Creamery.
Connected to the University of Delaware’s College of Agriculture, the creamery offers products that go beyond ice cream. Everything starts with the university’s agricultural programs.
“We sell honey from our apiary, we sell wool blankets for our sheep, we have Angus beef cuts available too, so we are really the connector between the college and everything we do here,” Rodammer said.
For now, customers can visit a temporary pop-up version of the creamery inside the ice rink next door while construction continues on the main building.
The renovation project, which has closed the creamery’s longtime home and impacted traffic near Townsend Hall, is designed to create a larger and more accessible space. University officials say visitors can expect quicker service, additional seating and more room to enjoy their ice cream.
“So our patio is being completely redone. There’s gonna be benches, chairs, tables and just a lot more friendly and welcoming,” Rodammer said. “It’s not just gonna be the creamery. It’s botanical gardens also.”
By late August, one of the biggest changes will be a stronger connection between the creamery and the University of Delaware’s botanical garden trails, which are free and open to the public. Visitors will be able to walk the trails and see the cows that help produce the milk used in the creamery’s ice cream.
The expansion comes after years of growth for a business that Rodammer said was originally expected to be much smaller.
“I don’t think they thought it was gonna be more than a mom and pop shop. And it really changed quickly. We’ve become a community staple, which is really exciting for us,” she said.
This story was originally reported for broadcast by NBC Philadelphia. AI tools helped convert the story to a digital article, and an NBC Philadelphia journalist edited the article for publication.
Claiming lottery in Delaware
18 states have laws that allow national lottery prize jackpot winners to remain anonymous, but is Delaware among them?
The Delaware Lottery offers several draw games for those aiming to win big.
Here’s a look at Wednesday, June 3, 2026 results for each game:
Winning Powerball numbers from June 3 drawing
14-16-38-55-64, Powerball: 12, Power Play: 3
Check Powerball payouts and previous drawings here.
Winning Play 3 numbers from June 3 drawing
Day: 5-0-5
Night: 5-6-4
Check Play 3 payouts and previous drawings here.
Winning Play 4 numbers from June 3 drawing
Day: 4-8-0-2
Night: 6-7-3-9
Check Play 4 payouts and previous drawings here.
Winning Multi-Win Lotto numbers from June 3 drawing
03-07-10-27-28-32
Check Multi-Win Lotto payouts and previous drawings here.
Winning Lotto America numbers from June 3 drawing
02-05-19-22-24, Star Ball: 06, ASB: 04
Check Lotto America payouts and previous drawings here.
Winning Play 5 numbers from June 3 drawing
Day: 9-0-2-7-1
Night: 4-8-0-0-3
Check Play 5 payouts and previous drawings here.
Feeling lucky? Explore the latest lottery news & results
Are you a winner? Here’s how to claim your lottery prize
- Sign the Ticket: Establish legal ownership by signing the back of your ticket with an ink pen.
- Prizes up to $599: Claim at any Delaware Lottery Retailer, in person at the Delaware Lottery Office, or mail your signed ticket and claim form; print your name/address on the ticket’s back and keep a copy/photo for records. By mail, send original tickets and documentation to: Delaware Lottery, 1575 McKee Road, Suite 102, Dover, DE 19904.
- Prizes up to $2,500: Claim in person at Delaware Lottery Retailer Claim Centers throughout Kent, Sussex and New Castle Counties.
- Prizes of $5,001 or more: Claim in person at the Delaware Lottery Office (business days 8 a.m. to 4 p.m.) with a photo ID and Social Security card.
- For all prize claims, directions to the Delaware Lottery Office are available online or via mapquest.com for a map.
Check previous winning numbers and payouts at Delaware Lottery.
Can I claim a jackpot prize anonymously in Delaware?
Fortunately for First State residents, the Delaware Lottery allows winners remain anonymous. Unlike many other states that require a prize be over a certain jackpot, Delawareans can remain anonymous no matter how much, or how little, they win.
How long do I have to claim my prize in Delaware?
Tickets are valid for up to one year past the drawing date for drawing game prizes or within one year of the announced end of sales for Instant Games, according to delottery.com.
When are the Delaware Lottery drawings held?
- Powerball: 10:59 p.m. Monday, Wednesday, and Saturday.
- Mega Millions: 11:00 p.m. on Tuesday and Friday.
- Play 3, 4: Daily at 1:58 p.m. and 7:57 p.m., except Sunday afternoon.
- Multi-Win Lotto: 7:57 p.m. Monday, Wednesday, and Friday.
- Lucky for Life: Daily at 10:38 p.m.
- Lotto America: 11:00 p.m. Monday, Wednesday, and Saturday
Missed a draw? Peek at the past week’s winning numbers.
This results page was generated automatically using information from TinBu and a template written and reviewed by a Delaware Online digital operations manager. You can send feedback using this form.
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