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05/20/2024

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Cardano Founder Charles Hoskinson Backs Elon Musk Amid $55B Tesla Pay Fiasco

Cardano pioneer Charles Hoskinson has expressed his support for Tesla CEO Elon Musk, who was stripped of his $55 billion compensation from the EV company due to a Delaware court ruling.

Cardano Founder Charles Hoskinson Backs Elon Musk Amid $55B Tesla Pay Fiasco

Cardano Founder Charles Hoskinson Backs Elon Musk Amid $55B Tesla Pay Fiasco

Highlights

  • Cardano's Charles Hoskinson lashed out at the political stakeholders for leveraging the legal system against their enemies.
  • Hoskinson deemed the ruling against Tesla CEO Elon Musk as 'shameful.'
  • He also shared a video that highlighted how Judge Kathaleen McCormick, who ruled against Musk, had ties with political parties.

In a dramatic twist in the saga involving Tesla CEO Elon Musk, Cardano founder Charles Hoskinson has publicly extended his support to Musk following the rescinding of Musk’s $55 billion compensation package by a Delaware judge. Moreover, Hoskinson slammed the political players for utilizing the legal system to prey on their enemies.

Cardano Founder Extends Support To Elon Musk

On May 20, 2024, Charles Hoskinson took to X and expressed his solidarity with Musk. The Cardano pioneer shared a YouTube video from Dave Rubin’s ‘The Rubin Report’ that discussed how Musk was “stabbed in the back.” Hoskinson deemed this ruling as “shameful” owing to the alleged political involvement. The video referenced a tweet from February 2024 by Kanekoa The Great.

The tweet highlighted that Judge McCormick has a history tied to prominent political figures. Prior to her tenure as head of the Delaware Chancery Court, she was a partner at the Delaware law firm Young Conaway. Moreover, the firm and its employees have been substantial donors to President Joe Biden over the years.

Furthermore, Hunter Biden hosted a campaign event at Young Conaway’s offices in 2016, where President Joe Biden was a guest speaker. Congressman John Carney, a close friend of Joe Biden, who later nominated McCormick to her judicial position, also has ties to the firm.

The tweet also included a statement from a 2018 email by Hunter Biden. The statement asserted his familiarity with every judge on the Delaware Chancery Court and suggesting his influence within the court. Moreover, it spotlight McCormick’s rulings against the Tesla CEO during his Twitter acquisition and the subsequent federal investigations into Musk’s businesses. This has fueled allegations of political bias and legal weaponization against Musk.

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The Cardano founder echoed these concerns, responding to a user questioning the significance of this issue amid global challenges. Hoskinson remarked, “Weaponization of the legal system to punish political enemies? Yes, it removes the very foundations of a free society, and it leads to all those bad things in the world coming home to America.”

Also Read: Cardano Founder Reveals 2 Key Solutions To Power Global Financial OS

About The Ruling

The $55 billion compensation package for Musk that had been approved by Tesla’s board and 80% of its shareholders was overturned in the landmark ruling. Moreover, Judge McCormick’s ruling, delivered on January 30, 2024, declared Musk’s landmark compensation package invalid.

The package, awarded by Tesla’s board of directors in 2018, was structured as an incentive for Musk to achieve specific milestones. This includes a market valuation of $650 billion—an ambitious target as Tesla’s valuation was more than tenfold less at that time.

However, the shareholder lawsuit that led to this ruling accused Musk and Tesla’s directors of breaching their duties. The lawsuit alleged that the directors and the Tesla CEO engaged in sham negotiations, resulting in unjust enrichment for Musk. Hence, the judge decided to rule in favor of these shareholders. Nonetheless, Tesla still hasn’t given up as it seeks to provide Musk with the promised package.

Also Read: U.S. SEC To Approve 19b-4 for Spot Ethereum ETF, What It Means?

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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