Richards, Layton & Finger, a law firm representing Elon Musk and Tesla, has drafted proposed legislation that would overhaul Delaware corporate law. The bill, if adopted, could potentially pave the way for reinstatement of Musk’s 2018 Tesla pay package, rescinded by the Delaware Chancery court in 2024. Since that ruling, Musk and other business leaders have criticized the Delaware judiciary and encouraged companies to incorporate in other states. Elon Musk leaves after a meeting with Indian Prime Minister Narendra Modi at Blair House, in Washington, D.C., U.S., February 13, 2025. Nathan Howard | Reuters
A law firm that represents Tesla and Elon Musk has written proposed legislation that would alter Delaware corporate law, according to a person directly familiar with the drafting of the bill who asked to remain unnamed in order to speak about the matter.
The proposed legislation, drafted by Richards, Layton & Finger, or RLF, would amend Delaware General Corporation Law, and if adopted, could pave the way for the reinstatement of Musk’s 2018 CEO pay package at Tesla, worth tens of billions of dollars