Tesla's law firm drafts Delaware bill that could salvage Musk pay package

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 in options. RLF confirmed its involvement to CNBC. "Statutory changes are necessary to restore the core principles that have been the hallmark of Delaware for over a century and ensure that Delaware remains the preeminent jurisdiction for incorporation," said Lisa Schmidt, president of RLF, in a statement to CNBC. A spokesperson for the law firm said RLF's role in the legislation draft was not done on behalf of any specific client. "We are proud to have been part of a group, including ... Read full article.