Cardano Founder Backs Elon Musk After Delaware Judge Overturns Compensation Package

In a surprising turn of events, Charles Hoskinson, the founder of Cardano, has voiced his support for Elon Musk following a Delaware judge’s decision to rescind Musk’s $55 billion compensation package. The move has sparked concerns about the potential politicization of the legal system.

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Hoskinson (Cardano Founder) Slams “Shameful” Ruling, Cites Potential Political Bias

On May 20th, 2024, Hoskinson took to social media platform X to express his solidarity with Musk. He shared a YouTube video critical of the court’s decision and highlighted a potential conflict of interest. The tweet points out that Judge Katheryn McCormick, who ruled against Musk, has past ties to prominent figures associated with President Joe Biden.

The tweet details these connections:

  • McCormick’s former law firm, Young Conaway, has been a significant donor to President Biden.
  • Hunter Biden, the President’s son, once hosted a campaign event at the firm’s offices.
  • Congressman John Carney, a close associate of President Biden, nominated McCormick to her current position.

The tweet further raises questions about McCormick’s rulings against Musk during his Twitter acquisition and related federal investigations. This has led some, including Hoskinson, to allege political bias and the weaponization of the legal system against Musk.

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Hoskinson: Weaponization of Legal System Threatens Society’s Foundation

Responding to a user who questioned the relevance of this issue in the face of global challenges, Hoskinson emphasized the importance of a fair and impartial legal system. He stated, “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 the world coming home to America.”

Background: The Overturned Compensation Package

The Delaware court’s ruling overturned a $55 billion compensation package for Musk, which had been approved by Tesla’s board and a majority of its shareholders. The ambitious performance-based package, awarded in 2018, included reaching specific milestones, such as a $650 billion market valuation for Tesla.

However, a shareholder lawsuit alleged that Musk and the board failed to uphold their fiduciary duties, resulting in an unfair advantage for Musk. The judge ultimately sided with the shareholders, revoking the compensation plan. Despite the setback, Tesla has reportedly indicated its intention to continue pursuing ways to provide Musk with the originally proposed compensation.

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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.