Cardano founder Charles Hoskinson supports Elon Musk after his $55 billion compensation was rescinded, criticizing political misuse of the legal system.
Following the revocation of Elon Musk’s $55 billion compensation package by a Delaware judge, Cardano founder Charles Hoskinson has publicly extended his support for Musk, a dramatic development in the saga surrounding Tesla CEO Elon Musk. Furthermore, Hoskinson censured the political actors for exploiting the legal system to gain an advantage over their adversaries.
Charles Hoskinson took to X on May 20, 2024, to express his support for Elon Musk. An early adopter of Cardano disseminated a YouTube video sourced from Dave Rubin’s ‘The Rubin Report’ in which Elon Musk was reportedly “stabbed in the back.” Hoskinson described this decision as “reprehensible” due to the purported political interference.
A tweet authored by Kanekoa The Great in February 2024 was alluded to in the video.
The tweet emphasized Judge McCormick’s past associations with notable political figures. Before assuming the role of chancery court chief of Delaware, she held the position of partner at the Young Conaway law firm in Delaware. Moreover, throughout the years, the firm and its employees have contributed significantly to President Joe Biden’s campaign fund.
In addition, in 2016, Hunter Biden hosted a campaign event at the offices of Young Conaway, which featured President Joe Biden as a guest speaker. Additionally affiliated with the firm is Congressman John Carney, a close associate of Joe Biden who nominated McCormick for her judicial position.
The tweet also included a quote from an email Hunter Biden sent in 2018. The statement implied his personal acquaintance with each justice serving on the Delaware Chancery Court and proposed his substantial sway within the court.
Furthermore, it draws attention to McCormick’s decisions regarding the Tesla CEO during his acquisition of Twitter and the subsequent federal investigations into Musk’s enterprises. As a result, Elon Musk has been subject to accusations of political bias and legal weaponization.
The concerns expressed by the founder of Cardano were in response to a user who raised doubts about the matter’s significance in light of worldwide challenges.
Hoskinson remarked, “The legal system being weaponized to punish political adversaries? Indeed, it undermines the fundamental pillars of a free society and results in the repercussions of global calamities being carried back to the United States.”
The landmark ruling reversed Musk’s $55 billion compensation package, which had been authorized by 80% of Tesla’s shareholders and the board of directors. Furthermore, on January 30, 2024, Judge McCormick issued a decision declaring Musk’s revolutionary compensation package null and void.
The bundle, bestowed by Tesla’s board of directors in 2018, was designed to motivate Musk to attain designated milestones. It encompasses a market valuation of $650 billion, which is a rather ambitious objective considering Tesla’s valuation at the time was over tenfold lower.
Conversely, the shareholder lawsuit that culminated in this decision lodged allegations of negligence against Musk and the directors of Tesla. The lawsuit contended that fraudulent negotiations were conducted between the directors and the CEO of Tesla, leading to an unjust enrichment for Musk.
As a result, the judge rendered a verdict favoring the shareholders. However, Tesla continues to make efforts to fulfill Musk’s pledge of delivering the package.
