Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules
Elon Musk, the controversial and eccentric CEO of Tesla, has been dealt a major blow in his quest to retain a compensation package worth over $55 billion. A judge in Delaware has ruled that Musk must surrender the package, which was awarded to him by Tesla’s board of directors.
This ruling comes after a shareholder lawsuit accused Musk and the board of breaching their duties to the company, resulting in the misuse of corporate assets and unjust enrichment for Musk himself. The plaintiff’s lawyers argued that the pay package was essentially dictated by Musk and that the negotiations with the supposedly independent directors were nothing more than a charade.… Continue reading
John Q. Hosedrinker