Tesla shares slide after judge voids Elon Musk’s $56 billion compensation
Tesla shares took a significant slide recently after a judge voided Elon Musk’s jaw-dropping $56 billion compensation package. Judge Kathaleen McCormick ruled that Richard Tornetta had successfully proven that Musk “controlled Tesla” and that the process leading to the board’s approval of his compensation was “deeply flawed.” This decision raises several questions about Musk’s authority and accountability within the company.
One of the key issues highlighted by Judge McCormick was Musk’s extensive ties with individuals involved in negotiating on Tesla’s behalf. These individuals included management members who were apparently beholden to Musk. For example, General Counsel Todd Maron, who once served as Musk’s divorce attorney, was among those involved.… Continue reading
Matt Underwood