Elon Musk loses $56 billion pay package in latest court ruling
2 weeks, 6 days ago

Elon Musk loses $56 billion pay package in latest court ruling

Salon  

A Delaware judge on Monday denied Tesla CEO Elon Musk his $58 billion pay plan, upholding her prior ruling that it was improperly granted. Judge Kathaleen McCormick, who ruled to void Musk’s pay package in January, said they only way the pay package could have been approved was due to Musk’s unilateral “control” over Tesla. Related Why tech billionaires dress like that Since the ruling, Musk has posted angrily on his social media platform X, echoing sentiments from his supporters that the ruling was corrupt and undeserved, and calling the legal proceedings “lawfare” — presumably a combination of the words “law” and “warfare.” “Shareholders should control company votes, not judges,” he wrote. “Were the court to condone the practice of allowing defeated parties to create new facts for the purpose of revising judgments, lawsuits would become interminable.” The pay package came in the form of stock options, according to The New York Times, and now may be worth over $100 billion since Tesla stock soared after President-elect Donald Trump’s victory in November.

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