Musk's $55.8 bn Tesla pay deal again rejected by US judge
2 weeks, 6 days ago

Musk's $55.8 bn Tesla pay deal again rejected by US judge

Deccan Chronicle  

Washington: A US judge on Monday upheld her decision to reject Elon Musk's massive $55.8 billion compensation package at Tesla, denying an attempt to restore the pay deal through a shareholder vote. In a court filing, Chancellor Kathaleen McCormick of Delaware's Court of Chancery ruled that Tesla's attempt to ratify Musk's compensation package through a June shareholder vote could not override her January decision striking down the package as excessive and unfair to shareholders. McCormick found multiple flaws in Tesla's ratification attempt, including “material misstatements” in documents provided to shareholders about the effect of their vote. Shareholders originally backed the Musk compensation plan in March 2018 that was specifically designed to reward the 53-year-old founder for Tesla's significant growth.

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