Musk's attorneys had argued that the second vote made clear that Tesla shareholders, with full knowledge of the flaws in the 2018 process that McCormick had earlier pointed out, were adamant that Musk is entitled to the pay package. They asked the judge to vacate her order directing Tesla to...
The ruling this week reaffirms a January decision made by McCormick, in which the judge rejected the 2018 compensation package that Tesla voted to provide to Musk. The January ruling declared that the negotiations surrounding the package had been inappropriate, due to a lack of independence a...
The compensation package was previously worth as much as $56 billion in Tesla stock. In January, a Delaware court called the pay "unfathomable." Judge Kathaleen McCormick found that Tesla's board members lacked independence from Musk, failed to properly negotiate at arm's length with the CEO a...
A judge in the US state of Delaware voided the US$56 billion compensation package of Tesla Chief Executive Elon Musk on Tuesday, siding with a shareholder who claimed the entrepreneur was overpaid. The judge in Delaware Chancery ...
now proposed a new compensation plan for CEO, chairman, and co-founder Elon Musk that will only fully vest if the electric-car maker becomes one of the most valuable companies in the world. In addition, the compensation plan ties every cent of Musk's compensation package directly to ...
FILE - Elon Musk attends the 10th Annual Breakthrough Prize Ceremony at Academy Museum of Motion Pictures on April 13, 2024 in Los Angeles, California. Tesla CEO Elon Musk’s record $44.9 billion pay package has been restored following a shareholder vote on Thursday. The compensation plan ...
Musk has always been more of a promoter and fundraiser than the heads-down engineer he likes to pretend to be. For more casual observers, Musk’s turn from environmental hero to election-buying oligarch roughly coincided with his 2022 purchase of Twitter. But his 2018 compensation package was ...
The ruling came on Monday when Tesla CEO lost his bid to have his 2018 CEO pay package reinstated, which is estimated to be worth approximately $56 billion, making it the largest compensation package of any executive of a publicly traded company. Musk rebukes the ruli...
Why the Judge Voided the Pay Package In January 2024, Judge Kathaleen McCormick of the Delaware Court of Chanceryrescinded Musk's compensation package. The court found that Musk had "engineered the landmark pay package in sham negotiations with directors who were not independent," leading to a ...
A second shareholder advisory firm has come out against reinstating a pay package for Tesla CEO Elon Musk that was voided earlier this year by a Delaware judge.