Elon Musk Is Ordered to Give Up Tesla Pay Worth Billions

Video Credit: Wibbitz Top Stories
Published on January 31, 2024 - Duration: 01:31s

Elon Musk Is Ordered to Give Up Tesla Pay Worth Billions

Elon Musk Is Ordered to Give Up , Tesla Pay Worth Billions.

On Jan.

30, a judge in Delaware ruled that the Tesla CEO must forfeit a 2018 bonus agreement worth up to $55.8 billion, 'The Hill' reports.

.

Musk and Tesla were sued by shareholders after the bonus package was announced.

The shareholders claimed that the bonus was so large because Musk controlled the board, which awarded it to him.

According to Chancery Judge Kathaleen McCormick, the bonus package was over 250 times bigger than average executive pay at the time, .

Effectively making it the largest bonus grant in the history of American private business, 'The Hill' reports.

.

The judge referred to the method of building the bonus agreement as "deeply flawed" considering Musk's "enormous influence" over the board.

.

According to business analysts, the ruling to have the bonus agreement rescinded could strip Musk of his title as the richest person in the world.

.

Musk took to X to condemn the ruling.

.

Never incorporate your company in the state of Delaware, Elon Musk, via X


You are here


💡 newsR Knowledge: Other News Mentions

Elon Musk

South African-born businessman (born 1971)
Elon Musk can keep giving away $1m to voters in battleground states, a judge has ruled - as a lawyer admitted the winners aren't chosen randomly.
7 hours ago • Sky News
Elon Musk's humanoid robots may have a run for their money ... a robot dog-walker has taken a robot pup for a stroll in a new video making the rounds online...
Credit: TMZ.com - Published 14 hours ago

Elon Musk has weighed in on the controversial euthanisation of a pet squirrel that became famous on social media, calling it "deeply wrong".
Credit: Sky News - Published 2 days ago

Minnesota Governor Tim Walz appeared to call Elon Musk a "gay guy" on the campaign trail ... but the billionaire is brushing off the apparent gaffe. Kamala..
Credit: TMZ.com - Published 3 days ago


Tesla, Inc.

American electric vehicle and clean energy company

Related news from verified sources

A US judge has ruled that Elon Musk’s $56 billion (roughly 4,65,229 crore) pay package is unfair and the Tesla board will need to come up with a new pay...
on January 31, 2024 • BGR India

Bernard Arnault surpasses Elon Musk as the world's wealthiest individual with a net worth of $207.8 billion, as reported by Forbes. LVMH's market capitalization...
on January 29, 2024 • IndiaTimes

Related videos from verified sources

Backup Camera Glitch Prompts Tesla to Recall 200,000 Vehicles 01:30
Video credit: Wibbitz Top Stories - Published on January 26, 2024 

You might like