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News@lemmy.worldEnglish · 2 days ago

Tesla CEO Elon Musk loses bid to get $56 billion pay package reinstated

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Tesla CEO Elon Musk loses bid to get $56 billion pay package reinstated

MicroWave@lemmy.world to

News@lemmy.worldEnglish · 2 days ago

Elon Musk's pay package granted in 2018 was the largest compensation plan in U.S. history for a public company executive.

Summary

A Delaware judge upheld her earlier decision to void Elon Musk’s $56 billion Tesla CEO pay package, ruling it was improperly granted due to Musk’s control over Tesla and flawed board negotiations.

Tesla’s attempt to overturn the ruling through a shareholder vote was rejected, with the judge warning against revising judgments with new facts post-trial.

Musk called the ruling “absolute corruption” and plans to appeal.

Meanwhile, Musk’s net worth has surged, driven by Tesla’s stock jump following optimism about his alignment with Trump’s policies.

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