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Cashing in on US$55.8 bil? Not so fast, US court tells Elon Musk | Scoop
The Delaware court has criticised Tesla's board for negotiating the colossal US$55.8 billion in compensation without considering its necessity and found that the eye-watering amount was negotiated by directors who appeared beholden to Elon Musk. – Nasa pic, January 31, 2024
News

Cashing in on US$55.8 bil? Not so fast, US court tells Elon Musk

Judge slams Tesla's 'unfathomable' compensation package, citing unfairness to shareholders

Scoop Reporters
Updated
10:57 AM MYT

 

KUALA LUMPUR – A US judge threw out Elon Musk’s “unfathomable” record-breaking compensation package of US$55.8 billion (RM263.71 billion) awarded by Tesla’s board of directors, saying it was unfair to other shareholders.

Delaware judge Kathaleen McCormick found that the eye-watering amount was negotiated by directors who appeared beholden to Musk.

“Swept up by the rhetoric of ‘all upside’, or perhaps starry-eyed by Musk’s superstar appeal, the board never asked the US$55.8 billion question: Was the plan even necessary for Tesla to retain Musk and achieve its goals?” she was quoted as saying by Reuters.

In her 201-page opinion, she also wrote: “The incredible size of the biggest compensation plan ever – an unfathomable sum – seems to have been calibrated to help Musk achieve what he believed would make ‘a good future for humanity’.”

In response, Musk took to X, also owned by him, to take a swipe at the decision.

“Never incorporate your company in the state of Delaware.”

Musk moved X’s state of incorporation to Nevada from Delaware after buying the social media platform in 2022.

The suit was brought about by Tesla shareholder Richard Tornetta in 2018.

Musk can still appeal the decision to the Delaware Supreme Court.

In his testimony in 2022, he said the compensation would be used “to get humanity to Mars”.

Tesla was valued briefly at US$1 trillion in 2021 during the compensation negotiation. – January 31, 2024

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