“A US court has confirmed the cancellation of a $56 billion payment to Elon Musk from Tesla.”, — write: epravda.com.ua
A US court has confirmed the cancellation of a $56 billion payment to Elon Musk from Tesla. CNBC writes about it. Tesla CEO Elon Musk has lost a case to reinstate his $55.8 billion compensation package he signed with Tesla in 2018. Tesla shareholder Richard Tornetta filed a lawsuit five years ago, accusing the company’s CEO of dictating the compensation package and saying the board could not act independently.Advertisement: In the summer of 2024, the automaker’s shareholders overwhelmingly approved the pay package again. Judge Kathleen McCormick ruled that the results of that vote did not overturn her earlier decision and noted the company’s creativity in trying to get the award approved a second time. According to her, Tesla’s board of directors “had no procedural grounds to overturn the outcome of the adverse decision adopted at the conclusion of the trial, based on the evidence it produced after the trial.” If the billionaire receives these shares, his stake in the automaker will increase from just under 13% to 20%.Advertisement: Musk and Tesla are reported to be appealing to the Delaware Supreme Court. We will remind: Tesla shareholders voted to approve Elon Musk’s 56 billion dollar pay package and move the electric car manufacturer’s legal address to Texas.
