Elon Musk's $56 billion Tesla compensation voided by judge, shares slide
The compensation package the Tesla board gave CEO Elon Musk set a record for publicly traded corporations, a Delaware judge noted in her ruling.
Hasnain says:
“That plan had offered Musk the chance to secure 12 tranches of Tesla stock options, which would vest if the company’s market capitalization increased by $50 billion and Tesla achieved a revenue target.
“Was the richest person in the world overpaid?” asked McCormick in her decision.
“The stockholder plaintiff in this derivative lawsuit says so. He claims that Tesla, Inc.’s directors breached their fiduciary duties by awarding Elon Musk a performance-based equity-compensation plan.””
Posted on 2024-01-31T14:41:24+0000