Judge Blocks Elon Musk's $56 Billion Tesla Pay Package Amid Legal Battle
TL;DR Summary
A Delaware court has rejected Tesla's attempt to award CEO Elon Musk a $100 billion pay package, citing four 'fatal flaws' in their legal approach. Chancellor Kathaleen McCormick highlighted procedural issues, timing errors, deviation from legal frameworks, and misleading statements in Tesla's ratification argument. Despite a shareholder vote supporting Musk's compensation, the court found Tesla's methods legally insufficient, prompting Tesla to plan an appeal.
Topics:top-news#business#compensation-package#delaware-court#elon-musk#stockholder-ratification#tesla
- The 4 ‘fatal flaws’ in Tesla’s bid to award Elon Musk $100 billion, according to the judge who dashed his pay Fortune
- Tesla CEO Elon Musk loses bid to get $56 billion pay package reinstated CNBC
- Tesla stock slides after Elon Musk's multibillion dollar pay package gets blocked Yahoo Finance
- Elon Musk could still pocket tens of billions more dollars. But he might have to wait a bit CNN
- The lawyers who took on Tesla and Elon Musk wanted $5.6 billion for winning the case. In a lawsuit about excessive pay, ‘That was a bold ask,’ said the judge. Fortune
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