US EditionMusk wins appeal and restores 2018 Tesla pay deal worth $56 billion
- On Friday, the Delaware Supreme Court ruled Elon Musk's 2018 CEO pay package, worth $56 billion when vested, must be restored.
- Shareholder Richard J. Tornetta's 2018 suit accused fiduciary breaches, and in January 2024 Chancellor Kathaleen McCormick found Musk `controlled Tesla` and the approval process `deeply flawed`.
- Tesla, Inc. held a second shareholder vote in 2024 to ratify the 2018 plan while a law firm representing Tesla drafted a Delaware corporate-law overhaul earlier this year.
- The decision likely ends the years-long fight over Elon Musk's record-setting compensation, and after the Chancery ruling, Musk moved Tesla's site of incorporation out of Delaware, criticized Chancellor Kathaleen McCormick on X, and urged entrepreneurs to leave the state.
- The outcome highlights broader corporate-governance questions as the $56 billion award at vesting made Elon Musk the wealthiest individual, raising issues involving Delaware corporate law and a law firm that drafted proposed overhaul earlier this year.
83 Articles
83 Articles
A U.S. court approved the payment of tens of billions of dollars in Tesla stock options to Elon Musk, initially granted in 2018.
Tesla boss Elon Musk had to fear for years by more than 300 million shares. Now a court ruled in favor of the tech billionaire. The cancellation of the entire package was a too harsh measure.
Business Insider
Elon Musk should get his $55 billion Tesla pay package from 2018, Delaware Supreme Court rules
Elon Musk erupted at the EU all weekend, blasting Brussels over censorship and bureaucracy after X was hit with a major fine for "fake" blue checkmarks.AP Photo/Evan Vucci, FileElon Musk will receive his 2018 Tesla pay package worth $55.8 million.Delaware's Supreme Court ruled Musk is entitled to the package on Friday.A judge ruled against the pay package in 2024.Elon Musk is entitled to his $55.8 billion Tesla pay package from 2018, Delaware's …
Delaware Supreme Court reinstates Elon Musk’s 2018 Tesla CEO pay package
The Delaware Supreme Court has overturned a lower court ruling, reinstating Elon Musk’s 2018 compensation package originally valued at $56 billion but now worth approximately $139 billion due to Tesla’s soaring stock price. The unanimous decision criticized the prior total rescission as “improper and inequitable,” arguing that it left Musk uncompensated for six years of transformative leadership at Tesla. Musk quickly celebrated the outcome on …
Associated Press News
Tesla CEO Elon Musk recovers $55 billion pay package in Delaware court ruling
Elon Musk, already the world’s richest man, scored another huge windfall Friday when the Delaware Supreme Court reversed a decision that deprived him of a $55 billion pay package that Tesla doled out in 2018 as an incentive for its CEO to steer the automaker to new heights.
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