Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules
- Delaware Chancery Court Chancellor McCormick has invalidated Elon Musk's 2018 pay package, ruling that Musk and the Tesla board failed to prove its fairness.
- Musk's pay plan granted him stock options as Tesla's market value rose. The package was criticized as excessive, but Tesla's attorneys argued it was approved by shareholders.
- Despite Musk's claims of not being involved in the compensation package negotiations, Chancellor McCormick determined that the process was unfair due to his potential conflict of interest and ordered the package to be rescinded.
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Leaning Left58Leaning Right39Center80Last Updated3 months agoBias Distribution45% Center