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.
57 Articles
57 Articles
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 …
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.
Elon Musk, currently the richest man in the world, obtained from the Delaware State Supreme Court the annulment of a first-instance decision that retaliated his multi-year compensation plan estimated at $56 billion, first validated in 2018 by Tesla's shareholders.
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