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Musk wins appeal and restores 2018 Tesla pay deal worth $56 billion
The Delaware Supreme Court reversed a 2024 ruling and reinstated Musk’s stock-option pay tied to Tesla’s growth milestones, originally valued around $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.
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Delaware Supreme Court Reinstates Elon Musk's $56 Billion Tesla Pay Package
The Delaware Supreme Court has ruled that Elon Musk's 2018 Tesla CEO pay package, worth approximately $56 billion, must be restored, overturning a lower court's decision to cancel the compensation plan.
·United States
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The Munsif Daily
The Munsif DailyElon Musk's net worth soars to nearly USD 750 billion
New Delhi: Tesla and SpaceX CEO Elon Musk’s net worth rose to nearly $750 billion after a US court reinstated Tesla stock options worth $139 billion. According to Forbes’ billionaires index, this development has taken Musk closer to become the world’s first trillionaire. Earlier, the Delaware Supreme Court in the US restored Musk’s 2018 pay package from Tesla, overturning a lower‑court decision that had struck it down as “unfathomable”. The ruli…
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Leaning Left42Leaning Right33Center89Last UpdatedBias Distribution54% Center
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54% Center
L 26%
C 54%
R 20%
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