US EditionMusk wins appeal and restores 2018 Tesla pay deal worth $56 billion
Delaware Supreme Court reversed a lower court, restoring Musk’s $56 billion 2018 Tesla pay package tied to performance milestones after a prolonged legal battle.
- 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.
112 Articles
112 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.
The Delaware Supreme Court ordered the re-establishment of a plan validated in 2018 by Tesla shareholders but subsequently retold by court decision.
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 …
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