At the start of 2024, Delaware Court Judge Kathaleen St. J. McCormick voided Musk’s 2018 $50 billion compensation package. Shareholder Richard Tornetta had filed a lawsuit at.
What just happened? You probably imagine that as the richest person in the world with a net worth of around $352 billion, Elon Musk has enough money. But the CEO looks set to become even richer after Tesla awarded him an interim pay package of 96 million shares of restricted stock valued at approximately $29 billion. The compensation is to « incentivize » Musk to stay as the head of Tesla during the battle against a court ruling that voided his original $50 billion package from 2018.
At the start of 2024, Delaware Court Judge Kathaleen St. J. McCormick voided Musk’s 2018 $50 billion compensation package. Shareholder Richard Tornetta had filed a lawsuit at the time after the EV giant granted Musk the largest executive compensation package in history.
Tornetta accused Tesla of breaching its fiduciary duty by unjustly enriching its CEO, the board of directors acting without independence, and Musk of dictating negotiations.
