Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules
Associated Press
NEW YORK (AP) — A judge says Elon Musk must give up a compensation package awarded by Tesla’s board of directors that is potentially worth more than $55 billion.
The ruling in a Delaware court comes five years after a shareholder lawsuit targeted Tesla CEO Musk and the directors. They were accused of breaching their duties to the electric vehicle and solar panel manufacturer, resulting in a waste of corporate assets and unjust enrichment for Musk.
Plaintiff’s lawyers argued that the pay package was dictated by Musk and was the product of sham negotiations with directors who were not independent of him.
Defense attorneys said the pay plan was fairly negotiated by a committee of independent directors, contained lofty performance milestones, and was blessed by a shareholder vote that was not even required.
More Stories
Why Specialist Used Trucks Need a Different Buying Approach
Trucks such as tipper trucks, crane trucks, hookloaders and recovery vehicles have fitted equipment that can represent a significant part...
Suzanne Carlson on Running a Trucking Career Like a Business
Based in Oregon, she moved into trucking after working in warehouse operations, retail logistics support and dispatch assistance for a...
The UGC Video Paradox: Why Authentic Doesn’t Have to Mean Poorly Made
This change has revealed a difficult fact: authenticity is winning. But somewhere in the middle, many marketers adopted a dangerous...
Skills Gaps Are Getting Expensive. Can a Training Management System Help?
Courses get booked by email, attendance lives in a spreadsheet, and certificates sit in someone’s inbox until an auditor asks...
Why David Fiszel Approaches Philanthropy the Way He Approaches Investing
Honeycomb Asset Management, the New York firm he founded in 2016, would sell most of its public stock holdings and...
How Battery Technology Is Changing the UK Garden Equipment Market
It affects how products are stocked, explained, serviced and supported after purchase. For businesses, understanding these practical implications matters more...
