I have been waiting on this for a while since I found out that majority of the board leaders are either family or people has other businesses with. I think Tesla about to take another hit https://t.co/Ldp8jBWiih
— Sweet Love 🪬 ✨ (@NotoriousNichie) January 30, 2024
Sooner or later, gravity comes for even the most skilled, uh, performer… Per CNN, “Judge strikes down Elon Musk’s massive, multi-billion-dollar pay package”:
A Delaware state court judge has thrown out the 2018 pay package that helped to make Tesla CEO Elon Musk one of the richest people in the world.
Delaware Chancery Court Chancellor Kathaleen McCormick, who oversaw the bench trial that concluded in November 2022, ruled Tuesday that Musk and the Tesla board “bore the burden of proving that the compensation plan was fair, and they failed to meet their burden.”
The 303 million split-adjusted stock options that Musk had received as part of the package are worth $51 billion today, when calculated using Tuesday’s closing price, less the modest exercise price of $23.34 a share.
The case was argued in Delaware, where Tesla and many other major US corporations are incorporated. While Musk did not have an immediate comment on the decision, he did tweet Tuesday, “Never incorporate your company in the state of Delaware.”
Late Night Open Thread: Elon’s Tesla Plate Is WobblingPost + Comments (46)