Delaware Judge Strikes Down Elon Musk’s Massive $56 Billion Tesla Pay Deal
Elon Musk, the renowned entrepreneur and CEO of Tesla, has recently faced a major setback as a Delaware judge voided his staggering $56 billion pay package. This ruling comes as a blow to Musk, who has been widely regarded as one of the richest individuals in the world.
In 2018, Tesla's board of directors awarded Musk a pay package that was deemed the largest compensation plan in public corporate history. This package granted Musk the opportunity to secure 12 tranches of Tesla stock options, contingent on the company's market capitalization increasing by $50 billion and achieving a specific revenue target. The plan propelled Musk to the status of a centi-billionaire, making him the richest person on the planet.
The voiding of Musk's pay package came as a result of a lawsuit filed by ...