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(144,944 posts) Mon Dec 2, 2024, 04:58 PM Dec 2

Musk Record Tesla Pay Plan Rejected Again by Delaware Judge [View all]

Source: Bloomberg

December 2, 2024 at 4:49 PM EST
Updated on December 2, 2024 at 5:01 PM EST

Elon Musk’s record-setting Tesla Inc. pay package was again rejected by a Delaware judge even after shareholders supported reinstating it.

Despite the June 13 shareholder vote at the company’s annual meeting, Delaware Chancery Court Judge Kathaleen St. J. McCormick decided to stick with her original finding in January that the company’s board was too much under the influence of the billionaire entrepreneur when it adopted the plan in 2018.

The stock options package was initially worth $2.6 billion and spiked to $56 billion by the time the judge canceled it. The package was worth $101.5 billion at Monday’s closing price. McCormick’s ruling striking down the highest-ever pay arrangement for a US corporate executive could take a giant bite out of Musk’s wealth and put the fate of his companies in question if it stands up on appeal.

Even without the payout, he remains the world’s richest person. The ruling comes just after Musk’s wealth hit an all-time high — surpassing the previous record of $340.4 billion set in November 2021 — thanks to a Tesla stock rally following the presidential election and a new funding round for his artificial intelligence startup.

Read more: https://www.bloomberg.com/news/articles/2024-12-02/musk-record-tesla-pay-package-rejected-again-by-delaware-judge

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Original article/headline/source -

Tesla CEO Elon Musk loses bid to get $56 billion pay package reinstated

Published Mon, Dec 2 2024 4:56 PM EST

This is breaking news. Please refresh for updates.

https://www.cnbc.com/2024/12/02/tesla-ceo-elon-musk-loses-bid-to-get-56-billion-pay-package-reinstated.html

18 replies

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Highlight:

Musk Record Tesla Pay Plan Rejected Again by Delaware Judge [View all] BumRushDaShow Dec 2 OP

Good! Marthe48 Dec 2 #1

Oh, that's a shame. You know, he was going to donate it to homeless vets,right? Lunabell Dec 2 #2

Oh??. So what movies have you seen lately? niyad Dec 2 #3

No one is worth $56 BILLION UpInArms Dec 2 #4

Probably will be a short-lived decision. onenote Dec 2 #5

CNBC was unusually slow updating - I changed source and from Bloomberg BumRushDaShow Dec 2 #6

Eloon only owns 13% of the stock. VOTE his ass out of his own Company..... Bengus81 Dec 2 #7

His shareholders' approved the pay package. Why would they vote him out? onenote Dec 2 #8

LOL...Then why is he in court trying to get paid and lost? Maybe his "stakeholders" are waking up. Bengus81 Dec 3 #13

He's in court because a handful of shareholders challenged the pay package in Delaware court. onenote Dec 3 #15

EBT...earning before taxes. Yeah...losses IF they pay his ass $56B per year Bengus81 Dec 3 #16

The pay package was obscene, but it was not $56 billion per year on $96 billion annual revenues. onenote Dec 3 #18

Musk wants to be the first trillionaire in history Zorro Dec 2 #9

Obscene compensation. Joinfortmill Dec 2 #10

K&R Yo_Mama_Been_Loggin Dec 2 #11

how much money is that? speculating that there are 350,000,000 people in the US... Javaman Dec 3 #12

And to put his wealth into perspective, Abolishinist Dec 3 #17

That is a lot of video game tokens in the Tech Bro Death Rally! travelingthrulife Dec 3 #14