Anmol Nagpal
Tesla to not keep pay package worth more than $55 billion: Judge
A judge says Elon Musk must give up a compensation package awarded by Tesla's board of directors that is potentially worth more than USD 55 billion.
Source: AP
The ruling in a Delaware court comes five years after a shareholder lawsuit targeted Tesla CEO Musk and the directors.
Source: ANI
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.
Source: Unsplash
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.
Source: X
Defense attorneys said the pay plan was fairly negotiated by a committee of independent directors, contained lofty performance milestones.
Source: ELON MUSK