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