Home » Business » Delaware Court Rules Against $56 Billion Remuneration for Tesla CEO Elon Musk, Making Him Richest Person

Delaware Court Rules Against $56 Billion Remuneration for Tesla CEO Elon Musk, Making Him Richest Person

A court in the US state of Delaware has ruled not to pay Tesla CEO Elon Musk a $56 billion remuneration, CNBC reported.

“A judge in Delaware on Tuesday threw out a $56 billion payout package for Tesla CEO Elon Musk,” the television station reported.

It is noted that the payment to Musk, which Tesla approved in 2018, was the largest in corporate history and made the company’s CEO the richest person on the planet. The payout package consisted of 12 tranches of Tesla options that would become the property of Musk if the company’s market capitalization grew by $50 billion and Tesla reached its earnings target, the TV channel reported.

The American company Tesla Motors, headed by Elon Musk, was founded in 2003 as a developer and manufacturer of electric vehicles and technologies related to them. In addition to electric vehicles, the company produces batteries and electric motors using its own technology and sells them to other automobile companies, in particular Toyota and Daimler. In 2021, the company’s headquarters were moved from Palo Alto to Austin, Texas.

2024-01-31 02:30:00
#court #prohibited #Tesla #paying #Musk #billion #EADaily

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