A judge in Delaware believes that Elon Musk’s salary package is an unimaginable amount that is not fair to the shareholders of Tedla. Photo: Czarek Sokolowski / AP / NTB
Elon Musk was expected to receive a salary package of 56 billion dollars.
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The ruling comes after Tesla shareholder Richard Tornetta went to court in the state of Delaware with a claim that Musk was overpaid.
Judge Kathaleen McCormick concluded that the salary package – which corresponds to over NOK 580 billion at today’s exchange rate – is an unimaginable sum and not fair to the electric car manufacturer’s shareholders.
– It is a good day for the kind people, writes Tornetta’s lawyer Greg Varallo in an email to AFP.
– Never establish your company in Delaware, writes Musk himself on X/Twitter after the court’s decision
The Tesla share fell 3 percent when the 200-page ruling was made public.
Judge McCormick says she dealt with the case urgently to protect the company and shareholders from harmful uncertainty.
– The process leading up to the approval of Musk’s salary package was characterized by several errors. Musk had close ties to those who were supposed to negotiate on behalf of Tesla, she writes, among other things, in the ruling.
Published:
Published: 31.01.24 at 00:31
Updated: 31.01.24 at 01:03
2024-01-30 23:31:02
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