Musk risks losing quarter of wealth in pay dispute
U.S. court has paved the way for the potential cancellation of Tesla CEO Elon Musk's compensation package, ruling it may have been unfairly determined by the company's board.
The judiciary in the United States has concluded that the compensation package for Tesla CEO Elon Musk, claimed to be unfairly set by the company's board, could be annulled. Delaware Court Judge Kathaleen McCormick, in a lawsuit initiated by Tesla shareholder Richard Tornetta, opined that Musk's approximately $56 billion compensation package was "an extraordinary sum" and unfairly determined by Tesla's board, granting the plaintiff the right to seek its cancellation.
Judge McCormick ruled in favor of the plaintiff, noting that parties will negotiate a final rule for implementing this decision and will submit a joint letter addressing all issues to resolve the matter at the trial level.
Reacting to the decision on his X account, Elon Musk advised, "Never incorporate your company in the state of Delaware."
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