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A court in the USA declared invalid the billion-dollar salary package that Tesla boss Elon Musk (52) received from the electric car pioneer. “The decision is in favor of the plaintiff,” Judge Kathaleen McCormick of the state of Delaware said Tuesday.
McCormick proved Tesla investors right. Musk and Tesla couldn’t show that the pay agreed to in 2018 (a stock package now worth an estimated $56 billion) was “fair.”
Tesla investor Richard Tornetta filed a lawsuit against Musk, Tesla, and several members of Tesla’s board of directors. Tornetta accused the world’s richest man of “unjust enrichment”. At that time, the company boss could impose his own conditions on the Tesla board of directors, which was not independent enough.
Musk can’t believe it. He first responded to the judge’s decision regarding the X platform he owns with a short sentence: “Never register your company in the state of Delaware.”
Shortly thereafter, Musk doubled down: “If you prefer shareholders to decide matters, I recommend starting a company in Nevada or Texas.”
Musk then posted the following poll online on X: “Should Tesla move its headquarters to Texas?” The user vote seems clear: 90 percent say yes.
The multi-billionaire defended his Tesla pay package during a court hearing in 2022. When the stock package was approved in 2018, investors thought “we were going to fail and go bankrupt,” Musk said. “We were in a pretty difficult situation at the time, we lost a lot of money. “The likelihood of survival was extremely low.”
Musk said the automotive industry has been making fun of Tesla for a long time. “They thought electric vehicles were a joke.” It was only with the tremendous success of the Model 3 that Tesla made its breakthrough. (cut/SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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