The court rejected Elon Musk’s $56 billion compensation package for the second time.
The judge stated that Tesla’s board of directors was unduly influenced to accept the massive payment.
Tesla reveals its decision to appeal the court order, addressing the decision wrong.
A judge has rejected Elon Musk’s $56 billion compensation package for a second time. This is despite Tesla shareholders voting to reinstate it in June. Judge Kathaleen McCormick blocked the plan, saying Tesla’s board of directors was pressured to accept the massive payment because of Musk’s influence.
This package is now worth $101 billion, based on Tesla’s closing share price Monday. This is a record-breaking pay package for Musk as Tesla’s CEO. Musk is also known for being a Dogecoin (DOGE) advocate.
Through a December 3rd, X post (formerly Twitter), Tesla said the court went against what most shareholders wanted. Shareholders voted twice to give Musk the compensation. Tesla said the court’s decision was wrong and it plans to appeal. Tesla argued that if the ruling is not changed, it would show that judges and lawyers have all the power over Delaware-based companies, taking away …
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