🌎 Elon Musk's Trillion-Dollar Tesla Deal Declared Void By Delaware Judge 🏦

A Delaware judge has declared Elon Musk’s $56 billion compensation package from Tesla void. The decision, made by Chancellor Kathaleen McCormick of the Delaware Court of Chancery, concluded that the pay package was “unfathomable” and unfair to shareholders. The judge found that the compensation plan, approved in 2018, was negotiated by a board that lacked independence and was influenced by Musk’s significant ties with its members .

The ruling highlights that the Tesla board failed to demonstrate the necessity and fairness of such a large compensation package. The case was brought forward by Tesla shareholder Richard Tornetta, who argued that the package was excessively generous and not adequately justified. This decision is a significant development in corporate governance, emphasizing the need for independent oversight and fair compensation practices .

Musk has expressed his displeasure with the ruling on social media and has the option to appeal the decision to the Delaware Supreme Court. The court’s decision also impacts ongoing and future compensation negotiations for Musk at Tesla .

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