{"id":8578,"date":"2024-12-03T11:46:50","date_gmt":"2024-12-03T03:46:50","guid":{"rendered":"https:\/\/tingchao.xyz\/?p=8578"},"modified":"2024-12-03T11:46:53","modified_gmt":"2024-12-03T03:46:53","slug":"elon-musk-must-return-56-billion-tesla-pay-package-judge-rules","status":"publish","type":"post","link":"https:\/\/tingchao.xyz\/?p=8578","title":{"rendered":"Elon Musk Must Return $56 Billion Tesla Pay Package, Judge Rules"},"content":{"rendered":"\n

Elon Musk<\/a>\u2019s massive 2018 pay package from Tesla<\/a> \u2014 which was worth $56 billion and helped catapult him to the title of richest man in the world \u2014 must be rescinded, a Delaware judge reaffirmed Monday. <\/p>\n\n\n\n

Kathaleen St. J. McCormick of the Delaware Court of Chancery ruled<\/a> that Tesla, which asked her to reconsider her original ruling in January, failed to prove that its compensation plan for the Tesla CEO was fair. She stuck with her original decision that the company\u2019s board was under too much influence from Musk when it approved the massive payment in the form of stock options.<\/p>\n\n\n\n

Shareholders at the electric car company voted in June to ratify Musk\u2019s 2018 pay package. But that effort amounted to an attempt at \u201cflipping the outcome of an adverse post-trial decision based on evidence they created after trial,\u201d McCormick wrote Monday.<\/p>\n\n\n\n

\u201cThe large and talented group of defense firms got creative with the ratification argument, but their unprecedented theories go against multiple strains of settled law,\u201d she said.<\/p>\n\n\n\n

\"\"
Elon Musk speaks with President-elect Donald Trump while watching the SpaceX Starship rocket launch.<\/figcaption><\/figure>\n\n\n\n

In response to McCormick\u2019s ruling, Musk posted<\/a> on social media: \u201cAbsolute corruption.\u201d He also called McCormick \u201can activist posing as a judge<\/a>.\u201d<\/p>\n\n\n\n

The case was adjudicated in Delaware because that\u2019s where Tesla was incorporated until earlier this year, when Musk reincorporated<\/a> in Texas.<\/p>\n\n\n\n

\u201cNever incorporate your company in the state of Delaware,\u201d Musk posted<\/a> on social media after the original January ruling.<\/p>\n\n\n\n

The matter came before McCormick after a Tesla stockholder sued<\/a> over the pay package in 2022, saying it was an outsized payment to make without ensuring Musk would focus on Tesla. At the time, Musk was pursuing the purchase of Twitter, which he eventually bought and renamed X. <\/p>\n\n\n\n

Musk has been occupied with another calling in recent months: being President-elect Donald Trump\u2019s right-hand man. The two are frequently present at each other\u2019s sides and even spent Thanksgiving together<\/a> at Mar-a-Lago.<\/p>\n\n\n\n

Trump has also tasked Musk with co-leading his yet-to-be-created Department of Government Efficiency, or DOGE. The Tesla CEO has vowed to use his role there to reduce government spending and headcount. <\/p>\n\n\n\n

\"\"
CANNES, FRANCE – JUNE 19: Elon Musk attends ‘Exploring the New Frontiers of Innovation: Mark Read in Conversation with Elon Musk’ session during the Cannes Lions International Festival Of Creativity 2024 – Day Three on June 19, 2024 in Cannes, France. (Photo by Marc Piasecki\/Getty Images) (Photo: Marc Piasecki via Getty Images)<\/figcaption><\/figure>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Elon Musk\u2019s massive 2018 pay package from Tesla \u2014 which was worth $56 billion and helped catapult him to the title of richest man in the world \u2014 must be rescinded, a Delaware judge reaffirmed Monday.  Kathaleen St. J. McCormick of the Delaware Court of Chancery ruled that Tesla, which asked her to reconsider her original ruling in January, […]<\/p>\n","protected":false},"author":11,"featured_media":8579,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[2624,2603,2411],"class_list":["post-8578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-usa","tag-elon","tag-musk","tag-tesla"],"yoast_head":"\nElon Musk Must Return $56 Billion Tesla Pay Package, Judge Rules - LISTEN WORLD<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tingchao.xyz\/?p=8578\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk Must Return $56 Billion Tesla Pay Package, Judge Rules - LISTEN WORLD\" \/>\n<meta property=\"og:description\" content=\"Elon Musk\u2019s massive 2018 pay package from Tesla \u2014 which was worth $56 billion and helped catapult him to the title of richest man in the world \u2014 must be rescinded, a Delaware judge reaffirmed Monday.  Kathaleen St. J. 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