01/31/2024

Judge Voids Elon Musk's 'Unfathomable' $56 Billion Tesla Pay Package

She said the amount was unfair to shareholders

A Delaware judge tossed out Elon Musk's record-breaking $56 billion Tesla pay package on Tuesday, calling the compensation granted by the EV maker's board "an unfathomable sum" that was unfair to shareholders.

Shares of Tesla dropped about 2 percent in premarket trade, and some investors seized on the ruling in hopes it might prompt Tesla to overhaul its governance.

The Tesla board has been criticized as failing to provide oversight of its combative, headline-making CEO, who has fought regulators and led several other companies at the same time.

Please select this link to read the complete article from Reuters.