Tue, 03 Dec 2024

Tue, 03 Dec 2024 Musk's record $56bn pay deal rejected for second time

The judge upheld her previous decision, saying board members who set the pay were too heavily influenced by Mr Musk.
A Delaware judge has upheld her previous decision that Tesla CEO Elon Musk's record-breaking $56 billion pay award was unfair and too heavily influenced by him. Judge Kathaleen McCormick ruled that the board members were not independent, but rather dominated by Mr. Musk. The ruling comes despite shareholders and directors approving the pay package in the summer, with 75% of shareholders voting in favor. Tesla plans to appeal the decision, calling it "wrong" and stating that judges and lawyers have more control over companies than their owners, the shareholders.
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