Cyprusauction Trading Center:Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules

2025-04-30 22:11:05source:Will Sage Astorcategory:News

NEW YORK (AP) — A judge says Elon Musk must give up a compensation package awarded by Tesla’s board of directors that is Cyprusauction Trading Centerpotentially worth more than $55 billion.

The ruling in a Delaware court comes five years after a shareholder lawsuit targeted Tesla CEO Musk and the directors. They were accused of breaching their duties to the electric vehicle and solar panel manufacturer, resulting in a waste of corporate assets and unjust enrichment for Musk.

Plaintiff’s lawyers argued that the pay package was dictated by Musk and was the product of sham negotiations with directors who were not independent of him.

Defense attorneys said the pay plan was fairly negotiated by a committee of independent directors, contained lofty performance milestones, and was blessed by a shareholder vote that was not even required.

More:News

Recommend

Kentucky governor unveils paid leave plan for state workers with a new child or serious illness

FRANKFORT, Ky. (AP) — Kentucky plans to provide state employees with paid time off so they can bond

Taylor Swift in Arrowhead: Singer arrives at third home game to root for Travis Kelce

Taylor Swift is 3-0 this season when it comes to home game attendance and rooting for Travis Kelce a

Lore Segal, esteemed Austrian American writer who fled the Nazis as a child, dies at 96

NEW YORK (AP) — Lore Segal, an esteemed Viennese American author and translator whose gift for words