Musk's $55-bn pay package voided, risking record fortune
Financial Express Mumbai|February 01, 2024
ELON MUSK'S $55 billion pay pack-age at Tesla was struck down by a Delaware judge after a shareholder challenged it as excessive, a ruling that would take a giant bite out of Musk's wealth and put the fate of his companies in question. That is if the ruling survives a likely appeal.

The decision Tuesday, which amounts to his first major loss in court, means that more than five years after the electric-car maker's cofounder was granted the largest executive compensation plan in history, Tesla's board will have to start over and come up with a new proposal.

Musk never attempted to exercise his options since they'd been challenged in Delaware Chancery Court. Tesla's share price slid about 3% in after hours trading on the news. Musk has repeatedly urged Tesla's board to arrange another massive stock award for him, years after he sold a significant chunk of his shares in the company to acquire Twitter.

The billionaire has said he needs a bigger stake in Tesla to maintain control of the electric-car maker and expand further into AI.

هذه القصة مأخوذة من طبعة February 01, 2024 من Financial Express Mumbai.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة February 01, 2024 من Financial Express Mumbai.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

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