Elon Musk's $56 billion Tesla compensation voided by judge, shares slide
Publishing timestamp: 2024-01-31 11:11:49
Summary
In a ruling by a Delaware judge, Tesla CEO Elon Musk's $56 billion compensation package was voided. The judge stated that the company's board of directors failed to prove that the compensation plan was fair or that they had negotiated with Musk. Tesla's share price dropped about 3% after the news. The judge ordered Musk to return the compensation he has received under the plan, and he has the option to appeal the decision. The compensation package had made Musk the richest person on the planet. The ruling highlighted flaws in the negotiation process and Musk's control over Tesla.
Sentiment: NEGATIVE
Tickers: TSLA,
Keywords: tesla inc, electric vehicles, business, autos, laws, elon musk, technology, courts, lawsuits, breaking news: politics, business news, breaking news: technology,