Elon Musk's record salary pack

2024-12-03

Elon Musk's record salary package at $Tesla Motors(TSLA)$ has been rejected again by a Delaware judge, despite shareholder approval. Judge Kathaleen St. J. McCormick upheld her initial decision from January, ruling that the board was overly influenced by Musk when it adopted the plan in 2018.

The stock option plan, initially valued at $2.6 billion, had soared to $56 billion when canceled and is now worth $101.5 billion based on Monday's closing price.

The ruling could lead to significant losses for Musk, though he remains the world's richest person. Tesla shares fell 1.4% in after-hours trading.

Musk has 30 days to appeal the decision, and Tesla has stated it will challenge the ruling, arguing that it undermines shareholders' rights. McCormick found that Tesla's board, influenced by conflicts of interest, overpaid Musk.

Tesla Jumps On Cheaper Models: Add or Exit at $400?

Tesla said it was on track to roll out new, cheaper electric vehicle models in the first half of 2025, as its quarterly profit and revenue fell short of Wall Street expectations on Wednesday due to discounts and financing offers. ----------- How do you view Tesla's earnings? Will you focus on the guidance or earnings miss? How long will Tesla's cheaper model guidance support stock price?

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Comments

Reglloyd
2024-12-09
Reglloyd
A business is run by and managed by its CEO and board of managers and shareholders, its news to me that a Judge can suddenly overrule its shareholders wishes. The party ain’t over yet.Watch the space.

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Judge Kathaleen St. J. McCormick upheld her initial decision from January, ruling that the board was overly influenced by Musk when it adopted the plan in 2018.The stock option plan, initially valued at $2.6 billion, had soared to $56 billion when canceled and is now worth $101.5 billion based on Monday's closing price.The ruling could lead to significant losses for Musk, though he remains the world's richest person. Tesla shares fell 1.4% in after-hours trading.Musk has 30 days to appeal the decision, and Tesla has stated it will challenge the ruling, arguing that it undermines shareholders' rights. 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Tesla shares fell 1.4% in after-hours trading.Musk has 30 days to appeal the decision, and Tesla has stated it will challenge the ruling, arguing that it undermines shareholders' rights. McCormick found that Tesla's board, influenced by conflicts of interest, overpaid Musk.</body></html>","text":"Elon Musk's record salary package at $Tesla Motors(TSLA)$ has been rejected again by a Delaware judge, despite shareholder approval. Judge Kathaleen St. J. McCormick upheld her initial decision from January, ruling that the board was overly influenced by Musk when it adopted the plan in 2018. The stock option plan, initially valued at $2.6 billion, had soared to $56 billion when canceled and is now worth $101.5 billion based on Monday's closing price. The ruling could lead to significant losses for Musk, though he remains the world's richest person. Tesla shares fell 1.4% in after-hours trading. 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