{"id":132749,"date":"2024-12-03T07:14:45","date_gmt":"2024-12-03T00:14:45","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=132749"},"modified":"2024-12-03T07:14:45","modified_gmt":"2024-12-03T00:14:45","slug":"elon-musks-50-billion-tesla-pay-cant-be-reinstated-delaware-judge-rules","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=132749","title":{"rendered":"Elon Musk\u2019s $50 Billion Tesla Pay Can\u2019t Be Reinstated, Delaware Judge Rules"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">A Delaware judge on Monday affirmed an earlier ruling that rescinded a giant pay package that Tesla had awarded its chief executive, Elon Musk.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The pay, in the form of stock options, was worth more than $50 billion and helped make Mr. Musk the richest person in the world. The package is now worth $100 billion after Tesla\u2019s share price jumped sharply in recent weeks.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The judge, Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery, <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/01\/30\/business\/elon-musk-tesla-pay-package.html\" title=\"\">struck down the award<\/a> in January, ruling that shareholders had not been properly informed of its details and that members of Tesla\u2019s board were not sufficiently independent.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But lawyers for Tesla and Mr. Musk <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/08\/02\/business\/elon-musk-pay-delaware.html\" title=\"\">argued<\/a> that <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/06\/13\/business\/tesla-shareholder-vote-elon-musk.html\" title=\"\">a second shareholder vote in June<\/a> in favor of the package cleared the way for effectively reinstating it.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The pay comes from a 2018 award that said Mr. Musk would get all the options only if Tesla\u2019s stock price soared and its sales and earnings grew strongly. Few expected Mr. Musk to achieve all of those targets because Tesla was still struggling to sell enough electric cars to become profitable. But Tesla\u2019s business took off and its stock rocketed higher, allowing Mr. Musk to earn all the options. He has to hold them for five years.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The shareholder who brought the suit, Richard J. Tornetta, contended that Tesla\u2019s board had not acted independently of Mr. Musk when devising the package and that the company had provided \u201cmaterially misleading\u201d information to investors. In her January ruling, after a <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2022\/11\/16\/business\/elon-musk-tesla-delaware-court.html\" title=\"\">trial in 2022<\/a>, Chancellor McCormick said, \u201cThe process leading to the approval of Musk\u2019s compensation plan was deeply flawed.\u201d<\/p>\n<div class=\"css-1336jj\">\n<div class=\"css-121kum4\">\n<div class=\"css-asuuk5\"><noscript><\/p>\n<div class=\"css-7axq9l\" data-testid=\"optimistic-truncator-noscript\"><svg width=\"24\" height=\"24\" viewbox=\"0 0 24 24\" aria-hidden=\"true\" class=\"css-1b5b8u1\"><path fill=\"currentColor\" fill-rule=\"evenodd\" d=\"M2.5 12a9.5 9.5 0 1 1 19 0 9.5 9.5 0 0 1-19 0Zm8.5 1.75v-7.5h2v7.5h-2Zm0 2v2h2v-2h-2Z\" clip-rule=\"evenodd\"\/><\/svg><\/p>\n<div data-testid=\"optimistic-truncator-noscript-message\" class=\"css-6yo1no\">\n<p class=\"css-3kpklk\">We are having trouble retrieving the article content.<\/p>\n<p class=\"css-3kpklk\">Please enable JavaScript in your browser settings.<\/p>\n<\/div>\n<\/div>\n<p><\/noscript><\/p>\n<div class=\"css-1dv1kvn\" id=\"optimistic-truncator-a11y\" tabindex=\"-1\">\n<hr\/>\n<p>Thank you for your patience while we verify access. 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The pay, in the form of &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=132749\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-132749","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/132749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=132749"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/132749\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=132749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=132749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=132749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}