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Judge voids Elon Musk's "unfathomable" $56 billion Tesla pay package

Posted on AllSides January 30th, 2024
From The Center
REUTERS/Gonzalo Fuentes/File Photo

A Delaware judge on Tuesday ruled that Elon Musk's record-breaking $56 billion Tesla (TSLA.O), opens new tab pay package could be tossed, calling the compensation "an unfathomable sum" that was not fair to shareholders, according to a court filing.

Shares of Tesla dropped 3.7% in extended trade.

The ruling swept away the largest pay package in corporate America. The judge found it was negotiated by directors who seemed beholden to their headline-making CEO and the promise of allowing him to share in the company's enormous growth.

"Swept up by the...

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