On November 13, 2024, Musk listened to US President-elect Trump’s speech at the House Republican Conference at the Hyatt Regency Hotel on Capitol Hill in Washington, DC.
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Tesla A Delaware judge on Monday upheld her previous ruling that the compensation plan was improperly awarded, preventing Chief Executive Elon Musk from reinstating his 2018 executive pay package.
The plan, worth approximately $56 billion, is the largest executive compensation package for public companies in U.S. history.
After the trial, Musk’s lawyers tried to persuade a Delaware Business Court judge to overturn her decision to revoke the CEO’s compensation plan. In June, Tesla “approved” Musk’s 2018 compensation plan in a shareholder vote at the electric car maker’s annual shareholder meeting in Austin, Texas.
“Even if a shareholder vote could have the effect of ratification, it cannot do so here,” Treasury Secretary Katherine McCormick wrote in her opinion on Monday. Judge approves lawsuit filed on behalf of Tesla shareholders to get pay Lawyers whose plan didn’t work paid $345 million in legal fees.
Bernstein, Litowitz, Berger & Grossmann, Bernstein, Litowitz, Berger & Grossmann, the firm representing the plaintiffs, said in a statement.
Musk can appeal the decision to the Delaware Supreme Court.
After McCormick decided to repeal the program in January, Musk lashed out at the court, posting on X, “Never register your company in Delaware.” The company then held a shareholder vote, It was decided to re-register in Texas and officially moved the company’s registered place to Texas in June.
In response to Musk’s motion that Tesla’s vote to approve his compensation package should have caused her to overturn her previous opinion, Judge McCormick wrote: “If the court indulges in allowing a losing party to create new facts in order to modify a judgment, practices, litigation will become endless.
Despite the setback, Musk’s net worth has grown significantly in recent weeks. Excluding all options included in his compensation package, Musk’s wealth has increased by more than $43 billion since Donald Trump won the election last month. Tesla shares have soared 42% in the four weeks since the election on optimism that Musk’s rapport with the incoming president will lead to policies beneficial to his company.
Musk’s remaining Tesla stock is worth nearly $150 billion based on Monday’s closing price. This alone, excluding his SpaceX shares, is enough to make him the number one company in the world. richest people.
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