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The Judge Continues to Block Musk's Mega-Payout

A judge in the state of Delaware has once again stopped the giant compensation of 56 billion dollars (equivalent to 615 billion kronor) that Tesla's founder and CEO Elon Musk would receive from the company, reports Bloomberg.

» Updated: 02 December 2024, 23:33

» Published: 02 December 2024

The Judge Continues to Block Musk's Mega-Payout
Photo: Allison Robbert/AP/TT

Already in January, Judge Kathaleen McCormick stopped the compensation, which applies to the year 2018, with the motivation that it was far too high.

This after shareholders sued the company and its board, which had approved Musk's compensation plan – the largest in US history.

But at the meeting in June in Texas, the shareholders approved the payment.

However, the judge continues to press the brakes with the motivation that the compensation was far too much under Musk's influence when the decision was made.

"Even if a shareholder vote could have a ratifying effect, it cannot have it here", she writes in her statement on Monday.

Musk can proceed with the process and appeal McCormick's decision to a higher instance in the state.

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By TTThis article has been altered and translated by Sweden Herald

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