Tesla board set to appeal ruling Musk called “corruption”
The payment, if allowed, would have been one of the biggest ever to an executive. Photograph: Haiyun Jiang/The New York Times)Elon Musk’s record-setting Tesla pay package was struck down once again by a Delaware judge, threatening to wrest billions of dollars from the world’s richest person and one of Donald Trump’s closest confidants.
McCormick’s ruling voiding the highest-ever pay arrangement for a US corporate executive could take a giant bite out of Musk’s wealth. But even without the payout, he remains the world’s richest person, with Tesla’s stock soaring as investors bet on the billionaire’s close relationship with Trump.‘I was a cleaner in my dad’s office, which makes me a nepo baby.
McCormick’s decision, if it stands, effectively means Tesla’s board would have to come up with a new proposal. Musk, 53, spent much of October campaigning for Trump, including speaking at a Madison Square Garden rally in New York City about a week before the election. The president-elect has tapped Musk to co-lead a cost-cutting effort that the new administration is calling “DOGE,” or the “Department of Government Efficiency.”
McCormick dismissed Musk’s arguments that a second shareholder vote – held after she initially struck down his massive pay package – provided grounds to reassess her earlier ruling.
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