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Elon Musk’s $56B Tesla pay deal is unfair, judge rules
A Delaware judge ruled Tuesday that Elon Musk's $56 billion pay package at Tesla was unfair and therefore voided.
Under the agreement, the options vested in 12 increments if Tesla hit specific milestones on market cap, revenue and adjusted earnings (excluding certain one-time charges such as stock compensation). She wrote because the “defendants were unable to prove that the stockholder vote was fully informed because the proxy statement inaccurately described key directors as independent and misleadingly omitted details about the process.” McCormick described the process leading to the approval of Musk’s compensation plan as “deeply flawed,” largely because of his deep ties to the people, including board members, who were supposed to be negotiating on Tesla’s behalf.
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