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Elon Musk’s $56bn Tesla pay package is too much, judge rules
Judge ruled his pay – six times larger than the combined pay of the 200 highest-paid executives in 2021 – was set inappropriately
Tesla shareholder Richard Tornetta filed the lawsuit five years ago, accusing the company’s chief executive of improperly dictating negotiations around the compensation package and claimed that the board acted without independence. Tornetta’s lawyers argued the Tesla board never told shareholders that the goals were easier to achieve than the company was acknowledging and that internal projections showed Musk was quickly going to qualify for large portions of the pay package. The plaintiff’s legal team also argued the board had a duty to offer a smaller pay package or look for another CEO and that they should have required Musk to work full-time at Tesla instead of allowing him to focus on other projects.
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