Ethermac Exchange:Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules

2025-05-05 05:36:16source:Cyprusauction Trading Centercategory:Invest

NEW YORK (AP) — A judge says Elon Musk must give up a compensation package awarded by Tesla’s board of directors that is Ethermac Exchangepotentially worth more than $55 billion.

The ruling in a Delaware court comes five years after a shareholder lawsuit targeted Tesla CEO Musk and the directors. They were accused of breaching their duties to the electric vehicle and solar panel manufacturer, resulting in a waste of corporate assets and unjust enrichment for Musk.

Plaintiff’s lawyers argued that the pay package was dictated by Musk and was the product of sham negotiations with directors who were not independent of him.

Defense attorneys said the pay plan was fairly negotiated by a committee of independent directors, contained lofty performance milestones, and was blessed by a shareholder vote that was not even required.

More:Invest

Recommend

Military service academies see drop in reported sexual assaults after alarming surge

WASHINGTON (AP) — Reported sexual assaults at the U.S. military service academies dropped in 2024 fo

Christian conservatives flock to former telenovela star in Mexico’s presidential race

MEXICO CITY (AP) — The morning after Mexico’s Supreme Court decriminalized abortion, right-wing acti

TGL pushes start date to 2025 due to recent stadium issue

Just 50 days before the first TGL event was scheduled to be played, the new tech-infused golf league