• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Judge Slams Brakes On Elon Musk’s Record-Breaking $56 Billion Tesla Pay Package
Business

Judge Slams Brakes On Elon Musk’s Record-Breaking $56 Billion Tesla Pay Package

January 31, 2024No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Anti-Semitism Symposium Held Ahead Of International Holocaust Remembrance Day
Share
Facebook Twitter LinkedIn Pinterest Email

A Delaware judge invalidated billionaire Elon Musk’s $56 billion pay package from his electric car company Tesla on Tuesday, according to court documents.

Chancellor Kathaleen St. Jude McCormick determined that Tesla’s board of directors failed to substantiate the justification for the compensation plan, which was tied to Musk’s performance as CEO, according to the ruling. Musk had a decisive role in formulating the pay package, and the compensation committee and board members he negotiated with maintain significant personal connections to him. (RELATED: ‘Do Not Wish Good Things For Me’: Elon Musk Explains Why He Thinks The Biden Admin Could Be Out To Get Him)

“The concept of fairness calls for a holistic analysis that takes into consideration two basic issues: process and price,” the judge wrote. “The process leading to the approval of Musk’s compensation plan was deeply flawed. Musk had extensive ties with the persons tasked with negotiating on Tesla’s behalf.”

Never incorporate your company in the state of Delaware

— Elon Musk (@elonmusk) January 30, 2024

The ties included decades-long personal and professional relationships, as well as a former divorce attorney “whose admiration for Musk moved him to tears during his deposition,” the judge wrote.

Moreover, Tesla shareholders who voted to approve the package were not completely aware of the information behind it as “the proxy statement inaccurately described key directors as independent and misleadingly omitted details about the process,” the judge asserted.

“The price was no better,” she continued. “In defense of the historically unprecedented compensation plan, the defendants urged the court to compare what Tesla ‘gave’ against what Tesla ‘got.’ This structure set up the defendants’ argument that the compensation plan was ‘all upside’ for the stockholders. The defendants asserted that the board’s primary objective with the compensation plan was to position Tesla to achieve transformative growth, and that Tesla accomplished this by securing Musk’s continued leadership.”

See also  S&P, Nasdaq weak as manufacturing stokes Fed concerns

The package was over 30 times larger than Musk’s former package, according to the judge.

Musk lashed out at the ruling, posting a recommendation against incorporating companies in Delaware and asking if Tesla should move its incorporation to Texas.

Tesla did not immediately respond to the Daily Caller News Foundation’s request for comment.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Billion brakes Elon Judge Musks Package pay Recordbreaking slams Tesla
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025

Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Drake Concertgoer-Turned-Playboy Creator Reveals Rapper ‘Swiped Up’ on Story

July 29, 2023

Alibaba’s U-turn on cloud unit spin-off lops $20 billion off its market value

November 17, 2023

Biden Admin Gives Billions To New Rail Project In California Even Though They Have Barely Started The Last One

December 5, 2023

Senior Russian Naval Officers Killed In Ukranian Missile Attack Moscow Black Sea Fleet Headquarters Crimea

September 23, 2023
Don't Miss

Trump Announces First Post-Tariff Trade Deal

Business May 8, 2025

President Donald Trump announced Thursday the U.S. has reached a trade agreement with the U.K.,…

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,626)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Caleb White vaccine conspiracy erupts in wake of 17-year old’s tragic death 

August 12, 2023

Arm set to target IPO valuation of $50 billion to $55 billion, sources say

September 2, 2023

Celine Dion ‘Likely to Never Sing in Public Again’: Report

August 19, 2023
Popular Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.