“Shark Tank” star Kevin O’Leary blasted a Delaware judge Wednesday for halting a record-breaking $56 billion pay package for Tesla CEO Elon Musk.
Chancellor Kathaleen St. Jude McCormick ruled Tuesday that the board of directors for the electric car company failed to provide sufficient justification for the payout to Musk, who also owns X, the social media site formerly known as Twitter. O’Leary ripped the decision, citing the rise in Tesla’s stock price. (RELATED: Kevin O’Leary Reveals Why Clean Energy Stocks Are Tanking)
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“I think this should go to the Supreme Court to be challenged,” the “Shark Tank” star told Fox Business host Larry Kudlow. “Remember, shareholders made an 800x on this, they agreed to this package in the first place. He has proven himself to be an extraordinary individual. Yes, he’s controversial, but you think about what this man achieved in his early career to mid career now. No one has done what he has done. No matter what he pursues, whether it’s the Tesla robot that’s new now, brain implants or SpaceX, or all he’s done with space internet connectivity for the globe, why would you want a judge, a single individual, to decide what that is worth to society and shareholders?”
Tesla’s stock price closed at $187.29 Wednesday. On Feb. 1, 2019, it closed at $20.81, according to Macrotrends.com.
“That is everything that’s wrong with bureaucracy. So, I hope it does get challenged. It’s not about the money. He is extremely rich already, you want to align yourself with shareholders,” O’Leary continued. “That is all he has done. He said, don’t give me cash, give me no cash. I will grow the business, I will make money when you make money.”
The automaker recalled over 200,000 vehicles in January over a software flaw that could cause crashes.
“That is the essence of capitalism, and we should applaud it, support it, protect it.” O’Leary told Kudlow.
Tesla did not immediately respond to a request for comment from the Daily Caller News Foundation.
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