Tesla CEO Elon Musk was awarded an interim wage bundle of 96 cardinal shares of the institution implicit the weekend. The shares would beryllium worthy astir $29 billion.
Tesla stock climbed astir 2% Monday.
The institution said successful a filing Sunday that the pay package would vest successful 2 years arsenic agelong arsenic Musk continued arsenic CEO oregon successful different cardinal enforcement position.
The caller grant would beryllium forfeited if the ineligible conflict implicit his 2018 compensation ends with Musk being capable to workout the larger wage package, which was valued astatine $56 billion.
In January, Chancellor Kathaleen McCormick upheld a anterior ruling successful the case, Tornetta v. Musk, that the compensation program was improperly granted. Tesla shareholders approved the wage bundle successful June 2024.
The lawsuit is present earlier the Delaware Supreme Court.
Musk's 2018 wage bundle included a acceptable of show targets for the company, which were each achieved.
The justice called it "the largest imaginable compensation accidental ever observed successful nationalist markets" successful her January determination and said it was 33 times higher than the nearest comparison, which was Musk's anterior compensation package.
English (US) ·