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Tuesday, May 21, 2024

Elon Musk’s $56 billion Tesla compensation voided by judge, shares slide

Elon Musk’s $56 billion Tesla compensation voided by judge, shares slide

Dan Mangan and Lora Kolodny, CNBC

Delaware judge on Tuesday voided the $56 billion pay package of Tesla CEO Elon Musk, ruling that the company’s board of directors failed to prove “that the compensation plan was fair” or show much evidence that they had even negotiated with him.

Tesla’s share price slid about 3% in after-hours trading Tuesday following news of the decision in the lawsuit filed by Richard Tornetta, a shareholder in the electric automaker.

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