New York CNN —A Delaware state court judge has thrown out the 2018 pay package that helped to make Tesla CEO Elon Musk one of the richest people in the world.
He said Tesla investors will benefit from the decision by having the “dilution from this gargantuan pay package erased.”Attorneys for Musk and the Tesla board argued the pay package was approved by a shareholder vote.
Excluding the votes owned by Musk and his brother, 73% of the shares voting in that election supported the pay package.
The company’s market cap was valued at $54 billion at the time the pay package was approved.
Robyn Denholm, the chair of Tesla’s board, testified that the pay package was all about keeping Musk focused on Tesla.
Persons:
Elon Musk, Chancellor Kathaleen McCormick, Musk, Tesla, “, ”, Greg Varallo, McCormick, ” Musk, Robyn Denholm, ” Denholm, – CNN’s Matt McFarland
Organizations:
New, New York CNN, Musk, Delaware Supreme, SpaceX, Twitter, Boring, Tesla
Locations:
New York, Delaware, . Delaware, Tesla