Judge voids Elon Musk's  billion Tesla compensation, shares slide

Elon Musk — the CEO of Tesla and SpaceX and proprietor of X, previously Twitter — speaks through the New York Times annual DealBook summit in New York City, Nov. 29, 2023.

Michael M. Santiago | Getty Images

A Delaware decide on Tuesday voided the $56 billion pay bundle of Tesla CEO Elon Musk, ruling that the corporate’s board of administrators “failed that the compensation plan was truthful.”

Tesla’s share worth slid about 3% in after-hours buying and selling Tuesday following information of the choice within the lawsuit filed by Richard Tornetta, a shareholder within the electrical automaker.

“The plaintiff is entitled to rescission,” Delaware Chancery Court Judge Kathaleen McCormick wrote in her ruling agreeing that Musk’s pay bundle was inappropriately set by Tesla’s board.

“The events are to confer on a type of closing order implementing this choice and submit a joint letter figuring out all points, together with charges that have to be addressed to convey this matter to a conclusion on the trial stage,’ McCormick stated.

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