Elon Musk’s $56bn Tesla payment blocked by US court

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Added 3 months ago by XaniaNews

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A judge in the US state of Delaware has blocked a $55.8bn (£44bn) pay deal awarded to Elon Musk in 2018 by the electric car company Tesla.

The lawsuit was filed by a shareholder who argued that it was an overpayment, and judge Judge Kathaleen McCormick called the compensation "an unfathomable sum".

The pay deal was the biggest ever in corporate history, helping to make Mr Musk one the richest people in the world, and during the trial Tesla directors argued it was made to ensure that one of the world's most dynamic entrepreneurs continued to dedicate his attention to the company.

In a post on X, formerly known as Twitter, Mr Musk wrote: "Never incorporate your company in the state of Delaware".

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Category: News and politics
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