on Wednesday asked its shareholders to once again approve CEO Elon Musk ’s record-breaking $56-billion pay that was set in 2018, but was rejected by a Delaware judge in January.
Musk’s pay was rejected by Kathaleen McCormick of Delaware’s Court of Chancery, who termed the compensation granted by the board as “an unfathomable sum” that was unfair to shareholders. “We do not agree with what the Delaware Court decided, and we do not think that what the Delaware Court said is how corporate law should or does work,” board chairperson Robyn Denholm wrote in a letter included in the regulatory filing.
Musk’s compensation for 2023 was $0, the filing showed. The billionaire does not take a salary from the company and is compensated through stock options.
Filing Delaware Compensation Pay Musk Salary Court Robyn Denholm Court Of Chancery Tesla
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