According to reports, the move comes in response to a Delaware court decision that invalidated Musk’s historic $56 billion stock award from 2018. The committee consists of Tesla chair Robyn Denholm and board member Kathleen Wilson-Thompson, who are now tasked with weighing both alternative forms of compensation and the legal path forward.
The company’s previous award to Musk included 304 million stock options, valued at $56 billion at the time of the Delaware ruling in early 2024. Those options peaked at $146 billion in December and currently stand at an estimated $98 billion, based on Tesla’s share price. Musk earned the right to exercise the options after meeting ambitious growth benchmarks by 2023.
The 2018 package was struck down in January by Delaware Chancellor Kathaleen McCormick, who ruled that Tesla’s board had not acted independently and had instead operated “like supine servants of an overweening master.”
Wow what a turn of words...
Make 'em at home.
Click either picture...
But they of course all voluntarily accepted the increase of their own stock value due to Elon's hard work.
ReplyDeleteWhat were the stock options worth when Musk agreed to them? I'm betting they were pretty close to zero. The only reason they were worth the billions of dollars is because Musk grew the company to be worth multiple billions of dollars.
ReplyDeleteSmashburger press? I just use my bacon press.
ReplyDeleteWhy does a court have a say in a pay dispute not involving a union?
ReplyDelete