Elon Musk vows to fight as his record-breaking £80bn Tesla pay deal is rejected again
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Elon Musk has vowed to continue his fight for a record-breaking £80billion pay cheque from Tesla that has again been blocked by a judge. In a ruling that infuriated the billionaire chief executive of the electric car giant, a Delaware court rejected the pay deal for a second time – despite shareholders approving it.
Judge Kathaleen McCormick’s decision, which upheld a similar ruling from January, sparked a furious outburst from Musk, the world’s richest man with a fortune of £279billion. ‘Shareholders should control company votes, not judges,’ he wrote on the social media site X, which he owns. ‘Absolute corruption,’ he said in a separate post.
Tesla said it would appeal the ruling, with a spokesman adding: ‘This ruling, if not overturned, means that judges and plaintiffs’ lawyers run Delaware companies rather than their rightful owners – the shareholders.’. The mammoth pay deal was drawn up in 2018 and was initially valued at £44billion. Backed by shareholders, it was tied to a series of milestones, including company profits and the Tesla share price.
Pay deal: In a ruling that infuriated Tesla boss Elon Musk a Delaware court rejected the pay deal for a second time – despite shareholders approving it. But it was struck down by the court in January in a case brought by a disgruntled investor, with McCormick ruling that the board which approved the deal was too heavily influenced by Musk.
