A Delaware judge ruled on Friday that Tesla Inc's board of directors must d...
) board of directors must defend at a trial Chief Executive Elon Musk’s multibillion dollar pay package, which a shareholder lawsuit said unjustly enriched the head of the electric vehicle company.
The compensation award includes no salary or cash bonus for the Silicon Valley billionaire Musk, but sets rewards based on Tesla’s market value rising to as much as $650 billion over the next decade. Tornetta had asked that the pay package be rescinded and the board of Tesla be overhauled to better protect investors.
Musk’s compensation package passed shareholder approval with about 73 percent of votes cast, excluding votes by Musk and his brother Kimbal. The vote result indicated some, but not all, big investors were prepared to support a large payout at the founder-led company, which has struggled to produce its electric vehicles efficiently and profitably.
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