Tesla asks shareholders to back $56bn pay for Elon Musk rejected by judge
by Nick Robins-Early and agencies from Technology | The Guardian on (#6M4WV)
Delaware court in nullified compensation deal based on carmaker's market value in January, calling it unfathomable sum'
Tesla on Wednesday asked its shareholders to once again approve CEO Elon Musks record-breaking $56bn pay that was set in 2018. A Delaware judge rejected the pay package in January, calling it excessive and saying the company's board failed to justify it.
The compensation includes no salary or cash bonus, but sets rewards based on Tesla's market value rising to as much as $650bn over the next 10 years. Tesla is now valued at over $500bn, according to LSEG data.
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