Elon Musk’s Tesla Pay Package Is Struck Down by Judge
A Delaware judge ruled on Tuesday in favor of Tesla shareholders who sued to block the pay package that helped make Elon Musk, the carmaker’s chief executive, a billionaire many times over and the world’s wealthiest human being.“The process leading to the approval of Musk’s compensation plan was deeply flawed,” Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery said in the decision. She ordered that the contract that provided his record pay be voided.A group of Tesla shareholders had challenged a stock options package that ended up giving Mr. Musk the right to acquire Tesla shares that were worth over $70 billion when the stock price was higher. To receive the award, which was one of the largest of its kind and widely imitated by other corporations, Tesla had to meet c...