Home / Business and Economy / Elon Musk Wins Back $139 Billion Tesla Pay Deal
Elon Musk Wins Back $139 Billion Tesla Pay Deal
20 Dec
Summary
- Delaware Supreme Court reinstated Musk's $139 billion pay package.
- A lower court judge had twice voided the 2018 compensation plan.
- The ruling compensates Musk for six years of work and effort.
Elon Musk's 2018 compensation package, valued at $139 billion, has been restored by the Delaware Supreme Court. This landmark decision reverses a Delaware Chancery Court judge's ruling that had twice voided the enormous pay deal. The court determined that the original compensation plan was not unfair to shareholders.
The ruling acknowledges that the lower court erred in overturning the package, deeming it "inequitable." The Supreme Court stated that rejecting the deal left Musk uncompensated for his significant time and efforts spanning six years. This legal victory comes as Musk's net worth is already estimated to be in the hundreds of billions, largely from his Tesla holdings.
Musk, who is currently the world's richest person, responded on social media expressing gratitude for supporter's "unwavering support." He also has a new pay package from Tesla potentially worth $1 trillion, and his ownership of SpaceX is expected to further increase his wealth.
