Musk’s Tesla pay package under scrutiny in Delaware court

today02/22/2023 70

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WILMINGTON, Del. (AP) — Attorneys for a Tesla shareholder are urging a Delaware judge to invalidate a 2018 compensation package awarded to CEO Elon Musk that is potentially worth more than $55 billion.

The plaintiff’s lawyers argued Tuesday that the compensation package should be voided because it was dictated by Musk and subject to sham negotiations with directors who were not independent of him. Defense attorneys countered that the pay plan was fairly negotiated by independent board members and contained performance milestones so lofty that they were ridiculed by some Wall Street investors.

Tuesday’s post-trial arguments followed a November trial at which Musk denied that he dictated terms of the compensation package.

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