Connect with us

Hi, what are you looking for?

Tech News

Elon Musk won’t get his $55 billion pay package after all

Illustration by Kristen Radtke / The Verge; Getty Images

Elon Musk isn’t going to get that $55 billion pay package after all, a Delaware Court of Chancery judge has ruled. The ruling means Tesla’s board will need to come up with a new proposal.

The ruling threatens Musk’s fortune if it makes it through an appeal, Bloomberg reports. Without the options in that package, Musk may only be the third-richest man in the world.

Tesla shareholders approved the package in 2018, which gave Musk incentive to hit specific milestones, including a market valuation of $650 billion, which was more than 10 times Tesla’s value at the time. The trial hinged on a specific question: did Musk mislead the shareholders when he gave them the plan?

Greg Varallo, attorney…

Continue reading…

You May Also Like

World News

Since the Iowa caucuses ended Monday night, there’s been a lot of energy spent on interpreting the results in a way that best reflect...

Tech News

Rabbit R1. | Photo by David Pierce / The Verge The R1, the pocket-size gadget from Rabbit that’s supposed to use your apps for...

Tech News

Tesla Model 3 (2024) | Image: Tesla An updated version of Tesla’s Model 3 sedan that was released in markets across Europe, the Middle...

Tech News

LG’s MyView smart monitor | LG Electronics You can now purchase the entire slate of LG’s webOS-powered MyView monitors, which debuted at CES earlier...