Judge Again Rejects Musk Multibillion-Dollar Pay Plan -- WSJ

Dow Jones2024-12-03

By Sean McLain

A Delaware judge upheld her earlier ruling striking down Elon Musk's multibillion-dollar pay package, plunging Tesla's board into more uncertainty over how to compensate its superstar chief executive for a decade of work.

The court's decision follows a shareholder vote earlier this year approving the pay package for a second time. Tesla had argued that the vote addressed many of the court's criticisms that Musk's compensation deal had been flawed, partly because of insufficient disclosures to shareholders.

The judge, Chancellor Kathaleen McCormick, had in January ordered the entire package be rescinded, saying directors were beholden to Musk and the approval process for the pay deal was tainted and lacked transparency.

Write to Sean McLain at sean.mclain@wsj.com

(END) Dow Jones Newswires

December 02, 2024 17:11 ET (22:11 GMT)

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