{"id":26633,"date":"2024-01-31T20:12:39","date_gmt":"2024-01-31T20:12:39","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal"},"modified":"2024-01-31T21:13:06","modified_gmt":"2024-01-31T21:13:06","slug":"judge-blocks-musks-unfathomable-56bn-tesla-pay-deal","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal","title":{"rendered":"Judge blocks Musks ‘unfathomable’ $56bn Tesla pay deal"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>A judge in the US state of Delaware has annulled a $56bn (\u00a344bn) pay deal awarded to Elon Musk in 2018 by the electric car company Tesla.<\/p>\n

The lawsuit was filed by a shareholder who argued that it was an overpayment.<\/p>\n

Judge Kathaleen McCormick ruled that the Tesla board’s approval of the pay package was “deeply flawed.”<\/p>\n

In a post on X, which is owned by Mr Musk and formerly known as Twitter, he wrote: “Never incorporate your company in the state of Delaware”.<\/p>\n

The pay deal was the biggest ever in corporate history, helping to make Mr Musk one the richest people in the world.<\/p>\n

During the week-long trial, Tesla directors argued the deal was made to ensure that one of the world’s most dynamic entrepreneurs continued to dedicate his attention to the company.<\/p>\n

But the judge ruled that Tesla and Mr Musk’s attorneys “were unable to prove that the stockholder vote was fully informed”.<\/p>\n

In her 200-page ruling, Judge McCormick called the compensation “an unfathomable sum” that was not fair to shareholders.<\/p>\n

The judge also said the compensation package had been negotiated by Tesla’s directors who had been “swept up by the rhetoric” surrounding Mr Musk’s “superstar appeal”.<\/p>\n

Greg Varallo, an attorney for the Tesla shareholder Richard Tornetta who brought the lawsuit in 2018, said it was a “Good day for the good guys,” in an email reported by the Reuters news agency.<\/p>\n

The ruling can be appealed to the Delaware Supreme Court.<\/p>\n

The pay deal was the biggest ever in corporate history, helping to make Mr Musk one the richest people in the world.<\/p>\n

Shares in Tesla were down by around 3% in extended New York trade. They have lost more than 20% of their value so far this year.<\/p>\n

Mr Musk also posted on X: “I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters”. He then posted a poll asking his followers whether or not Tesla should “change its state of incorporation to Texas, home of its physical headquarters”.<\/p>\n

As well as being the chief executive and a major shareholder of Tesla, Mr Musk also owns the social media platform X, the rocket company SpaceX, and the brain chip firm Neuralink.<\/p>\n

After selling a large chunk of his stake in Tesla to buy X, Mr Musk currently owns about 13% of the social media platform but has recently said he wants a bigger stake in the electric car maker.<\/p>\n

Mr Musk said he is concerned about Tesla’s investments in artificial intelligence (AI) technology.<\/p>\n

“I am uncomfortable growing Tesla to be a leader in AI and robotics without having 25% voting control,” he said in a social media post.<\/p>\n

He said the current shareholder structure makes Tesla vulnerable to a “takeover by dubious interests” and he wants more control over its direction.<\/p>\n

“Unless that is the case, I would prefer to build products outside of Tesla,” Mr Musk added.<\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. A judge in the US state of Delaware has annulled a $56bn (\u00a344bn) pay deal awarded to Elon Musk in 2018 by the electric car company Tesla. The lawsuit was filed by a shareholder who argued that it was an overpayment. Judge Kathaleen McCormick ruled that the Tesla board’s approval of the […]<\/p>\n","protected":false},"author":84,"featured_media":26632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[242,243,233],"class_list":["post-26633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-eritrea","tag-eritrea"],"yoast_head":"\nJudge blocks Musks 'unfathomable' $56bn Tesla pay deal - Eritrea<\/title>\n<meta name=\"description\" content=\"A judge in the US state of Delaware has annulled a $56bn (\u00a344bn) pay deal awarded to Elon Musk in 2018 by the electric c ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Judge blocks Musks 'unfathomable' $56bn Tesla pay deal\" \/>\n<meta property=\"og:description\" content=\"A judge in the US state of Delaware has annulled a $56bn (\u00a344bn) pay deal awarded to Elon Musk in 2018 by the electric c ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-31T20:12:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-31T21:13:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1706722646.418647.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"530\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Judge blocks Musks ‘unfathomable’ $56bn Tesla pay deal\",\"datePublished\":\"2024-01-31T20:12:39+00:00\",\"dateModified\":\"2024-01-31T21:13:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal\"},\"wordCount\":507,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1706722646.418647.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Eritrea\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal\",\"name\":\"Judge blocks Musks 'unfathomable' $56bn Tesla pay deal - Eritrea\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1706722646.418647.jpg\",\"datePublished\":\"2024-01-31T20:12:39+00:00\",\"dateModified\":\"2024-01-31T21:13:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"A judge in the US state of Delaware has annulled a $56bn (\u00a344bn) pay deal awarded to Elon Musk in 2018 by the electric c ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1706722646.418647.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1706722646.418647.jpg\",\"width\":1000,\"height\":530,\"caption\":\"Judge blocks Musks 'unfathomable' $56bn Tesla pay deal\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/eritrea\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Judge blocks Musks ‘unfathomable’ $56bn Tesla pay deal\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#website\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/\",\"name\":\"Eritrea\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/eritrea\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Judge blocks Musks 'unfathomable' $56bn Tesla pay deal - Eritrea","description":"A judge in the US state of Delaware has annulled a $56bn (\u00a344bn) pay deal awarded to Elon Musk in 2018 by the electric c ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal","og_locale":"en_US","og_type":"article","og_title":"Judge blocks Musks 'unfathomable' $56bn Tesla pay deal","og_description":"A judge in the US state of Delaware has annulled a $56bn (\u00a344bn) pay deal awarded to Elon Musk in 2018 by the electric c ...","og_url":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal","og_site_name":"Eritrea","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2024-01-31T20:12:39+00:00","article_modified_time":"2024-01-31T21:13:06+00:00","og_image":[{"width":1000,"height":530,"url":"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1706722646.418647.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Judge blocks Musks ‘unfathomable’ $56bn Tesla pay deal","datePublished":"2024-01-31T20:12:39+00:00","dateModified":"2024-01-31T21:13:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal"},"wordCount":507,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1706722646.418647.jpg","keywords":["Africa Press","Africa Press-Eritrea","Eritrea"],"articleSection":["all news","miscellaneous"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal","url":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal","name":"Judge blocks Musks 'unfathomable' $56bn Tesla pay deal - Eritrea","isPartOf":{"@id":"https:\/\/www.africa-press.net\/eritrea\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1706722646.418647.jpg","datePublished":"2024-01-31T20:12:39+00:00","dateModified":"2024-01-31T21:13:06+00:00","author":{"@id":"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"A judge in the US state of Delaware has annulled a $56bn (\u00a344bn) pay deal awarded to Elon Musk in 2018 by the electric c ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#primaryimage","url":"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1706722646.418647.jpg","contentUrl":"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1706722646.418647.jpg","width":1000,"height":530,"caption":"Judge blocks Musks 'unfathomable' $56bn Tesla pay deal"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/judge-blocks-musks-unfathomable-56bn-tesla-pay-deal#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/eritrea\/"},{"@type":"ListItem","position":2,"name":"Judge blocks Musks ‘unfathomable’ $56bn Tesla pay deal"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/eritrea\/#website","url":"https:\/\/www.africa-press.net\/eritrea\/","name":"Eritrea","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/eritrea\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/posts\/26633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/comments?post=26633"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/posts\/26633\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/media\/26632"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/media?parent=26633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/categories?post=26633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/tags?post=26633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}