January 31, 2024 – News emerged on the 31st that Tesla CEO Elon Musk’s US$55 billion compensation plan has been rejected by the Chief Justice of the Court of Chancery in Delaware, following raised by Tesla shareholders.
The judge opined that the massive stock option award granted to Musk by Tesla in 2018 was unfair, despite Musk having already received all the incentives worth over US$55 billion.
Without these options, Musk’s net worth would have dropped to US$154.3 billion, making him the third wealthiest individual in the world.
In response to the ruling, Musk expressed his dissatisfaction on social media platform X, stating, “Don’t incorporate in Delaware.”
Musk further added, “If you want shareholders to decide things, I recommend incorporating in Nevada or Texas.”
Some netizens commented, “I don’t understand why an agreement approved by 80% of shareholders was declared invalid by the judge.”
