Elon Musk He has an estimated fortune of US$205 billion, ranking first on the list of the richest people in the world according to Bloomberg, but part of that amount comes from a salary package that Tesla provides him equivalent to US$55.8 billion. Those resources are now at risk, and if he stops receiving them he could leave the head of the famous ranking.
The problem for the creator of Tesla is that he received the ruling from a Delaware judge who puts a stop to these resources, since she found evidence to decide that the agreement with shareholders of the autonomous car company “It’s deeply flawed.”.
According to the Delaware Court of Chancery, it is not correct how the payment plan was made for Musk, who does not receive a monthly salary but depends on the package approved by the Board of Directors to be paid in certain periods.
“The process leading to approval of Musk’s compensation plan was deeply flawed“Kathaleen McCormick wrote in the opinion delivered to the Court, citing the “extensive links” by Musk with the Board members who negotiated their most recent salary agreement, which shareholders approved in 2018.
At that time, the package was valued at a maximum of US$55.8 billion.. Musk may appeal the decision, according to a group of lawyers, but for now, a month begins in which the Board must comply with the judge’s order.
As reported by The Wall Street Journal, “The ruling could mean the electric vehicle maker will have to draft a new CEO compensation package, calling into question how Musk, deeply tied to the automaker’s early days, should be rewarded.”.
Source: The Republic of Colombia (Ibero-American Network of Journalism Economic)
Source: Gestion
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