Elon Musk won–by a huge margin driven by the votes of retail investors, not the massive financial houses–a vote to reinstate a compensation package that had been approved by shareholders previously but had been struck down by an activist judge.
Tesla CEO Elon Musk has won the backing of shareholders in his fight to reclaim a $56 billion pay package voided by a Delaware judge who ruled the record-breaking compensation was excessive. https://t.co/6aueYZ2Xd9
— NBC News (@NBCNews) June 13, 2024
The package was unusual–Musk decided to forego any compensation for years in exchange for an incentive package based on ridiculously ambitious goals for the increase in stock price. Musk hit and then exceeded those targets by years, and he was awarded stock options worth tens of billions of dollars.
A Delaware judge struck down the package based on a novel legal theory: Musk is already too…
