Delaware judge rejects shareholders’ overwhelming reapproval of award for chief of electric-car maker
A US judge has shot down Tesla’s second attempt to award Elon Musk a record pay package, saying shareholders’ overwhelming reapproval did not override her previous rejection of the deal. Monday’s decision is a stinging rebuke of the world’s most valuable carmaker and chief executive Musk, the richest man in the world who has been riding high since Donald Trump was elected last month for a second term as US president.
McCormick, in her original ruling in February, said the Tesla board that approved the package six years ago was too cosy with Musk, and that her analysis of the grant — described as the “largest executive compensation award in the history of public markets” — showed it could not be justified on any reasonable metric. After McCormick struck down Musk’s pay package the first time, Tesla put the original package — with enhanced disclosures — to a shareholder vote in June.
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