Delaware Chancery Court Judge Kathaleen St. Jude McCormick has blocked Elon Musk’s US$55.8 billion pay package, which Tesla’s board of directors approved in 2018 through a process she found to be “deeply flawed.”
No CEO of a publicly traded U.S. company has ever been paid this much for one year’s work, according to Equilar, which tracks corporate leadership data. Pay for the 10 highest-paid executives, including Google’s Sundar Pichai and Apple’s Tim Cook, reportedly maxed out at around $250 million in 2022.
McCormick’s opinion began with a good question: “Was the richest person in the world overpaid?”
She concluded, in this reference to Musk – whose fortune was estimated to be worth $205 billion before the ruling and consists largely of his Tesla shares and stock options, along with his SpaceX stake – that he was.
Read the full article from The Conversation