Tesla Seeks to Revive Musk’s $47 Billion Pay Deal After Judge Says No

Tesla Inc. is seeking to revive CEO Elon Musk’s $47 billion pay package after a judge ruled against it last week. The electric car company is hoping to overturn the judge’s decision and move forward with the controversial compensation plan.

Musk’s pay package, which was approved by Tesla shareholders in 2018, is tied to the company’s market value and profitability milestones. If Musk meets these targets, he stands to earn billions of dollars in stock options over the next decade.

However, a Delaware judge recently ruled that Tesla’s board of directors had breached its fiduciary duties by awarding Musk the pay package without proper oversight. The judge criticized the board for not considering the potential impact of the pay package on Tesla’s overall financial health and the interests of its shareholders.

In response to the ruling, Tesla has filed a motion asking the court to reconsider its decision. The company argues that the judge’s ruling was based on a misunderstanding of the facts and that the pay package is in the best interests of Tesla and its shareholders.

Musk, who is known for his ambitious goals and unconventional management style, has been a polarizing figure in the business world. Some investors and analysts have criticized his high compensation and questioned whether it is justified given Tesla’s financial performance.

Despite these concerns, Musk’s supporters argue that his leadership has been instrumental in driving Tesla’s success and pushing the company to innovate in the electric vehicle market. They believe that his pay package is a fair reward for his contributions to the company.

It remains to be seen how the court will ultimately rule on Tesla’s motion to revive Musk’s pay package. In the meantime, Musk continues to lead Tesla as it faces challenges in scaling up production, expanding its product lineup, and maintaining its position as a leader in the electric vehicle industry.