Elon Musk lost a lawsuit related to Tesla shares granted to him by the company (currently valued at $56 billion).
The court ruled that Musk is not entitled to this payout, despite Tesla shareholders approving his compensation in 2018. This decision upheld a similar ruling made in January.
The court determined that Tesla shareholders were not provided with full information about Musk’s connections with board members who approved such a large compensation package. The judge believed that this deprived shareholders of the opportunity to make an informed decision. The plaintiff, who filed the lawsuit, sought to cancel the agreement, and the court sided with him.
Musk’s stock package was initially valued at $2.6 billion, but due to the rapid increase in Tesla’s stock price, its value rose to $56 billion by 2023. This amount could now exceed $100 billion. Despite the court’s ruling, Tesla still has the option to appeal this decision.
Nevertheless, even without this stock package, Elon Musk remains the world’s richest person. His wealth continues to grow thanks to successful ventures like SpaceX.
