Judge says Tesla board must face trial over Musk's mega-pay package

Reuters
Judge says Tesla board must face trial over Musk's mega-pay package

A Delaware judge ruled on Friday that Tesla's board of directors must defend at a trial Chief Executive Elon Musk's multibillion dollar pay package, which a shareholder lawsuit said unjustly enriched the head of the electric vehicle company. Tesla estimated the 2018 compensation package was worth $2.6 billion when it received stockholder approval in March 2018, although stock analysts at the time said it could be worth up to $70 billion if the company — which has yet to post an annual profit — grew quickly. The compensation award includes no salary or cash bonus for the Silicon Valley billionaire Musk, but sets rewards based on Tesla's market value rising to as much as $650 billion over the next decade.