Elon Musk isn’t going to get that $55 billion pay package after all, a Delaware Court of Chancery judge has ruled. The ruling means Tesla’s board will need to come up with a new proposal.
The ruling threatens Musk’s fortune if it makes it through an appeal, Bloomberg reports. Without the options in that package, Musk may only be the third-richest man in the world.
Tesla shareholders approved the package in 2018, which gave Musk incentive to hit specific milestones, including a market valuation of $650 billion, which was more than 10 times Tesla’s value at the time. The trial hinged on a specific question: did Musk mislead the shareholders when he gave them the plan?
Greg Varallo, attorney…