, news on December 3.
On December 2, local time, U.S. District Court of Delaware Judge Katherine St.
John McCormick decided to uphold her ruling in January this year, holding that Tesla’s board of directors approved Musk’s salary plan in 2018 was too influenced by Musk’s personal influence and rejected the salary plan again.
It is reported that the salary was initially valued at US$2.
6 billion, but when the judge cancelled it, it had risen to US$56 billion.
In response, Tesla issued a response saying that a Delaware judge had just overturned the judgment of the vast majority of Tesla shareholders, who voted twice to determine how much to pay Musk.
Tesla stressed,”The court’s decision is unreasonable and we will continue to appeal.
” If the ruling is not overturned, it would mean that the judge and plaintiff’s lawyers control the Delaware company, not the company’s shareholders.
“, Musk himself responded to the ruling on social media X, saying,”Companies should be controlled by shareholders, not judges.
” 
, Ark Investment CEO Casey Woodwin supports Musk.
She said she was the worst and most aggressive judge based on McCormick’s ruling against Tesla.
No judge has the authority to determine CEO pay.
Shareholders overwhelmingly approved Musk’s 2018 salary plan twice.
, Previously, Wood had issued a document that the Delaware District Court’s ruling forced Tesla to void its vote on Musk’s performance pay plan.
This was unreasonable, a violation of investor rights, and an insult to the board of directors of one of the most successful companies in the United States.
In 2018, Tesla provided Musk with this salary plan.
The plan stipulated that if the company achieved its established financial goals, he would receive option awards one by one to buy more shares at a lower price, or sell them for a profit.
If the goal is not reached, Musk will not get a penny.
Public information shows that Musk has not received a cash salary from Tesla since 2019.
On January 30 this year, a Delaware Court of Chancery judge ruled that Musk’s $56 billion salary plan was invalid on the grounds that Tesla’s board of directors failed to prove that “the salary plan was fair.
” On June 13, the salary plan was approved again at the annual shareholders meeting of Tesla Corporation in the United States.
, If this appeal fails, Musk’s wealth may be greatly reduced and Tesla’s future will be affected.
The latest Bloomberg Billionaires Index shows that Musk, the world’s richest man, has a net worth of US$353 billion.
And his wealth mainly comes from the Tesla options in his hand.
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