Elon Musk Is Ordered to Give Up , Tesla Pay Worth Billions.
On Jan.
30, a judge in Delaware ruled that the Tesla CEO must forfeit a 2018 bonus agreement worth up to $55.8 billion, 'The Hill' reports.
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Musk and Tesla were sued by shareholders after the bonus package was announced.
The shareholders claimed that the bonus was so large because Musk controlled the board, which awarded it to him.
According to Chancery Judge Kathaleen McCormick, the bonus package was over 250 times bigger than average executive pay at the time, .
Effectively making it the largest bonus grant in the history of American private business, 'The Hill' reports.
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The judge referred to the method of building the bonus agreement as "deeply flawed" considering Musk's "enormous influence" over the board.
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According to business analysts, the ruling to have the bonus agreement rescinded could strip Musk of his title as the richest person in the world.
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Musk took to X to condemn the ruling.
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Never incorporate your company in the state of Delaware, Elon Musk, via X
