February 28, 2024

Elon Musk

Tesla CEO Elon Musk’s pay package from 2018 was voided by a judges ruling on Tuesday (Jan. 30).
Image: Gonzalo Fuents (Reuters)

A Delaware state court judge has struck down Elon Musk’s $55 billion Tesla CEO pay package from 2018 that cemented his place as the world’s richest person.

In a ruling filed Tuesday in Delaware Chancery Court, Judge Judge Kathaleen McCormick found that defendants in a lawsuit, which include Musk Tesla’s board, failed to meet the burden in proving that“the compensation plan was fair.”

This is a developing story and will be updated.

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