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A Delaware court this week voided Elon Musk’s $55.8 billion dollar pay deal with Tesla. The voiding of these stock options erases about a quarter of Musk’s current wealth.
The judgement came in response to a shareholder lawsuit launched by Richard Tornetta who owned nine shares in the company. Judge Kathaleen McCormick found Tesla directors, who negotiated the pay package, were “perhaps starry eyed” due to Musk’s “superstar appeal” and did not adequately inform shareholders.
Elon Musk announced after the judgement that he would seek to reincorporate Tesla in Texas, a state that he believes could be more hospitable to his way of doing business than Delaware. We’ll dig into whether that would work near the end of the video.
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