Elon Musk: Court stops his 56 billion dollar bonus!

Elon Musk: Court stops his 56 billion dollar bonus!

Elon Musk had to accept a sensitive defeat in a court proceedings that strongly endanger his ambitious bonus numbers for his role in Tesla. A US court chaired by judge Kathaler McCormick Wies Musk's demand for a considerable bonus of $ 56 billion. This decision is probably the result of a legal dispute that is still outstanding from a similar judgment of January 2024, in which McCormick had already pointed out the "disproportionately high" remuneration and criticized Musk's strong influence on Tesla management.

The original bonus was $ 2.6 billion and, due to the rapidly increasing share price of Tesla, exploded to a huge sum that could even exceed $ 100 billion based on the current market conditions. Despite the support of Tesla shareholders who agreed to the bonus package in June this year, the judge decided that the defined performance goals for Musk were too easy to reach and do not reflect that Musk also acts as part-time chief of SpaceX and X (formerly Twitter). reported that the shareholders were insufficiently informed about Musk's influence on the remuneration process, and this had endangered the quality of their decisions.

appeal and possible consequences

disappointed with the judgment Tesla already announced that he wanted to appeal. However, this decision could claim ED over a year. In addition, the legal situation could still complicate itself, since Musks could be rejected and the internal entanglements within the company for discussion about the appropriateness of management remuneration. The shareholder Richard Toretta, who had filed the lawsuit, criticized that the goals for Musk were not ambitious enough and therefore justified excessive remuneration. It can be expected that the arguments between Tesla and Musk will turn to another legal examination, possibly even in Texas, where the company has its headquarters. The Exxpress reported that Tesla reported an insecure future stands while the performance of the shares could recover from an initial decline of two percent in post -market trade.