Â鶹ӰÊÓ

Skip to main content

Elon Musk cannot keep Tesla pay package worth more than US$55 billion, judge rules

Tesla CEO Elon Musk waves as he arrives at the annual political festival Atreju, organized by the Giorgia Meloni's Brothers of Italy political party, in Rome, Dec. 16, 2023. (AP Photo/Alessandra Tarantino, File) Tesla CEO Elon Musk waves as he arrives at the annual political festival Atreju, organized by the Giorgia Meloni's Brothers of Italy political party, in Rome, Dec. 16, 2023. (AP Photo/Alessandra Tarantino, File)
Share
NEW YORK -

A judge says Elon Musk must give up a compensation package awarded by Tesla's board of directors that is potentially worth more than $55 billion.

The ruling in a Delaware court comes five years after a shareholder lawsuit targeted Tesla CEO Musk and the directors. They were accused of breaching their duties to the electric vehicle and solar panel manufacturer, resulting in a waste of corporate assets and unjust enrichment for Musk.

Plaintiff's lawyers argued that the pay package was dictated by Musk and was the product of sham negotiations with directors who were not independent of him.

Defence attorneys said the pay plan was fairly negotiated by a committee of independent directors, contained lofty performance milestones, and was blessed by a shareholder vote that was not even required.

CTVNews.ca Top Stories

The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.

A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.

Unusual flippered feet are making their way into the Saint Lawrence River this weekend. Led by underwater explorer and filmmaker Nathalie Lasselin, volunteer divers are combing the riverbed near Beauharnois in Montérégie to remove hundreds of tires that have been polluting the aquatic environment for decades.

A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.

Local Spotlight

Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.

Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.

An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.

They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

Stay Connected