:max_bytes(150000):strip_icc()/GettyImages-1499013229-3ed9a39142c84dfabd41e5a3aab950f1.jpg?w=1500&resize=1500,947&ssl=1 "Court Again Strikes Down Elon Musk’s Tesla Pay Package Valued at More Than Billion | Global News Avenue")
Court Again Strikes Down Elon Musk’s Tesla Pay Package Valued at More Than $50 Billion
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Tesla shares fell in after-hours trading on Monday after news that a Delaware judge blocked CEO Elon Musk’s multibillion-dollar compensation package for the second time.
Tesla’s (Tesla) shares rose more than 3% in regular trading on Monday but fell more than 1% in late trading.
The decision by UK Chancellor of the Exchequer Kathalen McCormick upheld her earlier ruling that the package worth more than $50 billion was invalid. The decision follows a vote by shareholders in June Approve compensation plan. Both Tesla and Musk can appeal the latest ruling.
Musk runs several other multi-billion dollar companies in addition to Tesla, Very active recently In the administration of President-elect Donald Trump, richest man in the world.
The plan has been challenged on the grounds that it was too high and approved by a board of directors that was not sufficiently independent of Musk, in part because Musk should have been generously compensated to keep working at Tesla.
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