Elon Musk is one of the richest people in the world, but do you know how much he will be paid as the CEO of Tesla in the near future?
It may be hard to believe, but Tesla has approved a $56 billion salary or compensation package for Elon Musk.
Tesla shareholders approved a $56 billion compensation package for Elon Musk so he can focus his full attention on the company.
But the shareholders’ approval will not end the lawsuit filed against Elon Musk in the Delaware court for compensation. This court’s decision in January 2024 to invalidate Elon Musk’s $56 billion package as too high. was told
The package was first approved by Tesla in 2018.
In 2018, Richard Tornetta, a Tesla investor, filed a lawsuit against this package in a Delaware court, saying that Elon Musk created his own salary plan, which violates the law.
He said board members had deliberately withheld key details from shareholders in order to approve the pay deal.
On which the court said in its decision that the Tesla board improperly prepared Elon Musk’s package.
The court said that the plaintiff should work with Elon Musk’s legal team to ensure the execution of the verdict.
Now Elon Musk may face lawsuits on the approval of the new package, while the hearing on the appeal regarding the decision of the previous case may also last for several months.
To avoid these lawsuits, Tesla’s shareholders approved moving the company’s office from Delaware to Texas.
Keep in mind that Elon Musk owns 13% of Tesla shares and does not receive a monthly salary from the company.
The details of this new package are yet to be revealed, but in the old package, his remuneration was subject to the company’s financial growth.