elon musk

FILE - Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington, on March 9, 2020. A Delaware court on Wednesday, April 27, 2022, sided with Musk in a bitter legal battle over whether he acted against the best interest of other shareholders when he steered the electric car maker into a $2.6 billion acquisition of a solar panel maker founded by two of his cousins. (AP Photo/Susan Walsh, File)

DELAWARE - Elon Musk doesn't have a very high opinion of the judicial process in the state of Delaware today.

The Tesla CEO is still angry after Chancellor Kathaleen St. Jude McCormick ruled a $55 billion pay package awarded in 2018 must be voided.

The lawsuit was brought by Tesla shareholders five years ago who claimed that the unprecedented award was a product of sham negotiations with the board of directors.

According to the judge Musk and the Tesla board "bore the burden of proving that the compensation plan was fair, and they failed to meet their burden." 

There could still be more legal work to be done on this case here in the first state. Elon Musk can appeal this decision to the Delaware Supreme Court.

Tags

Evening Broadcast Journalist

Charlie moved to Delmarva to join CoastTV in 2021 and has since anchored just about every newscast at the station. Currently, Charlie is on the news desk at 5 p.m. and 6 p.m. He is also the co-host of CoastLife, CoastTV's hour-long lifestyle show.

Recommended for you