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Elon Musk US$56 Billion Compensation Package Blocked by Delaware Court
Elon Musk’s US$56 Billion compensation pay deal has been cancelled in a Delaware Court, Saudi Arabia is considering plans to sell more shares in Aramco as soon as February 2024 and FTX customers and creditors who can prove their losses have a high possibility of retrieving their funds from the now bankrupt crypto exchange.
A judge in Delaware has sided with a shareholder who questioned a pay package for Elon Musk worth $56 Billion dollars and stated that it was excessive. If any appeals fail, the board will have to come up with another way to compensate Mr. Musk. A shareholder of the company
Richard Tornetta had filled a lawsuit half a decade ago stating that the chief executive acted improperly during negotiations of the packages as the board was not acting independently to Elon Musk. The US$56 Billion dollar deal is said to be the largest compensation package for any executive and would add to his already large net worth. Elon Musk had shared in November 2022 that the compensation would be used for international space travel. Musk had shared that it was a part of his plan to get humans living on Mars and Tesla wanted to be at the
forefront of that movement. There was a lot of back and forths with the court and the plaintiff, however he recommended that the company either lowered the
compensation package or find a new CEO. The negotiation proved fruitful for the EV Car maker as in 2021 when the package deal was signed, Tesla’s market capitalization skyrocketed from US$50 Billion to US$1 Trillion dollars. Elon Musk also wants to hold 25% voting rights in the company, as it stands right now, Musk owns 13% of shares
in Tesla.
One of the largest if not the largest oil company in the Middle East that is also state owned, Aramco, is planning on selling US$10 Billion dollars worth of shares as early as February 2024. The Saudi Arabian government ordered on Tuesday that the oil giant, Aramco should stop its expansion plan and focus on a more sustainable 12 billion barrels per day. This is 1 billion barrels less than the 13 billion barrels announced in 2020, with demand growth slowing down. Saudi Aramco as research states is the world’s largest oil company and is said to be worth US$2.02 Trillion dollars.
Account holders and creditors are more likely than not to get back their funds from the collapsed crypto exchange FTX. FTX had been forced to undergo liquidation after filing for bankruptcy back in 2023. Now FTX can confidently state that they are able to repay any customer or creditor back their full investment as long as they are able to prove the amount they had invested into or loaned the crypto exchange. It should be noted that there are a few clauses to this repayment as well. The full repayment amount will be done based on the petition date value of the claims and not the actual amount the investor had placed
in the company. Later in the hearing the judge approved a
motion with the debtors for the digital assets to be converted into US Dollars and then used to repay the customers.
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By Money RoundupElon Musk’s US$56 Billion compensation pay deal has been cancelled in a Delaware Court, Saudi Arabia is considering plans to sell more shares in Aramco as soon as February 2024 and FTX customers and creditors who can prove their losses have a high possibility of retrieving their funds from the now bankrupt crypto exchange.
A judge in Delaware has sided with a shareholder who questioned a pay package for Elon Musk worth $56 Billion dollars and stated that it was excessive. If any appeals fail, the board will have to come up with another way to compensate Mr. Musk. A shareholder of the company
Richard Tornetta had filled a lawsuit half a decade ago stating that the chief executive acted improperly during negotiations of the packages as the board was not acting independently to Elon Musk. The US$56 Billion dollar deal is said to be the largest compensation package for any executive and would add to his already large net worth. Elon Musk had shared in November 2022 that the compensation would be used for international space travel. Musk had shared that it was a part of his plan to get humans living on Mars and Tesla wanted to be at the
forefront of that movement. There was a lot of back and forths with the court and the plaintiff, however he recommended that the company either lowered the
compensation package or find a new CEO. The negotiation proved fruitful for the EV Car maker as in 2021 when the package deal was signed, Tesla’s market capitalization skyrocketed from US$50 Billion to US$1 Trillion dollars. Elon Musk also wants to hold 25% voting rights in the company, as it stands right now, Musk owns 13% of shares
in Tesla.
One of the largest if not the largest oil company in the Middle East that is also state owned, Aramco, is planning on selling US$10 Billion dollars worth of shares as early as February 2024. The Saudi Arabian government ordered on Tuesday that the oil giant, Aramco should stop its expansion plan and focus on a more sustainable 12 billion barrels per day. This is 1 billion barrels less than the 13 billion barrels announced in 2020, with demand growth slowing down. Saudi Aramco as research states is the world’s largest oil company and is said to be worth US$2.02 Trillion dollars.
Account holders and creditors are more likely than not to get back their funds from the collapsed crypto exchange FTX. FTX had been forced to undergo liquidation after filing for bankruptcy back in 2023. Now FTX can confidently state that they are able to repay any customer or creditor back their full investment as long as they are able to prove the amount they had invested into or loaned the crypto exchange. It should be noted that there are a few clauses to this repayment as well. The full repayment amount will be done based on the petition date value of the claims and not the actual amount the investor had placed
in the company. Later in the hearing the judge approved a
motion with the debtors for the digital assets to be converted into US Dollars and then used to repay the customers.