Maffei v. Palkon
Maffei et al v. Palkon et al, Delaware Supreme Court, No. 125, 2024 is a lawsuit where Elon Musk is trying to get the Delaware Supreme Court to overturn a judge's ruling which had overturned Musk's $56 billion bonus package. Originally, Tesla shareholders had voted to give Musk a performance based bonus which was to be based on the increase in the value of Tesla stock. The higher the stock price went, the higher Musk's bonus was to be. After the stock price went up by a very large amount, Musk was given a bonus of $56 billion. One Tesla shareholder sued to prevent Musk from receiving this bonus. Delaware Chancellor Judge Kathaleen McCormick ruled in favor of the plaintiff, meaning that Musk would not be allowed to keep the $56 billion bonus. Then the shareholders voted for a second time to give Musk the $56 billion bonus. Then Judge McCormick ruled against the bonus a second time, claiming that the amount of $56 billion was "unfathomable." Then Musk filed his lawsuit to have his $56 billion bonus reinstated.[1][2][3]
References
[edit]- ^ Judge voids Elon Musk's 'unfathomable' $56 billion Tesla pay package, Reuters, January 31, 2024
- ^ Elon Musk's more than $50 billion pay deal at Tesla was rejected again. Here is why, NPR, December 3, 2024
- ^ Delaware Supreme Court eases path for some companies to leave state, Reuters, February 4, 2025
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