Elon Musk Faces Financial Nightmare as Judge Throws Out his Obscene $56 Billion Tesla Salary For Being “Unfair
One of the most famous personalities on earth, Elon Musk is quite popular primarily for two reasons- for his acquisitions and mergers and for landing into controversies. After coming up with a groundbreaking startup named Neuralink in the world of medicine and technology, the billionaire businessman is now facing one of the biggest financial nightmares of his life. Recently Elon Musk’s eye-popping Tesla deal was blocked by a Judge from Delaware, in the U.S. after a shareholder filed a complaint of overpayment.
Elon Musk Loses Sleep After A Judge Throws Out His Billion Dollar Tesla Salary Package For Being Unfair
Elon Musk is one of the richest men in the world and this has been possible because of his sharp mind and his list of business acquisitions and mergers. Recently, the SpaceX founder lost his sleep over a week-long trial with respect to Tesla Board’s approval for the pay package.
As reported by the media outlet BBC, Judge Kathleen McCormick Tesla mentioned that the board’s approval of the pay package was flawed. The pay played a very significant role in making Elon Musk one of the richest men on earth. The Tesla board of directors argued that the deal was made to ensure that Musk continued to give undivided attention to the company.
However, according to the 201-page ruling, the Tesla and Elon Musk’s attorney,
“were unable to prove that the stockholder vote was fully informed”, and that he had “extensive ties with the persons tasked with negotiating on Tesla’s behalf”.
Judge McCormick even labeled the compensation unfathomable and totally unfair to the shareholders. As reported by BBC, Brian Quinn a professor at Boston College Law School mentioned-
“Given the judge found Mr Musk to be in control of the board, it’s hard to justify a transaction like this,”
Professor Quinn even referred to his poll on X, with respect to Tesla, which mentioned-
I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters
— Elon Musk (@elonmusk) January 31, 2024
While talking about the ownership of Tesla, Professor Quinn said-
“That is a question for Tesla shareholders, not his Twitter followers. He treats Tesla like his own but even if he calls himself the ‘Technoking of Tesla’, he is not the majority owner,”
As Elon Musk is a major shareholder and CEO of Tesla, he owns around 13% of the electric carmaking company after selling a huge part to buy X.
Elon Musk Announces Neuralink’s First Succesful Human Implant Trial
Recently, Elon Musk took to X and proudly announced one of the most groundbreaking inventions in the history of medicine, technology, and mankind. He posted on X about his startup Neuralink and the first-ever human being to receive an implant from it. The post mentioned-
The first human received an implant from @Neuralink yesterday and is recovering well. Initial results show promising neuron spike detection.
According to Neuralink’s website, the implants can help people with motor disorders like Quadriplegia and paralysis to control their devices with their thoughts. However, the startup was fined for violating the rules of the US Department Of Transportation in 2022. As reported by the reputed media outlet Reuters, during the inspection of Elon Musk’s Neuralink’s Texas and California-based centers in 2023, Xylene was found. The organic chemical compound can cause headaches, loss of muscle coordination, and even death in extreme cases.
