The compensation plan for CEO Elon Musk at the center of the dispute is potentially worth more than $55 billion.
WILIMINGTON, Delaware --
The lawsuit, filed in 2018, also alleges that the shareholder vote to approve that compensation was based on an incomplete and misleading proxy statement. Each milestone in the plan includes growing Tesla's market capitalization by $50 billion and meeting aggressive revenue and pretax profit growth targets. Musk would receive the full benefit of the pay plan, $55.8 billion, only if Tesla hit a market capitalization of $650 billion and unprecedented revenues and earnings within a decade.
But the Austin, Texas, company earned $5.5 billion in 2021, blowing away the previous year's profit of $721 million, and it produced a record 936,000 vehicles, nearly double what the company rolled off the assembly line in 2020.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
John Legere tweets Elon Musk: 'Maybe I should run Twitter;' see how Elon respondedFormer T-Mobile CEO John Legere, the man who made T-Mobile the dynamic innovative wireless provider it is today, tweets that maybe he should run Twitter.
Read more »
The tech CEO spending millions to stop Elon MuskDan O’Dowd is on a one-man crusade to challenge what he sees as the cavalier development of dangerous technology, starting with Tesla’s ‘Full Self Driving.’
Read more »
Elon Musk culls Twitter contractors after mass employee layoffsTwitter started culling its vast ranks of contract staff today after laying off half its staff earlier this month, sources confirm to Axios.
Read more »
DOGE Did Not Pump on Elon Musk's Words & Thankfully So, Here's WhyCrypto market did not believe yesterday's $DOGE hype and rightfully so dogecoin dogearmy doge dogelonmars elonmusk cryptocurrencies cryptonews
Read more »
Elon Musk faces $56 billion court fight with heavy metal drummer - AutoblogElon Musk this week squares off in court against an unlikely foe — a thrash metal drummer who hopes to strip Musk of his $56 billion pay.
Read more »
Elon Musk has donated more to Republicans than Democrats since 2002Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »