According to the court’s ruling, Elon Musk will lose his position as the richest person in the world
According to a new ruling in the Delaware court, Elon Musk will soon fall from the first place of the richest people in the world to the third place.
An American judge in the Delaware Supreme Court has declared that Elon Musk cannot receive the 55 billion dollar salary from Tesla. According to the ruling issued by the court, Tesla’s board members must look for a new proposal for Elon Musk.
Moments after the court’s ruling, Elon Musk said in a post on the X social network: “Never start your company in the state of Delaware.”
Financial market analysts say that the American judge’s ruling seriously threatens Elon Musk’s wealth. If the verdict is final and the salary of 55 billion dollars is not available to Elon Musk, he will fall to third place in the list of the richest people in the world.
Tesla shareholders agreed to the details of a $55 billion financial package in 2018, saying it would motivate Elon Musk to stick to goals such as turning Tesla into a $650 billion company (at the time, Tesla was worth 10 times less than the target). Was).
The court case focused on an important question: Did Elon Musk deceive Tesla shareholders when he proposed a hefty $55 billion payday?
Greg Varallo, the shareholder lawyer who sued Elon Musk, claimed that shareholders were not told that the $55 billion salary was Musk’s idea. Last year, Judge Kathleen McCormick called the argument a “firearm” in the case, saying what Musk has proposed is the largest financial package in the history of the public markets.
Judge McCormick found out that many members of Tesla’s board of directors are closely related to Elon Musk and always vote in his favor.
Musk recently demanded more control over Tesla and even threatened the company’s board members. He said some time ago that he wants at least 25% ownership of the company to achieve his goals in the field of artificial intelligence. Musk currently owns 13% of Tesla shares.