The Commissioners at Tesla support the allocation of a share package worth nearly 30 billion dollars (nearly 26 billion euros) to Tesla founder and top man Elon Musk. Provided the judge does not reject the allocation, the share package of Musk grows from more than 12 to more than 20 percent.
Musk finally has what he wants: a considerably higher payment for his work at Tesla. The CEO has been fighting legal battle for years on his reward with the car manufacturer. It would be the highest in the history of the US, were it not for the judge in Tesla’s home to stop Delaware for the reward of 56 billion (you read it right, billion) dollar.
The judge found that reimbursement for the year 2018 exorbitantly high and feared that the supervisory board who approved was too much on the hand of the CEO. A strictly controlling RVC is not easy in times when the one who can shout the loudest gets most done. Only President-Commissioner Robyn Denholm and Commissioner Kathleen Wilson-Thompson wrote to this allocation, and eventually granted the entire Supervisory Board approval.
The Tesla share has been in red since the Donald Trump election. Due to the actions of Musk, who acted in the first months as ‘First Buddy’ who dismissed millions of civil servants, Tesla became serious image problems. The sales ran sharply and the profit plummeted. In the last half -year figures, Tesla had to take the biggest drop in turnover in ten years.
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In the meantime, the bromance In the White House splashed into a fight and Musk is back at Tesla. He has been threatening to get on there for a few months if he does not get a higher payment. This threat fell in fertile earth at the Supervisory Board: “keeping Elon there is more important than ever before,” was the explanation of Tesla to the shareholders. Musk may only redeem the shares in two years, provided he is still a top executive of Tesla.
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