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A Delaware judge gave the green light to a deal where Tesla big shots like Chair Robyn Denholm, Larry Ellison from Oracle, Kimbal Musk, and James Murdoch will cough up a whopping $919 million to the carmaker. This settles the score on accusations of being overpaid, according to Reuters.
The brouhaha started with a lawsuit in 2020 by the Police and Fire Retirement System of the City of Detroit, questioning the fat paychecks dished out to directors from 2017 to 2020. They’ll have to pony up stock and options worth $735 million and kiss goodbye to a cool $184 million in allegedly excessive pay over three years.
The judge in charge, Chancellor Kathaleen McCormick, even threw in $176 million for the legal eagles who took the case on a “no win, no fee” basis. Tesla is pushing for a cap at $64 million though. McCormick is no stranger to throwing shade at Tesla, having previously nixed Elon Musk’s eye-popping compensation plan despite shareholders giving it the thumbs up.
