compensation package

Tesla says its shareholders overwhelmingly ‘ratified’ Elon Musk’s absurd 2018 compensation package, but the truth is much different.

No one who has followed the career of that famously self-effacing and modest business leader Elon Musk could have expected him to boast openly about having secured approval from Tesla shareholders for two important initiatives: moving the company’s state of incorporation to Texas from Delaware, and “ratifying” his massive 2018 compensation package after it was invalidated by a Delaware state judge.

So Tesla shareholders this week voted to approve a $45 billion compensation package for Elon Musk.

Back when Elon Musk’s compensation package was first sort of vetoed by this judge in Delaware, it was reportedly worth $56 billion.

So back in 2018, when Tesla was a much smaller company — it was worth about $59 billion at the time — Tesla’s board came up with this compensation package for Elon Musk.