Delaware chancery court judge Kathaleen McCormick made little effort to disguise her incredulity at Elon Musk’s jaw-dropping 2018 pay package when she ruled this week that it should be rescinded.
Tesla’s board was “perhaps starry eyed by Musk’s superstar appeal”, she said, when it completely failed to ask “the $55.8bn question: was the plan even necessary for Tesla to retain Musk and achieve its goals?” Her resounding answer, as she rescinded it, was no.
If that judgment holds up under any appeal, then what should Tesla have paid for Musk’s services? How big a stake does he deserve to have in a company whose value briefly topped $1tn in 2021? And how much personal control should he have over the company in the long term?
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