Newsmax reports: A Delaware judge moved Monday to confirm its confiscation of Elon Musk’s wealth that he created at Tesla — denying him a compensation package that would be worth over $100 billion in value today.
Musk has paid a heavy price for countering woke politics, making X a neutral platform, and backing Donald Trump for president.
Delaware Chancellor Judge Kathaleen McCormick on Monday ruled to confirm her January ruling that found Musk was not eligible for a 2018 compensation package then valued at $56 billion.
McCormick complained the Tesla package for Musk was the “biggest compensation plan ever — an unfathomable sum.”
After McCormick had initially ruled that Musk had not gotten proper approval from Tesla shareholders, Musk filed suit.
Musk said he properly received board approval and later hit financial targets to earn the compensation, including benchmarks based on stock value, profitability, and revenue.
At one point, visionary Musk had driven the value of Tesla to close a trillion dollars during the compensation period. Today, Tesla holds a market cap of over $1.1 trillion.
After the judge’s January 2024 ruling, Tesla went back to its shareholders to approve the Musk compensation plan.
In June, Tesla shareholders again approved the original $56 billion compensation overwhelmingly — with 77% of stock owners backing Musk and the package.
An “unfathomable sum”? Who decides how much is “unfathomable” — the government?
I lived full-time in Delaware for 20 years, and some of the finest people I know still live there. BUT: The leftists who rule over the officially one-party state are unbridled, irredeemable scum. It is, after all, the state whose Democrat Party gave us the Biden crime family. Note that the reason the Delaware judge gave for denying Musk his private property was, in essence, “This is too much money for one man.” Schoolmarm, low IQ Communism rules in Delaware. Remember: Businesses incorporate in Delaware for its historically business-friendly climate.
Having said all that, I tend to believe Musk will find a way around this, eventually. Not just because he’s so rich; but because he’s so smart.
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