Tesla directors to repay up to $919 back to Tesla

Chancellor Kathaleen McCormick, a judge in Delaware has approved a case against certain Tesla board of directors who allegedly overpaid themselves. The judge ruled that Tesla directors including Robyn Denholm, Larry Ellison, Kimbal Musk and James Murdock must return almost $919 million back to the company.

The lawsuit was brought against the directors by the Police and Fire Retirement System of the City of Detroit back in 2020 who accused the directors’ compensation as being excessive. The directors will return almost $735 million in stock options and forgo $184 million of pay over the next three years.

It is worth noting that Chancellor McCormick is the same judge who recently ruled against Elon Musk’s exorbitant $56 billion compensation, even though it was approved by the company’s shareholders.