Repeated rejection of the Tesla compensation package of Elon Musk by the Delaware Court marked a minor obstacle in his finances, however, his net worth continued to rise as Donald Trump emerged victorious in the Presidential elections.
Musk already had a place on the list of the wealthiest people all around the world, and now after the election results, his resources as well as his influence has further expanded. According to a report by the Bloomberg Billionaires Index, the estimated net worth of Tesla CEO Musk is $353 billion, showing an increase of $91 billion over the past month.
He has been a close ally to Trump throughout the elections and has also financially supported his campaign. After Trump’s victory, he is now in a position where he could significantly impact federal spending and regulatory decisions. This situation is significantly going to be favourable for Musk and his great business interests.
Nonetheless, the ruling regarding the compensation package represents a financial setback for Musk, at least in the short term. Chancellor Kathaleen McCormick of the Delaware Chancery Court on Monday gave a ruling against Musk’s pay package.
In the ruling, she stated that the latest shareholder vote at Tesla which supported Musk’s compensation package, now estimated at $100 billion is not going to force her to alter her previous decisions. In response, Musk on Tuesday, referred to McCormick as “a radical far-left activist cosplaying as a judge.”
Although the pay package was not given a thumbs up by the court, Tesla is likely to look for a replacement if they are unable to get a reinstatement through an appeal to the Delaware Supreme Court.
Regardless of the outcome, Musk might not experience any major financial issues as the ruling has not affected his financial statement significantly. Also, Tesla’s board has exhibited a willingness to take necessary actions to make sure Musk is satisfied.
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