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Tesla and SpaceX CEO Elon Musk has received a very good news. The Delaware Supreme Court of America has ruled that Musk will get his old pay package of 2018 back.
New Delhi. The world’s richest man Elon Musk has registered a big victory. After a 7-year long legal battle, the Delaware Supreme Court returned his 2018 salary package of $55 billion. This was the same package that Tesla had made when he was CEO to take the company to new heights.
After years of long battle, now Musk’s pocket has become even heavier. Musk is already the richest person in the world, but with this decision his wealth has increased further to about 679 billion dollars. At the time of 2018, Tesla was struggling to increase production of electric vehicles and burn cash. At that time the market value of the company was around 50–75 billion dollars. But later, due to improvement in production and increase in sales, Musk got a chance to get a big bonus.
The lower court had canceled the decision
Last year, a lower court had canceled this package. The reason was that the court felt that Tesla’s board was too close to Musk and the shareholders were not given complete information. Musk was so angry with this decision that he shifted the Tesla company from Delaware to Texas. But now the Supreme Court said that the old decision was wrong. Canceling the package was a very harsh punishment, because Musk had worked hard for 6 years to take the company to great heights. The court reinstated the package and awarded Tesla a loss of only $1.
Elon Musk can become the world’s first trillionaire
Let us tell you that Musk is moving fast towards becoming the world’s first trillionaire. Trillionaire means owner of wealth of 1 trillion dollars or more. According to reports, his recent business decisions may increase his wealth rapidly in the coming years. At present he has reached the 600 billion dollar club.
