Tesla directors agree to return $735 million following claims they were massively overpaid
Elon Musk, Larry Ellison and other current and former members of Tesla's board of directors will return $735 million to settle claims that they massively overpaid themselves,has reported. The deal wraps up a saga that started in 2020 stemming from a lawsuit filed by a police and firefighter retirement fund challenging stock options granted to Tesla's board starting in 2017.
Tesla's current board includes Elon Musk, his brother Kimbal, Fox News mogul James Murdoch, Airbnb co-founder Joe Gebbia and former Tesla CTO JB Straubel. The case is separate from aThe Police and Fire Retirement System of the City of Detroit accused Tesla's board of giving itself unfair and excessive compensation in the form of 11 million stock options between 2017 and 2020, saying it grossly exceeded norms for a corporate board.
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