The deal settles an investor lawsuit accusing board members of improperly giving themselves massive compensation packages.
Tesla directors, including co-founder Elon Musk, agreed to return more than $735 million in stock awards and cash to settle an investor lawsuit accusing board members of improperly giving themselves massive compensation packages.
Tesla didn’t immediately respond to a request to comment Monday. A Michigan-based pension fund filed the case against the electric-car maker’s board in 2020. In 2018, Tesla’s two non-employee directors received stock grants worth more than $8.7 million for the year, and the board chairperson — Australian telecom executive Robyn Denholm –- was the second-highest paid board chair in the US, according to the pension fund’s suit.
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