A judge has hit the brakes on a £44 billion bonus that Elon Musk received from his electric car company, Tesla.
Musk received the bumper payout in 2018 for his performance as the company’s chief executive. It was the biggest ever bonus in US history and helped to make him the richest person in the world.
However, a shareholder in Tesla called Richard Tornetta argued it was too much.
Judge Kathaleen McCormick agreed that the deal was “unfathomable”. She said the Tesla directors who organised the pay-out were “perhaps starry-eyed” by Musk’s “superstar appeal”.
The bonus has been cancelled – and French businessman Bernard Arnault has overtaken Musk as the world’s richest person. Arnault has £168 billion, while Musk has £158 billion.