Why Elon Wasn't Worth the $56 Billion Tesla Paid Him

And why a judge was able to take it away.

You-know-who. Photo by Trevor Cokley, taken for the U.S. Air Force when Musk visited the Air Force Academy in 2022.

If Tesla’s board wants to pay its part-time chief executive, Elon Musk, $56 billion for meeting targets the board and Musk agreed on mutually six years ago—and that Tesla shareholders approved in 2018—well, that’s Tesla’s business, right? Wrong, said Judge Kathaleen McCormack of the Delaware Court of Chancery. This is an unexpected decision but, I think, the right one, I argue in my latest New Republic piece. You can read it here.