作者
標題 [新聞] MUSK上訴成功 恢復2018年特斯拉薪酬協議
時間 Sat Dec 20 11:29:12 2025
標題 [新聞] MUSK上訴成功 恢復2018年特斯拉薪酬協議
時間 Sat Dec 20 11:29:12 2025
原文標題：
Musk wins appeal that restores 2018 Tesla pay deal now worth about $139
billion
原文連結：https://tinyurl.com/mryt3u6s
Musk wins appeal that restores 2018 Tesla pay deal now worth about $139 billion Elon Musk's 2018 pay package from Tesla, once worth $56 billion, was restored by the Delaware Supreme Court on Friday, nearly two years after a lower ...
記者署名：Tom Hals, Jan Wolfe and Abhirup Roy
原文內容：
路透社，德拉瓦州威明頓，12月19日 — 週五，德拉瓦州最高法院恢復了伊隆· 馬斯克（
Elon Musk）於2018年與特斯拉達成的薪酬方案。該方案原價值560億美元，如今已增值至
約1,390億美元。此舉發生在下級法院近兩年前以「難以理解」（unfathomable）為由推
翻該補償協議之後。
Elon Musk）於2018年與特斯拉達成的薪酬方案。該方案原價值560億美元，如今已增值至
約1,390億美元。此舉發生在下級法院近兩年前以「難以理解」（unfathomable）為由推
翻該補償協議之後。
WILMINGTON, Delaware, Dec 19 (Reuters) - Elon Musk's 2018 pay package from
Tesla, once worth $56 billion, was restored by the Delaware Supreme Court on
Friday, nearly two years after a lower court struck down the compensation deal
as "unfathomable."
此項裁決推翻了先前引發馬斯克強烈反彈、並損害德拉瓦州「對企業友善」聲譽的判決。
裁決確保馬斯克能更牢固地掌控公司——他本人曾表示這是他最關切的問題，即便股東最
近已批准一項新薪酬方案，若特斯拉達成特定目標，該方案價值可能高達8,780億美元。
裁決確保馬斯克能更牢固地掌控公司——他本人曾表示這是他最關切的問題，即便股東最
近已批准一項新薪酬方案，若特斯拉達成特定目標，該方案價值可能高達8,780億美元。
The ruling overturns a decision that had prompted a furious backlash from
Musk and damaged Delaware's business-friendly reputation. It assures Musk
greater control over the company, which he has said is his main concern, even
after shareholders recently approved a new pay package that could be worth $
878 billion if Tesla meets certain targets.
州最高法院指出，2024年下級法院撤銷該薪酬方案的判決對馬斯克而言「不當且不公平」
。
The Supreme Court said a 2024 ruling that rescinded the pay package had been
improper and inequitable to Musk.
裁決書（共49頁）寫道：「全面撤銷（total rescission）的補救方式，使馬斯克在六年
期間的時間與努力完全得不到報酬。」
The remedy of total rescission "leaves Musk uncompensated for his time and
efforts over a period of six years," the 49-page ruling issued on Friday
stated.
根據週五收盤時特斯拉股價計算，2018年薪酬方案現值約為1,390億美元。
The 2018 pay package is now worth about $139 billion based on the price of
Tesla's stock at the close of trading on Friday.
「對伊隆來說，這是一場勝利，因為他能更快獲得控制權，」特斯拉投資公司Deepwater
Asset Management的合夥人Gene Munster表示。
"For Elon, this is a win because he gets control faster," said Gene Munster,
managing partner at Tesla investor Deepwater Asset Management.
若馬斯克行使2018年方案中的所有股票期權，他在特斯拉擴大後股本中的持股比例將從約
12.4%增至18.1%。公司正根據新薪酬方案發行股票，但馬斯克必須達成績效目標才能獲得
這些股份。
12.4%增至18.1%。公司正根據新薪酬方案發行股票，但馬斯克必須達成績效目標才能獲得
這些股份。
If Musk exercises all the stock options from the 2018 package, his stake in
Tesla would grow from about 12.4% to 18.1% of an expanded share base. The
company is issuing shares tied to his new pay package, although he must earn
them by hitting performance goals.
裁決公布後，特斯拉股價在盤後交易中上漲不到1%。
Tesla shares were up less than 1% in after-hours trading following the ruling.
特斯拉未立即回應置評請求。馬斯克則在社交平台X上發文稱自己「獲得平反（
vindicated）」。
Tesla did not immediately respond to a request for comment. Musk posted on X
that he was "vindicated."
挑戰該薪酬方案的律師在聲明中表示，他們正考慮下一步行動，並「以參與過這場歷史性
裁決為榮，該裁決追究了特斯拉董事會及其最大股東違反信託義務的責任。」
Lawyers who challenged the pay package said in a statement that they were
considering their next steps and were "proud to have participated in the
historic verdict below, calling to account the Tesla board and its largest
stockholder for their breaches of fiduciary duty."
在特斯拉股東於11月批准新薪酬方案前，2018年方案是有史以來規模最大的高管薪酬。若
特斯拉的上訴失敗，公司將因需以今日高得多的股價替換補償方案，而在兩年內承受高達
260億美元的利潤衝擊。
特斯拉的上訴失敗，公司將因需以今日高得多的股價替換補償方案，而在兩年內承受高達
260億美元的利潤衝擊。
The pay package was by far the largest ever until Tesla shareholders approved
the new pay plan in November. If Tesla’s appeal had failed, it could have
triggered a $26 billion hit to profit over two years to account for the
replacement stock-compensation package it had promised Musk – at today’s
much higher stock price.
2018年薪酬方案授予馬斯克以大幅折價購買約3.04億股特斯拉股票的期權，條件是公司達
成各項里程碑——而特斯拉確實達成了。這些期權約佔特斯拉已發行股票的9%。
The 2018 pay deal provided Musk options to acquire about 304 million Tesla
shares at a deeply discounted price if the company hit various milestones,
which it did. The options represent around 9% of Tesla's outstanding stock.
然而，馬斯克從未兌現這些期權，因為在股東批准2018年薪酬後不久，一名僅持有9股特
斯拉股票的投資人Richard Tornetta便起訴了董事會。
Musk never collected his stock options because soon after shareholders
approved the 2018 compensation, the board was sued by Richard Tornetta, an
investor with nine Tesla shares.
對企業不友善？
UNFRIENDLY TO BUSINESS?
2024年，在歷時五天的審判後，德拉瓦州法官Kathaleen McCormick裁定：特斯拉董事存
在利益衝突，且在股東投票批准該方案時，關鍵事實被隱瞞。她下令撤銷2018年方案。
In 2024, after a five-day trial, Delaware Judge Kathaleen McCormick concluded
that Tesla's directors were conflicted and key facts were hidden from
shareholders when they voted to approve the plan. She ordered that the 2018
plan be rescinded.
馬斯克指責德拉瓦州法官是「對科技創辦人懷有敵意的行動主義者」，並呼籲企業效仿特
斯拉，將註冊地遷往他處。Dropbox、Roblox、Trade Desk和Coinbase等少數大型公司已
將法律註冊地遷至內華達州或德州。然而，德拉瓦州至今仍是美國上市公司最常選擇的法
律註冊地。
斯拉，將註冊地遷往他處。Dropbox、Roblox、Trade Desk和Coinbase等少數大型公司已
將法律註冊地遷至內華達州或德州。然而，德拉瓦州至今仍是美國上市公司最常選擇的法
律註冊地。
Musk accused Delaware judges of being activists who are hostile to tech
founders and he urged businesses to follow Tesla and reincorporate elsewhere.
Dropbox, Roblox, Trade Desk and Coinbase were among the handful of large
companies that moved their legal homes to Nevada or Texas. However, Delaware
remains by far the most popular legal home for U.S. public companies.
特斯拉董事會曾警告，馬斯克——這位同時領導SpaceX火箭公司與人工智慧新創xAI的全
球首富——若無法獲得所要求的薪酬與更多投票權，可能離開電動車公司。
Tesla's board had warned that Musk, the world's richest person who also
leads the SpaceX rocket venture and artificial intelligence startup xAI, could
leave the electric car company if he did not get the pay he wanted and an
increase in his voting power.
康乃爾大學產業與勞工關係學院薪酬研究所所長Brian Dunn表示，德拉瓦州最高法院可能
因股東曾以壓倒性多數支持該薪酬方案，而不願撤銷它。
The Delaware Supreme Court may have been reluctant to annul Musk's pay package
because shareholders had overwhelmingly voted in favor of it, said Brian Dunn
, director of the Institute for Compensation Studies at Cornell University’s
School of Industrial and Labor Relations.
「我認為，法院可能認為不該介入股東自主做出的決定，」Dunn說。
"I think that there's some belief that maybe the courts shouldn't get
between the shareholders and the decisions that they make," said Dunn.
股東已在11月批准新薪酬方案，且特斯拉已採取措施，降低投資人未來對2025年新方案提
起訴訟的風險。
Shareholders approved the new pay package in November and Tesla has taken
steps to reduce the risk that a shareholder could tie up the 2025 package in
the courts.
這家總部位於奧斯汀的公司現已於德州註冊，而德州法律規定：任何投資人或投資人團體
必須持有公司3%股份，才能就涉嫌違反公司法提起訴訟。以目前股價計算，3%持股價值約
300億美元，而馬斯克是唯一持有此規模股份的個人。
必須持有公司3%股份，才能就涉嫌違反公司法提起訴訟。以目前股價計算，3%持股價值約
300億美元，而馬斯克是唯一持有此規模股份的個人。
The Austin-based company is now incorporated in Texas, which allows Tesla to
require that any investor or group of investors must own 3% of the company
stock before suing for an alleged corporate law violation. A stake of that
size would be worth around $30 billion and Musk is the only individual with
that much stock.
心得/評論：
2018年馬斯克與特斯拉達成「零底薪、全靠績效達標獲取股票期權」的薪酬方案
原值560億美元，現值約1,390億美元
2024年德拉瓦法院以「董事會利益衝突、資訊不透明」為由撤銷該方案
2025年12月19日，德拉瓦州最高法院上訴成功，恢復該方案
認定全面撤銷對馬斯克「不公平」
若兌現所有期權
馬斯克持股將從12.4%增至18.1%
大幅強化其投票權與公司掌控力
也鞏固他「不為薪水，只為公司長期成功」的形象
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※ 作者: TyuzuChou 2025-12-20 11:29:12
※ 文章代碼(AID): #1fHXWF8p (Stock)
※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1766201359.A.233.html
推 : 噴1F 12/20 11:32
推 : 噴啦2F 12/20 11:38
推 : 讚啦3F 12/20 11:40
推 : 貪婪律師不學無術整天只想掠奪公司辛勤工作成果
左膠法官以為保障股東權益，其實是阻礙偉大企業發展4F 12/20 11:45
左膠法官以為保障股東權益，其實是阻礙偉大企業發展4F 12/20 11:45
![[圖]](https://i.imgur.com/kfmQcqIh.jpeg)
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→ : 左派的腦袋裡是均富，實際作為是均貧12F 12/20 11:50
推 : 太荒謬了只有9股也能提出異議
均富=均貧13F 12/20 11:50
均富=均貧13F 12/20 11:50
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整個州全靠紙上公司貢獻稅收..進步派只會害死窮人這下好了..特斯拉的稅..Delaware再也收不到了15F 12/20 11:51
整個州全靠紙上公司貢獻稅收..進步派只會害死窮人這下好了..特斯拉的稅..Delaware再也收不到了15F 12/20 11:51
推 : 難以理解的難以理解18F 12/20 12:16
推 : 爽啦 飛高高19F 12/20 12:57
推 : 9股提意見推翻股東投票結果蠻好笑的，感覺就剛好被拿來當理由找馬斯克麻煩而已20F 12/20 13:13
推 : 要噴上500啦22F 12/20 13:25
推 : 只持有9股的白癡亂搞23F 12/20 13:30
→ : 正義和善良都回歸了24F 12/20 13:38
→ : 一審法官的腦子也是有問題，才9股應該叫這個原告
不爽把股票賣一賣，還煞有其事得判起來，一看就是來鬧的，這法官還陪他瘋。25F 12/20 13:45
不爽把股票賣一賣，還煞有其事得判起來，一看就是來鬧的，這法官還陪他瘋。25F 12/20 13:45
推 : 就一群馬黑在造謠作亂罷了28F 12/20 13:48
→ : 應該要反告這個人濫訴罪，浪費司法資源。29F 12/20 13:54
推 : 九股是真的很誇張 好歹也九萬股在來告30F 12/20 14:27
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推 : 應該叫9股股東提出對價的擔保品吧34F 12/20 19:41
→ : 9股：99.9%的股東投票結果不是就贏喔，不是這樣喔~9股不副署，薪酬就沒辦法執行了35F 12/20 20:16
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