原文标题： Musk wins appeal that restores 2018 Tesla pay deal now worth about $139 billion 原文连结：https://tinyurl.com/mryt3u6s 发布时间：Sat, December 20, 2025 at 5:26 AM GMT+8 记者署名：Tom Hals, Jan Wolfe and Abhirup Roy 原文内容： 路透社，德拉瓦州威明顿，12月19日 — 周五，德拉瓦州最高法院恢复了伊隆·马斯克（ Elon Musk）於2018年与特斯拉达成的薪酬方案。该方案原价值560亿美元，如今已增值至 约1,390亿美元。此举发生在下级法院近两年前以「难以理解」（unfathomable）为由推 翻该补偿协议之後。 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." 此项裁决推翻了先前引发马斯克强烈反弹、并损害德拉瓦州「对企业友善」声誉的判决。 裁决确保马斯克能更牢固地掌控公司——他本人曾表示这是他最关切的问题，即便股东最 近已批准一项新薪酬方案，若特斯拉达成特定目标，该方案价值可能高达8,780亿美元。 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 州最高法院指出，2024年下级法院撤销该薪酬方案的判决对马斯克而言「不当且不公平」 。 The Supreme Court said a 2024 ruling that rescinded the pay package had been improper and inequitable to Musk. 裁决书（共49页）写道：「全面撤销（total rescission）的补救方式，使马斯克在六年 期间的时间与努力完全得不到报酬。」 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. 根据周五收盘时特斯拉股价计算，2018年薪酬方案现值约为1,390亿美元。 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. 「对伊隆来说，这是一场胜利，因为他能更快获得控制权，」特斯拉投资公司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. 若马斯克行使2018年方案中的所有股票期权，他在特斯拉扩大後股本中的持股比例将从约 12.4%增至18.1%。公司正根据新薪酬方案发行股票，但马斯克必须达成绩效目标才能获得 这些股份。 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. 裁决公布後，特斯拉股价在盘後交易中上涨不到1%。 Tesla shares were up less than 1% in after-hours trading following the ruling. 特斯拉未立即回应置评请求。马斯克则在社交平台X上发文称自己「获得平反（ vindicated）」。 Tesla did not immediately respond to a request for comment. Musk posted on X that he was "vindicated." 挑战该薪酬方案的律师在声明中表示，他们正考虑下一步行动，并「以参与过这场历史性 裁决为荣，该裁决追究了特斯拉董事会及其最大股东违反信托义务的责任。」 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." 在特斯拉股东於11月批准新薪酬方案前，2018年方案是有史以来规模最大的高管薪酬。若 特斯拉的上诉失败，公司将因需以今日高得多的股价替换补偿方案，而在两年内承受高达 260亿美元的利润冲击。 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年薪酬方案授予马斯克以大幅折价购买约3.04亿股特斯拉股票的期权，条件是公司达 成各项里程碑——而特斯拉确实达成了。这些期权约占特斯拉已发行股票的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，马斯克从未兑现这些期权，因为在股东批准2018年薪酬後不久，一名仅持有9股特 斯拉股票的投资人Richard Tornetta便起诉了董事会。 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. 对企业不友善？ UNFRIENDLY TO BUSINESS? 2024年，在历时五天的审判後，德拉瓦州法官Kathaleen McCormick裁定：特斯拉董事存 在利益冲突，且在股东投票批准该方案时，关键事实被隐瞒。她下令撤销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. 马斯克指责德拉瓦州法官是「对科技创办人怀有敌意的行动主义者」，并呼吁企业效仿特 斯拉，将注册地迁往他处。Dropbox、Roblox、Trade Desk和Coinbase等少数大型公司已 将法律注册地迁至内华达州或德州。然而，德拉瓦州至今仍是美国上市公司最常选择的法 律注册地。 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. 特斯拉董事会曾警告，马斯克——这位同时领导SpaceX火箭公司与人工智慧新创xAI的全 球首富——若无法获得所要求的薪酬与更多投票权，可能离开电动车公司。 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. 康乃尔大学产业与劳工关系学院薪酬研究所所长Brian Dunn表示，德拉瓦州最高法院可能 因股东曾以压倒性多数支持该薪酬方案，而不愿撤销它。 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. 「我认为，法院可能认为不该介入股东自主做出的决定，」Dunn说。 "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. 股东已在11月批准新薪酬方案，且特斯拉已采取措施，降低投资人未来对2025年新方案提 起诉讼的风险。 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. 这家总部位於奥斯汀的公司现已於德州注册，而德州法律规定：任何投资人或投资人团体 必须持有公司3%股份，才能就涉嫌违反公司法提起诉讼。以目前股价计算，3%持股价值约 300亿美元，而马斯克是唯一持有此规模股份的个人。 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/评论： 2018年马斯克与特斯拉达成「零底薪、全靠绩效达标获取股票期权」的薪酬方案 原值560亿美元，现值约1,390亿美元 2024年德拉瓦法院以「董事会利益冲突、资讯不透明」为由撤销该方案 2025年12月19日，德拉瓦州最高法院上诉成功，恢复该方案 认定全面撤销对马斯克「不公平」 若兑现所有期权 马斯克持股将从12.4%增至18.1% 大幅强化其投票权与公司掌控力 也巩固他「不为薪水，只为公司长期成功」的形象 --

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