Elon Musk, CEO of Tesla, lost his bid to reinstate his 2018 CEO pay package, worth $56 billion, as a Delaware judge upheld her ruling that the compensation plan was improperly granted. Musk’s attorneys tried to persuade the judge to reverse her decision, but she maintained that a shareholder vote could not ratify the pay plan. The judge also approved a $345 million attorney fee for the lawyers who successfully sued on behalf of Tesla shareholders to void the plan. Musk can appeal the decision to the Delaware Supreme Court. Despite this setback, Musk’s net worth has significantly increased, with his Tesla stock alone worth close to $150 billion. This comes as Tesla shares have risen 42% in the four weeks since the election, fueled by optimism about Musk’s relationship with the incoming president. Musk has become more than $43 billion richer since the election, not including the options in the pay package. Although Musk criticized the Delaware court and led Tesla to reincorporate in Texas, the legal battle over his pay package continues. This news is developing, and updates may follow.
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Elon Musk, Tesla CEO, fails in attempt to have $56 billion pay package reinstated
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