25 sources·Business

Delaware Court Reiterates Rejection of Musk's Billion-Dollar Pay Package Amid Shareholder Controversy

A Delaware judge has upheld the decision to revoke Elon Musk’s $56 billion pay package, emphasizing legal process and conflicts of interest.

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Updated: Dec 3rd, 2024, 6:04 PM ET

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Delaware Chancellor Kathaleen McCormick reaffirmed the revocation of Elon Musk's $56 billion pay package, citing inequity and conflicts of interest. Musk's appeal follows shareholder votes supporting the package, which McCormick dismissed as insufficient to overturn her prior ruling. The judge awarded $345 million in attorney fees to the plaintiffs, a marked reduction from their request. Legal experts believe McCormick's decision aligns with Delaware corporate governance principles, emphasizing protection for minority shareholders. Tesla plans to appeal to the Delaware Supreme Court, amidst ongoing debates about executive compensation and corporate oversight.

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