Elon Musk, CEO of Tesla, fails to have $56 billion pay package reapplied

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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 it was improperly granted. Musk’s attorneys tried to reverse the decision but were unsuccessful. The judge also approved a $345 million attorney fee award for the lawyers who successfully sued on behalf of Tesla shareholders to void the pay plan. Musk can appeal to the Delaware Supreme Court. Despite the setback, Musk’s net worth has increased significantly in recent weeks, with Tesla shares soaring. Musk’s net worth, excluding the pay package, has increased by over $43 billion since Donald Trump’s election victory. His Tesla stock alone is worth close to $150 billion, making him one of the world’s wealthiest people. Musk’s relationship with the incoming president has led to optimism about policies favorable to his companies. Musk had previously criticized the Delaware court, prompting Tesla to hold a shareholder vote to reincorporate in Texas. Ultimately, the court refused to reverse its decision based on the ratification vote and emphasized the need to prevent lawsuits from becoming endless by allowing defeated parties to create new facts.

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