A Delaware judge has reaffirmed her earlier decision to nullify Tesla CEO Elon Musk’s $56 billion compensation package, after a recent shareholder vote in favor of reinstatement, according to court documents filed Monday.
Chancellor Kathaleen McCormick of the Delaware Court of Chancery stood firm on her January ruling that deemed the pay package excessive and invalid. The latest decision comes as a blow to Tesla and its shareholders, who, according to earlier court filings, had voted to re-approve Musk’s pay package in June after the January judgment.
