Attorneys for Elon Musk were appealing to the Delaware Supreme Court on Oct. 15 to reinstate the billionaire entrepreneur’s $56 billion pay package from Tesla. The almost two-year litigation, brought by some company stockholders, is expected to be finalized, following a lower court’s decision to rescind this record-breaking compensation.
In January 2024, Delaware’s Court of Chancery ruled that Tesla’s board of directors lacked independence from Musk when it gave the green light to the pay package in 2018, and that shareholders were also not privy to key information when they voted in favor of it. The judge found the compensation package to be unfair to investors.
