Tesla Urges Delaware Supreme Court to Reinstate Elon Musk's $56 Billion Compensation Package
Tesla has appealed to the Delaware Supreme Court to reinstate CEO Elon Musk's $56 billion compensation package, citing shareholder approval.
The appeal follows a lower court's decision in January 2024, which voided the package due to board bias and inadequate disclosure to investors.
Tesla's attorney Jeffrey Wall said reaffirming the shareholder vote would resolve the case, while opposing counsel argued it would set a precedent for endless litigation.
- The compensation package was approved by shareholders in one of the most informed votes in the state's history.
- The lower court's decision was upheld, prompting Tesla's appeal to the Delaware Supreme Court.
Tesla argues that reinstating the package would be in the best interest of the company and its shareholders.
Author's summary: Tesla appeals to Delaware Supreme Court.