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Elon Musk listens as newly elected US President Donald Trump speaks throughout a gathering of the Home Republicans Convention on the Hyatt Regency on Capitol Hill on November 13, 2024 in Washington, DC.
Allison Robbert | Getty Photographs
Tesla CEO Elon Musk on Monday misplaced his bid to have his 2018 CEO pay package deal reinstated, when a Delaware choose upheld her earlier ruling that the compensation plan was improperly awarded.
The package deal, price about $56 billion, was the most important compensation plan in U.S. historical past for an govt of a publicly traded firm.
Attorneys for Musk tried to get the Delaware enterprise courtroom choose after the trial to reverse her opinion revoking the CEO’s pay plan. Tesla had held a shareholder vote to “ratify” Musk’s 2018 compensation plan through the EV maker’s annual shareholder assembly in Austin, Texas, in June.
Choose Kathaleen McCormick wrote in her opinion Monday: “Even when a shareholder vote might have a ratifying impact, that might not occur right here.” The choose accredited a $345 million price for the attorneys who efficiently sued on behalf of Tesla shareholders to invalidate the pay plan.
“We’re happy with Chancellor McCormick’s ruling rejecting Tesla’s invitation to inject continued uncertainty into the authorized proceedings and thanking Chancellor and her workers for his or her exceptionally onerous work in overseeing this advanced matter,” attorneys for Bernstein, Litowitz, Berger & Grossmann. agency representing the plaintiff, a press release mentioned.
Musk can attraction the choice to the Delaware Supreme Court docket.
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Tesla CEO Elon Musk loses bid to revive $56 billion pay package deal
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