A Delaware judge has ruled that Tesla CEO Elon Musk is still not entitled to receive his $56 billion compensation package, despite shareholders voting to reinstate it.
Chancellor Kathaleen McCormick of Delaware’s Court of Chancery upheld her earlier decision that the package was excessive and unfair to Tesla investors. The judge also denied Tesla’s attempt to reset the situation through a subsequent shareholder vote.
Tesla and Musk plan to appeal the decision, arguing that shareholders should have control over company votes. The judge’s ruling has cast uncertainty over Musk’s future at Tesla and the company’s financial strategies.
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