Delaware Judge Rejects Elon Musk’s $56 Billion Tesla Pay Package Despite Shareholder Approval

Dec 2, 2024, 09:55 PM

A Delaware judge has once again declined to reinstate Elon Musk’s record-breaking $56 billion compensation plan at Tesla, despite overwhelming shareholder approval in 2024. Chancellor McCormick, who had previously ruled against the 2018 compensation plan, upheld her decision. The court also ordered Tesla to pay $345 million in attorneys’ fees to plaintiffs, rejecting a $5.6 billion fee request. This decision comes after shareholders had supported reinstating the pay package. The rejection has led to a dip in Tesla's stock price after hours, with shares falling by 1.25%.