Court Upholds Rejection of Musk’s $55.8 Billion Tesla Pay Deal
A U.S. judge has upheld the decision to reject Elon Musk’s $55.8 billion compensation package at Tesla, ruling that efforts to restore it through a shareholder vote were invalid. The court found issues with Tesla’s ratification attempt, including misstatements in documents provided to shareholders. Musk and Tesla plan to appeal, while the court awarded $345 million in attorney fees, significantly less than the $5.6 billion originally requested. The compensation plan, approved in 2018, had sparked a lawsuit accusing Musk of dictating the terms and enriching himself unjustifiably.
