The Delaware Supreme Court has reinstated Elon Musk’s $56 billion pay package

The Delaware Supreme Court reinstated Elon Musk’s $56 billion Tesla pay package from 2018, voiding… Last year’s ruling By the state consular court, according to opinion Published Friday.

In a unanimous ruling, the justices of Delaware’s highest court said that reversing Musk’s firing left him “without compensation for his time and efforts over six years.” Adjusted for Tesla’s current stock price, which hit an all-time high this week, the value of the returned package would be about $140 billion. According to Bloomberg.

The state Supreme Court’s decision likely ended a years-long battle that left such a bad taste in Musk’s mouth that he moved Tesla’s founding from Delaware to Texas, prompting other companies to follow suit.

“Musk.” to publish to X on Friday in response to the news. “Thank you for your unwavering support,” he added. He replied To Alexandra Merz, the audio contributor known as “TeslaBoomerMama.”

Now it’s likely to be Tesla Canceling a salary package worth $29 billion It was offered to Musk earlier this year, which was supposed to be a hedge against the company potentially losing its Delaware Supreme Court appeal. Trillion dollar compensation package Its award to Musk in November is separate from that, and will continue moving forward, giving Musk a series of lofty goals to achieve in order to unlock the full value.

The 2018 award also identified a number of milestones that Musk needed to achieve in order to unlock full value. Musk and Tesla achieved all of those goals, but not before a shareholder filed a lawsuit over the award in 2018, arguing that it was improperly negotiated and that shareholders were not properly informed of conflicts of interest.

Musk and many Tesla supporters denounced the lawsuit as ridiculous, particularly the fact that the plaintiff — a former company defense attorney and heavy metal drummer named Richard Tornetta — only… She owns nine shares of the company’s stock.

After years of controversy, including a trial in which Musk testified, the U.S. District Judge overseeing the case agreed with plaintiff W Initially, the wage package was canceled in January 2024. Tesla held a vote at its annual meeting in 2024 in which shareholders “re-approved” the package, but the judge certain Its decision in December 2024. Tesla appealed shortly after.