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Tesla CEO Elon Musk has lost his bid to have his record-breaking $56 billion 2018 pay package reinstated after a Delaware judge upheld her previous ruling that the compensation plan was improperly granted.that in a significant setback for Tesla CEO Elon Musk, Chancellor Kathaleen McCormick of the Delaware Court of Chancery upheld her January ruling that voided Musk’s $56 billion pay package, the largest compensation plan in U.S. history for a public company executive.
As part of Monday’s opinion, McCormick approved a $345 million attorney fee award for the lawyers who successfully sued on behalf of Tesla shareholders to void Musk’s pay plan. The attorneys from Bernstein, Litowitz, Berger & Grossmann, representing the plaintiff, expressed their satisfaction with the ruling, thanking the Chancellor and her staff for their hard work in overseeing the complex case.
The value of Tesla stock Musk currently holds is close to $150 billion based on Monday’s closing price, not including his stake in SpaceX. This alone would place him among the world’s wealthiest individuals. Equilar estimates that at the current stock price, Musk’s 2018 package would have been worth $101.4 billion.
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