David Ingram covers tech for NBC News.
It may be the highest-stakes popularity contest in history. Friends and foes of tech billionaire Elon Musk are in the middle of a two-month battle over whether to reinstate a record $56 billion pay package for the Tesla CEO, months after a Delaware state judge struck down his compensation as improperly awarded.
The judge hasn’t ruled on that request, and Tesla’s board said in a proxy statement that a fee award may not be warranted if shareholders reapprove the compensation package. Musk and the board say they plan to appeal McCormick’s ruling, and they’re hoping a second vote will, in effect, override McCormick’s concerns about the pay package. The board is also separately asking shareholders to approve moving Tesla’s state of incorporation to Texas.
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