Musk's $56 billion pay package in the spotlight in the US: Doubled after the election

Delaware Court Judge Kathaleen McCormick has reiterated her decision to void Musk's pay package, despite it being approved in a vote at Tesla's annual shareholder meeting.

In January, McCormick had paved the way for the cancellation of Musk's pay package, worth approximately $56 billion, on the grounds that it was an "unfathomable sum" and was "unfairly determined by the company's board of directors."

Sharing his thoughts on the matter on his X account, Musk stated, "Never incorporate your company in the state of Delaware," and later announced plans to move the company to the state of Texas.

In June, Tesla shareholders voted in favor of both the proposal to reinstate Musk's canceled multi-billion dollar pay package and the proposal to move the company to Texas.

It was noted that while the votes supporting the pay package would not invalidate the court's ruling, they would provide Musk with an advantage for a reconsideration of the decision.

The value of the compensation package, which was approximately $56 billion earlier this year, has surpassed $100 billion following the rapid rise in Tesla's stock after the US presidential election.

News Source: AA