"Besides padding Musk's current fortune of $679 billion, the restoration of the 2018 pay package vindicates his long-held belief that the Delaware legal system had overstepped its bounds in January 2024 when Chancellor Kathaleen St. Jude McCormick rescinded the compensation in a case brought by a disgruntled Tesla shareholder. Tesla didn't immediately respond to a request for comment late Friday."
"McCormick's ruling so incensed Musk that it spurred him to spurn Delaware and reincorporate Tesla in Texas. That decision also caused Tesla's board to scramble for ways to keep its CEO happy, including a successful effort to persuade the company's shareholders to reaffirm the pay package, which was valued at $44.9 billion at the time of the second vote 18 months ago."
"With Musk still signaling discontent, Tesla upped the ante again this year by crafting another pay package that could pay him $1 trillion if he can lead the automaker down a road during the next decade that lifts the company's market value from its current $1.6 trillion to $8.5 trillion. Shareholders approved that pay package last month, to Musk's delight."
Elon Musk regained a $55 billion Tesla pay package after the Delaware Supreme Court reversed a prior rescission. The reversal increases Musk's wealth beyond his reported $679 billion and supports his contention that Delaware courts overreached in January 2024 when Chancellor Kathaleen St. Jude McCormick rescinded the compensation following a shareholder challenge. Musk responded by reincorporating Tesla in Texas. Tesla's board persuaded shareholders to reaffirm the earlier pay plan, valued at $44.9 billion during the second vote, and later approved a separate package that could pay Musk up to $1 trillion if ambitious market targets are met.
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