Elon Musk's legal team is appealing a ruling by Judge Kathaleen McCormick that voided his $56 billion pay package, claiming it was based on multiple legal mistakes. This pay package, originally approved by Tesla's board in 2018, included performance-based bonuses tied to market milestones. Tesla argues that the judge's decision contradicts established Delaware law and corporate governance by suggesting that shareholders were not positively impacted by Musk's leadership. The value of the pay package has fluctuated significantly alongside Tesla's stock performance in recent months.
Tesla's lawyers argued that Judge McCormick's decision to void Musk's pay package defied settled principles of Delaware law and sound corporate governance.
Musk's legal team contends that the shareholders have benefited from his leadership and that the ruling invalidates the fairness of the compensation process.
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