Musk Vows to Appeal Rejected $56B Pay Package

A US district judge has once again rejected Elon Musk's $56 billion pay package from Tesla, citing improper influence over the company's board and material misstatements to shareholders. Despite twice receiving shareholder approval, Delaware Judge Kathaleen McCormick ruled the compensation plan invalid, citing 'fatal flaws' in its ratification attempts. Musk responded to the ruling by criticizing the judge as 'an activist posing as a judge' and vowed to appeal the decision. The court awarded $345 million in attorney fees to the plaintiffs' lawyers, significantly less than requested. The decision has elicited criticism from prominent figures in the tech and investment communities and raises questions about the role of shareholder votes in corporate governance. Tesla plans to appeal the ruling, which could have significant implications for how executive compensation is structured in future corporate governance frameworks.