Delaware Court Voids Elon Musk's $56 Billion Pay Package

Elon Musk has faced another defeat in his legal battle to reinstate his $56 billion compensation package after a Delaware judge upheld her prior ruling that deemed the package improperly granted due to conflicts of interest. Chancellor Kathaleen McCormick noted that shareholders' approval was insufficient to overturn her decision, stating that Musk's influence over the board compromised the integrity of the vote. The ruling also entails a $345 million attorney fee for the lawyers who successfully challenged the pay package on behalf of select Tesla shareholders. Despite the setback, Musk remains the wealthiest person globally, with Tesla's stock continuing to perform well. Musk has indicated plans to appeal the ruling and has expressed frustration with Delaware's corporate governance laws. The situation highlights ongoing concerns about executive compensation and corporate governance within Tesla.