Elon Musk wins appeal to restore $56B Tesla pay deal that was called ‘unfathomable’

Elon Musk’s 2018 pay package from Tesla, once worth $56 billion, was restored by the Delaware Supreme Court on Friday, two years after a lower court struck down the compensation deal as “unfathomable.”

The ruling overturns a decision that had prompted a furious backlash from Musk and damaged Delaware’s business-friendly reputation.

The court said a 2024 ruling that rescinded the pay package had been improper and inequitable to Musk.

The remedy of total rescission “leaves Musk uncompensated for his time and efforts over a period of six years,” the 49-page ruling issued on Friday stated.

The 2018 pay package is now worth about $139 billion based on the price of Tesla’s stock at the close of trading on Friday.

Tesla shares were up less than 1% in after-hours trading following the ruling.

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