Submission + - Court rules Musk's $56 billion Tesla pay package must be restored (cnbc.com)
“We reverse the Court of Chancery’s rescission remedy and award $1 in nominal damages,” the judges wrote in their opinion.
In the decision, the Delaware Supreme Court judges said a lower court’s decision to cancel Musk’s 2018 pay plan was too extreme a remedy and that the lower court did not give Tesla a chance to say what a fair compensation ought to be.
The decision on the appeal in this case, known as Tornetta v. Musk, likely ends the yearslong fight over Musk’s record-setting compensation.
Musk’s net worth is currently estimated at around $679.4 billion, according to the Forbes Real Time Billionaires List.