Elon Musk's $55 Billion Tesla Pay Package Restored by Delaware Supreme Court

• The Delaware Supreme Court reversed a January 2024 decision, restoring Elon Musk's $55 billion 2018 Tesla pay package.
• Chancellor Kathaleen St. Jude McCormick had previously rescinded the compensation in a case brought by a Tesla shareholder.
• McCormick's ruling prompted Musk to reincorporate Tesla in Texas and led shareholders to reaffirm the pay package.
• Tesla's market value surged from $50-75 billion in 2018 to $1.6 trillion, enabling Musk to qualify for the payout.
• The Supreme Court cited various errors in McCormick's earlier decision, vindicating Musk's compensation.

Why It Matters: Delaware Supreme Court restores Elon Musk's $55 billion Tesla pay package, overturning a prior ruling.