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Elon Musk’s 2018 CEO pay package from Tesla
, worth some $56 billion when it vested, must be restored, the Delaware Supreme Court ruled Friday.
“We reverse the Court of Chancery’s rescission remedy and award $1 in nominal damages,” the judges wrote in their opinion.
In the decision out Friday, the Delaware Supreme Court judges said a lower court’s decision to rescind Musk’s 2018 pay plan was too extreme a remedy, and the lower court did not give Tesla a chance to say what a fair compensation ought to be.
