The Delaware Supreme Court made its ruling in the fight over Tesla CEO Elon Musk’s $55 billion pay package from 2018, reversing the Court of Chancery’s decision and reinstating the pay package.
But the Court still penalized Musk $1 plus attorney’s fees due to the award’s unfairness.
The ruling is the latest and likely last step in the long story behind Musk’s excessive pay package, tied to company performance milestones, which was first approved by shareholders in 2018 and worth approximately $55 billion if all milestones were met. At current share prices, the award is worth more like $139 billion.