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Tesla CEO appeals landmark ruling that blocked $56 billion pay deal

Elon Musk on Wednesday appealed the court decision voiding his record $56 billion Tesla Inc. pay package, opening the next chapter in a years-long legal saga over the richest CEO compensation deal ever. The six-year drama has captivated Delaware’s tight-knit legal community, amplified perennial concerns about the state’s standing as America’s corporate capital, and forced its elite business court to weather a barrage of attacks from Musk, who spent 2024 ginning up the wrath of his more than 200 million social media followers. McCormick also handed $345 million to the lawyers leading the lawsuit and rejected Musk’s unprecedented bid to override her ruling through a shareholder vote aimed at restoring his stock options.

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