Get the latest tech news

Tesla to appeal court decision that voided $56 billion pay package for its CEO

Tesla and CEO Elon Musk will fight back against the decision to rescind his $56 billion payday.

Tesla and its CEO Elon Musk have said they will appeal the decision to rescind his $56 billion pay package, as a Delaware Judge ruled last month that the payday was too lucrative and not in the best interest of investors after a shareholder opposed it. Tesla and Musk will ask Delaware Chancery Court Judge Kathaleen McCormick to pause her ruling, which eliminated the CEO’s possibility of collecting a $56 billion pay package that rewarded him for reaching various tranches that pushed for company growth. Musk will have sixty days to file an appeal with the Delaware Supreme Court if Judge McCormick approves the fee and final order.

Get the Android app