Elon Musk — the CEO of Tesla and SpaceX and owner of X, formerly Twitter — speaks during the New York Times annual DealBook summit in New York City, Nov. 29, 2023.
Michael M. Santiago | Getty Images
A Delaware judge on Tuesday agreed to void the $56 billion compensation package of Tesla CEO Elon Musk.
Tesla’s share price slid about 3% in after-hours trading Tuesday following news of the decision about its chief’s pay.
“The plaintiff is entitled to rescission,” Delaware Chancery Court Judge Kathaleen McCormick wrote in his ruling agreeing that Musk’s pay package was inappropriately set by Tesla’s board.
“The parties are to confer on a form of final order implementing this decision and submit a joint letter identifying all issues, including fees that need to be addressed to bring this matter to a conclusion at the trial level,’ McCormick said.
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This story originally appeared on CNBC
