Elon Musk, World's Richest Man Is Fighting For His $56 Billion Pay Package - See Post

The world's richest man Elon Musk , on Tuesday, said that the votes in businesses and companies must be controlled by shareholders and not judges. The billionaire Tesla founder's post on X came after a Delaware court ruled striking down Musk's $56 billion pay package. “Shareholders should control company votes, not judges,” Musk said in a post on X, the social media platform he owns. 

Elon Musk's Battle For His $56 Billion Salary

A Delaware judge Chancellor Kathleen McCormick of the Court of Chancery, on Tuesday, struck down Tesla CEO Elon Musk's $56 Bn pay package despite it being approved by the shareholders of the company. In June, the shareholders of the company voted in favour of reinstating Elon Musk's pay package. The case started in 2018, when a stockholder of the company challenged the hefty pay package of the billionaire Tesla owner. Jude McCormick, however, said that shareholders' opinions cannot override the court's opinion. Tesla is said to appeal McCormick's rulings to the Deleware Supreme Court. 

Gary Black, managing partner of The Future Fund, which owns Tesla stock, said on X that McCormick's ruling is ‘absurd’. “What on earth is Chancellor McCormick talking about? The Stockholder Vote did not exist at the time of trial. Defendants created it after the Post-Trial Opinion. There was indeed a 2018 TSLA shareholder vote overwhelmingly approving Elon’s 2018 compensation plan.  To insinuate there wasn’t a 2018 shareholder vote is totally absurd,” Black wrote after sighting snippets from the judgement.