By Tom Hals
WILMINGTON, Delaware (Reuters) -A Delaware judge ruled on Monday that Tesla CEO Elon Musk still is not entitled to receive a $56 billion compensation package despite shareholders of the electric vehicle company voting to reinstate it.
The ruling by the judge, Chancellor Kathaleen McCormick of the Court of Chancery, follows her January decision that called the pay package excessive and rescinded it, surprising investors, and cast uncertainty over Musk’s future at the world’s most valuable carmaker.
Tesla has said in court filings that the judge should recognize a subsequent June vote by its shareholders in favor of the pay package for Musk, the company’s driving force who is responsible for many of its advances, and reinstate his compensation.
McCormick also ordered Tesla to pay the attorneys who brought the case $345 million, well short of the billions they initially requested.
(Reporting by Tom Hals in Wilmington, Delaware; Editing by Bill Berkrot)
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