Elon Musk won reinstatement of his 2018 pay package as chief executive of Tesla, after the Delaware Supreme Court reversed some findings of a judge who said the billionaire improperly influenced board members who formulated the record-breaking corporate compensation package.
The high court Friday concluded the world’s richest person is entitled to a stock-based compensation plan now valued at about $140 billion. When Tesla directors first authorized the payout, it was the biggest ever for a U.S. executive. It’s since been eclipsed by a separate plan that could be worth an additional $1 trillion for the Tesla chief executive officer if he hits future performance targets.
Musk’s 2018 compensation plan has been on hold after a single investor — who owned nine shares — successfully sued to block it in Delaware, where the electric carmaker was incorporated at the time. Tesla investors twice overwhelmingly voted to back the plan, which surged in value as the stock soared close to $500 a share from around $20 seven years ago.
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