Fast Technology reported on December 15 that a Delaware judge approved the legal appeal of Elon Musk and Tesla, allowing the restoration of the $56 billion salary case Musk received from Tesla.
Chancery Justice Katherine McCormick’s order provides a 30-day window for appeals to the Delaware Supreme Court.
, Previously, McCormick ruled that a compensation plan approved by Tesla’s board violated its fiduciary responsibilities to investors and was described as “immeasurable in scale.
” Although Tesla shareholders voted in favor of the compensation plan in June, McCormick refused to reconsider the ruling on December 2.
, Tesla was also required to pay $345 million to lawyers for shareholder Richard Tonetta, one of the shareholders who sued in 2018 to revoke the compensation plan.
It may take about a year for the Delaware Supreme Court to make a final ruling on the case.
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