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Final decision on Musk’s $56 billion pay case anticipated by year end


Delaware Chancellor Kathaleen St. J. McCormick is set to issue a final ruling by the end of the year in the ongoing litigation regarding Elon Musk’s $56 billion pay package. The judge’s decision will address the remaining issues in the case, including a request by lawyers for $7 billion in legal fees and Musk’s attempt to reinstate the compensation deal after Tesla shareholders re-approved it.

McCormick’s initial ruling invalidating Musk’s pay package sparked a series of events that tested Delaware’s reputation as a corporate capital. Musk, armed with a large audience, criticized the decision and proposed moving Tesla to Texas, a move that was supported by investors. He also filed a motion seeking to overturn the ruling through a shareholder vote.

The attorneys representing the individual investor who initiated the lawsuit have requested payment in the form of 29 million Tesla shares, valued at over $7 billion. This request has garnered attention and backlash from retail shareholders loyal to Musk.

While a ruling had been anticipated by the end of October, delays are common in Delaware’s Chancery Court due to the complexity of cases. Musk and the board are represented by several law firms, while Tesla and the investor leading the case have their own legal representation.

The upcoming decision by Chancellor McCormick will play a significant role in shaping the outcome of this high-profile case involving one of the world’s most prominent CEOs.

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