Judge reaffirms ruling invalidating massive pay package for Elon Musk

A Delaware judge reaffirmed her ruling that Tesla must revoke Elon Musk's multibillion-dollar pay package.

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Chancellor Kathaleen St Jude McCormick on Monday denied a request by attorneys for Musk and Tesla's corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package.

McCormick also rejected an equally unprecedented and massive fee request by plaintiff attorneys, who argued that they were entitled to legal fees in the form of Tesla stock valued at more than $5 billion. The judge said the attorneys were entitled to a fee award of $345 million. The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk's 2018 compensation package.