A Delaware court has again overturned Tesla’s $101 billion payout package to Elon Musk, which includes 303 million stock options, CNN reported.
“A large and talented group of attorneys creatively argued for approval, but their unprecedented theories fly in the face of many well-established legal principles,” the court said.
The court was also unconvinced by the argument that a majority of Tesla shareholders approved the multibillion-dollar payout to Musk in June. “While the package was again approved by a majority of shareholders, that does not mean that Musk’s record pay is in the best interests of shareholders,” the court said.