Test english original post 2024-06-24 13:52

A new legal battle is underway to determine whether Elon Musk actually gets his money after Tesla convinced shareholders to back the CEO’s $56 billion pay plan.

Tesla filed court documents last week before the same Delaware Chancery Court judge who previously voided Musk’s compensation, arguing the June 13 shareholder vote offered a “principled resolution” to end the dispute in Musk’s favor.

An attorney for the shareholder who successfully sued to block the pay package argued in a separate court filing Friday that Tesla’s shareholder resolution should have no legal effect on the judge’s original decision, and that Tesla is not empowered to use an extra-judicial vote to overrule the Delaware court.

This attorney, Greg Varallo, said Tesla must appeal the judge’s decision to the Delaware Supreme Court if it wants to reverse it.

For Tesla (TSLA), there is a lot riding on the uncertain path that Musk’s disputed pay plan must now take through the US court system.