Court Again Strikes Down Elon Musk’s Tesla Pay Package Valued at More Than $50 Billion | Global News Avenue

Tesla shares fell in after-hours trading on Monday after news that a Delaware judge blocked CEO Elon Musk’s multibillion-dollar compensation package for the second time.

Tesla’s (Tesla) shares rose more than 3% in regular trading on Monday but fell more than 1% in late trading.

The decision by UK Chancellor of the Exchequer Kathalen McCormick upheld her earlier ruling that the package worth more than $50 billion was invalid. The decision follows a vote by shareholders in June Approve compensation plan. According to reports, Tesla and Musk can appeal the latest ruling.

Tesla said on Musk’s social platform X: “The court’s decision is wrong and we will appeal.”

Musk runs several other multi-billion dollar companies in addition to Tesla, Very active recently In the administration of President-elect Donald Trump, richest man in the world.

The plan has been challenged on the grounds that it was too high and approved by a board of directors that was not sufficiently independent of Musk, in part because Musk should have been generously compensated to keep working at Tesla.

This article has been updated to include Tesla’s statement.