© Reuters Tesla (TSLA) trades lower after judge rejects Musk’s $56B compensation package
Shares of Tesla (NASDAQ:) are trading around 3% lower in the after-hours on Tuesday, after a Delaware judge ruled to void Elon Musk’s $56B pay package.
A Delaware judge sided with investor plaintiffs who challenged Musk’s controversial compensation plan.
“The plaintiff is entitled to rescission,” the judge said in her ruling, and directed parties to confer on a final form of order to implement her decision.
Over the past few weeks, Musk has been vocal about seeking greater control of the EV company he co-founded.
“I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control,” Musk wrote in a post.