The ruling by judge Chancellor Kathaleen McCormick of the Court of Chancery, follows her January decision that called the pay package excessive and rescinded it, surprising investors
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Musk did not immediately respond to an emailed request for comment. Tesla in a statement on X said, “The ruling is wrong, and we’re going to appeal,” saying that the judge had overruled a supermajority of shareholders. She also said Tesla made multiple material misstatements in its proxy statement regarding the vote, and could not claim the vote was a “cure-all” to justify restoring Musk’s pay.Gary Black, managing partner of The Future Fund, which owns Tesla stock, said on X that he believed the Delaware Supreme Court was more pragmatic than McCormick. “I doubt this ruling will be resolved anytime soon, and it will likely be overturned by a more moderate court along the way,” he wrote.
The law firm also said it looked forward to defending the court’s opinion if Musk and Tesla appealed.
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