Tesla had hoped the vote would be sufficient to reinstate the package, arguing that it reflected shareholder support for Musk’s leadership.
However, Chancellor Kathaleen McCormick’s earlier ruling had rescinded the package, deeming it “unfathomable” and citing Musk’s overwhelming influence over the board during the pay negotiations, despite holding only around 22 per cent of Tesla’s stock.
The ruling, handed down by Chancellor Kathaleen McCormick of the Delaware Court of Chancery, follows her January decision that the pay package was excessive, a move that stunned investors and cast doubt over Musk’s future at the electric vehicle giant.
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