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Jun 21, 2025  |  
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Vaughn Cockayne


NextImg:Tesla won’t fight to approve Musk’s record $56 billion pay package

Tesla has confirmed to the Delaware judge who voided Elon Musk’s record $56 billion pay package that it won’t try to overturn her ruling.

Chancellor Kathaleen McCormick said she felt sufficiently assured by the electric vehicle company that its shareholders would not work to upend her January ruling that canceled the CEO’s pay package.

Last month, rogue Tesla shareholders issued a letter to Chancellor McCormick that said the company would likely conspire to overturn her ruling during its June 13 shareholder meeting.

In response, Tesla denied the claims and said the pay package ruling would stand despite the company moving to Texas. The company’s assurances were enough for the chancellor.

“If I have interpreted the defendants’ position incorrectly, then defense counsel — as officers of the court — are duty bound to correct it,” Chancellor McCormick said. “In the meantime, the defendants’ statements give me great comfort.”

Chancellor McCormick voided Mr. Musk’s 2018 pay package after several shareholders sued Tesla. The judge ruled that Mr. Musk had too much control over the pay package approval process.

Mr. Musk publicly rebuked the ruling, saying he would shift the incorporation of Tesla from Delaware to Texas. He has officially asked Tesla shareholders to reapprove the $56 billion pay package.

• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.