Although Tesla (TSLA.O) shareholders voted to restore CEO Elon Musk's record company pay package at the company's annual meeting on June 13, a Delaware judge once again rejected the pay package, deciding to uphold the initial ruling in January that the pay package was illegal on the grounds that shareholders were not fully informed of its details and that Tesla's board members were not independent enough.
However, Tesla and Musk's lawyers argued that the result of a second shareholder vote in June that supported the pay package paved the way for its effective restoration. The stock option plan was originally worth $2.6 billion and soared to $56 billion when the judge canceled it. Based on Monday's closing price, the plan is worth $101.5 billion. (Jinshi)