Elon Musk, CEO of Tesla, lost his bid to reinstate his 2018 CEO pay package, worth about $56 billion, as a Delaware judge upheld her ruling that it was improperly granted. Musk’s attorneys attempted to reverse the decision but were unsuccessful. The judge also approved a $345 million attorney fee award for the lawyers who sued on behalf of Tesla shareholders to void the pay plan. Musk can appeal the decision to the Delaware Supreme Court. Despite this setback, Musk’s net worth has increased significantly in recent weeks, with Tesla shares rising 42% since Donald Trump’s election victory. Musk’s net worth, excluding the pay package options, has increased by over $43 billion since the election. Tesla shares held by Musk alone are worth close to $150 billion, putting him among the world’s wealthiest people. Despite the legal challenges, Musk’s companies are expected to benefit from his relationship with the incoming president.
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