Elon Musk Reclaims $55 Billion Payday as Delaware Supreme Court Reverses Ruling

Elon Musk regained a $55 billion pay package after the Delaware Supreme Court reversed a prior decision. The restoration came after a legal battle following a ruling by Chancellor Kathaleen St Jude McCormick. Tesla shareholders reaffirmed support for Musk with another lucrative pay package, depending on future success.

Elon Musk, the world's richest man, has regained a substantial $55 billion pay package following a landmark Delaware Supreme Court ruling. The court overturned a prior decision by Chancellor Kathaleen St Jude McCormick, which had scrapped the incentive initially awarded in 2018.

This decision follows an appeal by a dissatisfied Tesla shareholder, who had argued against the compensation. The ruling is a significant victory for Musk, who relocated Tesla to Texas as part of a protest against the initial verdict.

Tesla's board has since crafted another pay package, potentially worth $1 trillion, aiming to boost Tesla's market value significantly, showcasing the company's ambitious growth targets.

(With inputs from agencies.)