Elon Musk‘s lawyers will urge the Delaware Supreme Court on Wednesday to restore his $56 billion pay package from Tesla, as one of the biggest corporate legal battles enters its final stage nearly two years after a lower court judge rescinded the Tesla CEO’s record compensation.
The outcome could have substantial consequences for the state of Delaware, its widely used corporate law, and its Court of Chancery, a once-favored venue for business disputes that has recently been accused of hostility towards powerful entrepreneurs.
The January 2024 Court of Chancery ruling striking down Musk’s pay has become a rallying cry for Delaware critics. Chancellor Kathaleen McCormick ruled that the Tesla board lacked independence from Musk when it approved the pay package in 2018 and that shareholders