Tesla CEO Elon Musk on Monday lost his bid to get his 2018 CEO pay package reinstated when a Delaware judge upheld her prior ruling that the compensation plan was improperly granted.
The package, worth about $56 billion, was the largest compensation plan in U.S. history for a public company executive. Tesla said in a post on social media platform X, which Musk owns, that it plans to appeal the ruling. Musk, in a separate X post, called the ruling “absolute corruption.”
In January, Chancellor Kathaleen McCormick voided the pay plan, ruling that Musk had individually “controlled Tesla” and dictated the terms of his compensation to a board that didn’t fairly negotiate. She called the process leading to approval of that pay plan “deeply flawed.”
Read More: CNBC