Tesla against verdict

Shareholders to approve Musk’s billion-dollar package

At the end of January, a judge ruled that Musk's remuneration package, which was based on share options, was incredibly high and declared it invalid.(Bild: Krone KREATIV/APA/AFP/PETER PARKS, Tesla, krone.at-Grafik)

The US electric car manufacturer Tesla wants its shareholders to approve CEO Elon Musk's pay package of 56 billion dollars (around 52.6 billion euros), which was overturned by a court in Delaware. "If legally advisable, we will simply put the original 2018 package to a new vote," Tesla said in a regulatory filing on Wednesday.

At the end of January, a judge in Delaware ruled that Musk's remuneration package based on share options was incredibly high and declared it invalid. The ruling can be appealed. "We disagree with the Delaware court's decision," wrote CEO Robyn Denholm.

Tesla shareholders are also expected to approve the relocation of the company's headquarters from Delaware to Texas. Musk announced this step immediately after the devastating verdict for him. Musk's companies SpaceX and Neuralink have already moved their headquarters to Texas and Nevada.