A Delaware judge on Monday upheld her earlier ruling that a giant pay package that Tesla awarded its chief executive, Elon Musk, must be rescinded.
The pay, in the form of stock options, was worth more than $50 billion and helped make Mr. Musk the richest person in the world.
The judge, Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery, struck down the award in January, ruling that shareholders had not been properly informed of its details and that members of Tesla’s board were not sufficiently independent.
But lawyers for Tesla and Mr. Musk argued that a second shareholder vote in June in favor of the package cleared the way for effectively reinstating it.
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