Despite Tesla shareholders voting in favor of it ¹. The judge stuck to her original ruling in January, stating that the compensation plan was illegal due to lack of disclosure and insufficient independence among Tesla's board members.
The package, initially valued at $2.6 billion, skyrocketed to $56 billion when the judge first nullified it, and has now reached a staggering $101.5 billion ². Musk's legal team argued that the second shareholder vote in June should have validated the package's reinstatement, but the judge disagreed.
This ruling could potentially take a huge bite out of Musk's wealth, but it's worth noting that he remains the world's richest person ³. Tesla plans to appeal the decision, which could take months.
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