Tesla, Inc. (TSLA.US) appeals to the Supreme Court of Delaware, Musk vows to reclaim $560 billion in sky-high compensation!

Tesla, Inc. (TSLA.US) has filed an appeal with the Delaware Supreme Court to overturn a lower court ruling that revoked CEO Elon Musk's record $560 billion compensation. Tesla, Inc.'s lawyers argue that the ruling harmed the interests of shareholders. In the appeal summary, Tesla, Inc.'s lawyers stated: "The Court of Chancery's approval decision violated a fundamental principle of Delaware corporate law: when shareholders are empowered to act through a free and informed vote, they have ultimate decision-making power over their own company." Last December, Judge Catherine McLaughlin rejected Musk's 2018 compensation plan for the second time, despite approval from shareholders. She stated that the Tesla, Inc. board was "grateful" to Musk, and in this situation, shareholder votes would not have approval effect. She also ordered the company to pay $345 million as the plaintiffs' legal fees. "The unnecessary and unwelcome judicial 'protection' of the Chancery Court has harmed Tesla, Inc.'s shareholders in several ways," the company's lawyers claimed in a brief filed on Tuesday. "They have lost their say on compensation issues because their votes were disregarded." According to the Bloomberg Billionaires Index, Musk's net worth has dropped by $126 billion this year, to $307 billion, while Tesla, Inc.'s stock price has fallen by 39.2% since the beginning of the year. Musk remains the world's richest person.