Musk wins US appeal to restore 2018 Tesla pay package

Elon Musk's 2018 pay package from Tesla, once worth $56bn, has been restored by the Delaware Supreme Court, in the United States, two years after a lower court struck down the compensation deal as "unfathomable". Friday's ruling overturns a decision that had prompted a furious backlash from Musk and damaged Delaware's business-friendly reputation. The ruling means that Musk can finally get paid for his work since 2018, when he transformed Tesla from a struggling startup to one of the world's most valuable companies. The 2018 pay deal provided Musk options to acquire about 304 million Tesla shares at a deeply discounted price if the company hit various milestones, which it did. Tesla estimated in 2018 that the plan was potentially worth $56bn, although given the rise in the stock price, the value ballooned to about $120bn by early November.