Tesla said Wednesday it will ask shareholders to reinstate CEO Elon Musk's $56 billion pay package, which a Delaware judge voided earlier this year after ruling that the record-setting compensation deal was "deeply flawed."
Tesla said the court decision created a "fundamental problem for the company."
Tesla has not hired Innisfree since 2018, when it first asked shareholders to vote on Musk's pay package.
Musk's pay package was invalidated after a shareholder won a lawsuit against the company earlier this year.
The company also noted that "dozens of institutional stockholders" have told Tesla that they disagree with the Tornetta decision.
Persons:
Elon Musk, Lola, Tesla, Elon Musk's, Musk, Innisfree, Musk's, Chancellor Kathaleen McCormick, Richard Tornetta, McCormick
Organizations:
Regency Bruin Theatre, Twitter, Board, Delaware Court
Locations:
Los Angeles , California, U.S, Delaware, Texas