Tesla CEO Elon Musk has filed an appeal against a court ruling that voided his record $56 billion compensation deal with Tesla.
The appeal, submitted on Wednesday, moves the case to Delaware’s Supreme Court, nearly a year after the initial decision, reports Bloomberg Law.
The legal battle revolves around Musk’s 2018 pay package, the largest CEO compensation deal in history. Last month, Delaware’s Chancery Court upheld its earlier decision to nullify the deal, ruling it was not fair to Tesla shareholders.
The court also awarded $345 million in legal fees to the lawyers who brought the case and rejected Musk’s unusual attempt to overturn the ruling through a shareholder vote.
Musk’s appeal marks the latest step in a six-year legal dispute that has sparked debate about corporate governance and the power of executives.
Tesla’s legal team and the lawyers representing the investor who brought the case will continue to argue over the validity of Musk’s compensation in the months to come. The case, Musk v. Tornetta, will now be reviewed by Delaware’s top court.
