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A Delaware judge ruled on Monday that Tesla CEO Elon Musk still is not entitled to receive a $56 billion compensation package despite shareholders of the electric vehicle company voting to reinstate it.

The ruling by the judge, Chancellor Kathaleen McCormick of the Court of Chancery, follows her January decision that called the pay package excessive and rescinded it, surprising investors, and cast uncertainty over Musk’s future at the world’s most valuable carmaker.

Musk did not immediately respond to an emailed request for comment.

Tesla has said in court filings that the judge should recognize a subsequent June vote by its shareholdersin favor of the pay packageforMusk, the company’s driving force who is responsible for many of its advances, and reinstate his compensation.

McCormick said Teslas board was not entitled to hit reset to restore Musks pay package.

Were the court to condone the practice of allowing defeated parties to create new facts for the purpose of revising judgments, lawsuits would become interminable, she said in her 101-page opinion.

She also said Tesla made multiple material misstatements in its proxy statement regarding the vote, and could not claim the vote was a cure-all to justify restoring Musks pay.

Taken together, the problems with Teslas arguments pack a powerful punch, she wrote.

Tesla shares fell 1.4% in after hours trade, after the ruling.

McCormick also ordered Tesla to pay the attorneys who brought the case $345 million, well short of the $6 billion they initially requested. She said the fee could be paid in cash or Tesla stock.

We are pleased with Chancellor McCormicks ruling, which declined Teslas invitation to inject continued uncertainty into Court proceedings,” said a statement from Bernstein Litowitz Berger & Grossmann, one of the three law firms for the plaintiff.

The law firm also said it looked forward to defending the court’s opinion if Musk and Tesla appealed.

Musk and Tesla can appeal to the Delaware Supreme Court as soon as McCormick enters a final order, which could come as soon as this week. The appeal could take a year to play out.

After the January ruling, Tesla shareholders flooded the court with thousands of letters arguing that rescinding Musk’s pay increased the possibility he would leave Tesla or develop some products like artificial intelligence at ventures other than Tesla.

Attorneys for shareholder Richard Tornetta, who sued in 2018 to challenge Musk’s compensation package, had argued that Delaware law does not permit a company to use a ratification vote to essentially overturn the ruling from a trial.

McCormick in January found that Musk improperly controlled the 2018 board process to negotiate the pay package. The board had said that Musk deserved the package because he hit all the ambitious targets on market value, revenue and profitability.

But the judge criticized Tesla’s board as “beholden” to Musk, saying the compensation plan was proposed by a board whose members had conflicts of interest due to close personal and financial ties to him.

After the January ruling, Musk criticized the judge on his social media platform X and encouraged other companies to follow the lead of Tesla and reincorporate in Texas from Delaware, although it is unclear if any companies did so.

The judge in her January ruling called the pay package the “biggest compensation plan ever – an unfathomable sum.” It was 33 times larger than the next biggest executive compensation package, which wasMusk’s 2012 pay plan.

As of Monday, the pay package was worth $101.4 billion, according to Equilar, a compensation consulting firm.

Musk’s 2018 pay package gave him stock grants worth around 1% of Tesla’s equity each time the company achieved one of 12 tranches of escalating operational and financial goals.

Musk did not receive any guaranteed salary. Tornetta argued that shareholders were not told how easily the goals would be achieved when they voted on the package.

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Entertainment

Gavin & Stacey star Laura Aikman’s family only discovered her secret return while watching show

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Gavin & Stacey star Laura Aikman's family only discovered her secret return while watching show

The family of Gavin & Stacey star Laura Aikman only found out she was returning to the sitcom while they watched the finale on Christmas Day.

The 39-year-old actress shared a video on her Instagram showing her family screaming in shock as her character Sonia appeared in the episode.

Sonia, the ex-girlfriend of James Corden’s character Neil “Smithy” Smith, appears in the final Christmas special in a crucial plot twist.

Laura Aikman. Pic: PA
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Laura Aikman. File pic: PA

One member of Aikman’s family can be heard shouting “press pause” while another tells her “you never told me”.

“We never told anyone,” Aikman replies.

More on Gavin And Stacey

Sharing the video on Instagram she wrote “the moment my family realise Sonia is ruining Christmas again” and captioned it: “I take an NDA very seriously.”

She also shared a photo of a cast board of all the Gavin & Stacey characters, with a space missing where her picture would have been.

Aikman joined Gavin & Stacey as Sonia in the last Christmas Day episode in 2019, when Smithy brought his girlfriend to meet his family and friends.

Ruth Jones as Nessa, Joanna Page as Stacey, Melanie Walters as Gwen, Rob Brydon as Bryn, and Matthew Horne as Gavin.
Pic:Toffee International Ltd/Tom Jackson/PA
Image:
Pic: Toffee International Ltd/Tom Jackson/PA

But she did not get on with the group and left before Smithy could propose to her as he had planned.

Vanessa “Nessa” Jenkins, played by Ruth Jones, later got down on one knee and confessed her love for Smithy, but before he could respond to her proposal the episode ended on a cliffhanger.

Fans have waited five years to find out his answer, with the 2024 Christmas Day episode opening with the family of Stacey Shipman, played by Joanna Page, and her husband Gavin, portrayed by Mathew Horne, preparing for a wedding.

The BBC said the episode secured the highest overnight Christmas Day ratings since 2008.

The 90-minute episode drew an average audience of 12.3 million, according to overnight figures, surpassing the show’s 2019 Christmas special by more than half-a-million viewers.

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Donald Trump: President-elect targets Canada, Greenland and Panama Canal in Christmas message

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Donald Trump: President-elect targets Canada, Greenland and Panama Canal in Christmas message

Donald Trump has suggested the US could take control of Canada, Greenland and the Panama Canal in a series of Christmas Day social media posts.

The president-elect wished a merry Christmas to all on his Truth Social platform, “including to the wonderful soldiers of China, who are lovingly, but illegally, operating the Panama Canal”.

In the lengthy posts, Mr Trump referred to the American lives lost during the canal’s construction and said the US “puts in billions of dollars in ‘repair’ money, but will have absolutely nothing to say about ‘anything’.”

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Panama Canal, strange sounds and Elon Musk

He also mocked Canadian Prime Minister Justin Trudeau as “governor” and again suggested the country could be turned into a US state – following similar comments made in recent weeks.

“If Canada was to become our 51st state, their taxes would be cut by more than 60%, their businesses would immediately double in size, and they would be militarily protected like no other country anywhere in the world,” he wrote.

FILE - A cargo ship traverses the Agua Clara Locks of the Panama Canal in Colon, Panama, Sept. 2, 2024. (AP Photo/Matias Delacroix, File)
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A cargo ship traverses the Panama Canal in Colon, Panama. Pic: AP

In another post, Mr Trump, 78, said he had encouraged former ice hockey star Wayne Gretzky to run for prime minister but he “had no interest”.

He also addressed “the people of Greenland, which is needed by the United States for national security purposes and, who want the US to be there, and we will!”

It comes after Mr Trump renewed the call he made during his first term in office for the US to buy Greenland from Denmark.

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The world’s largest island, which sits between the Atlantic and Arctic oceans, is 80% covered by an ice sheet and is home to a large US military base. Greenland gained autonomy from Denmark in 1979.

The island’s Prime Minister Mute Egede has insisted Greenland is not for sale.

Mr Trump has also previously threatened to retake control of the Panama Canal, accusing Panama of charging excessive rates to use the crucial trade passage and warning of potential Chinese influence.

Panama’s President Jose Raul Mulino previously said his country’s independence was non-negotiable and that China had no influence on the canal’s administration.

The canal is a critical waterway for world trade, connecting the Atlantic and Pacific oceans and allows ships to avoid lengthy and hazardous journeys around the southernmost tip of South America by cutting through the middle of the Americas.

After the ambitious project was opened in 1914, the canal and surrounding territory were controlled by the US until an agreement with Panama in 1977 paved the way for it to return to full Panamanian control in 1999.

China does not control the canal but a subsidiary of Hong Kong-based CK Hutchison Holdings has long managed two ports at the canal’s Caribbean and Pacific entrances.

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UK

Two women and dog killed after Christmas Day ‘stabbing’ at flat in Milton Keynes

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Two women and dog killed after Christmas Day 'stabbing' at flat in Milton Keynes

Two women have died following reports of a stabbing in Milton Keynes on Christmas Day, police have said.

A dog injured in the incident in Bletchley also died after being taken to the vets.

A man and a teenage boy suffered serious injuries.

A 49-year-old man from Milton Keynes has been arrested on suspicion of murder and attempted murder and remains in custody.

A police forensic officer at the scene near an apartment block on Santa Cruz Avenue in Newton Leys, near Bletchley.
Pic: PA
Forensic officers at the scene near an apartment block on Santa Cruz Avenue in Newton Leys, near Bletchley.
Pic: PA
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Forensic officers at the scene. Pics: PA

Officers were called to a block of apartments in Santa Cruz Avenue just after 6.30pm on Christmas Day following reports of a stabbing.

The two women, aged 38 and 24, died at the scene, Thames Valley Police said. Their next of kin have been informed.

The injured man and teenage boy were taken to hospital and are both in a stable condition.

Police said the parties are known to each other.

Senior investigating officer Detective Chief Inspector Stuart Brangwin said: “Firstly I would like to extend my deepest condolences to the families of the women who have tragically died in this shocking incident.

“We have launched a double murder investigation, which may be concerning to the wider public; however, we have made an arrest and are not looking for anyone else in connection with this incident and the parties are known to each other.”

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