Tesla asks shareholders to restore $56B Elon Musk pay package that was voided by Delaware judge

Tesla is asking shareholders to restore a $56 billion pay package for CEO Elon Musk that was rejected by a Delaware judge this year, and to shift the company’s corporate home to Texas. Stockholders will vote on the changes at a June 13 annual meeting. The proposals come as the electric vehicle maker struggles with falling global sales, slowing electric vehicle demand, an aging model lineup and a stock price that has tumbled 37% so far this year. In January, the Delaware court ruled that Musk is not entitled to the huge compensation plan that was to be granted over 10 years starting in 2018. But in a regulatory filing, Chairperson Robyn Denholm said Musk met all the stock value and operational targets in the package that was approved by shareholders.