Electric automaker Tesla on Wednesday asked shareholders to ratify billionaire Elon Musk's compensation that was set in 2018 under the CEO pay package, just months after a Delaware judge rejected it. The judge had tossed out Musk's record-breaking $56 billion pay in January, calling the compensation granted by the board "an unfathomable sum" that was unfair to shareholders. Tesla also urged its investors to approve moving the company's state of incorporation from Delaware to Texas in a regulatory filing...

The compensation includes no salary or cash bonus, but sets rewards based on Tesla's market value rising to as much as $650 billion over the next 10 years. Tesla is now valued at $500.36 billion, according to LSEG data. Musk's pay was rejected by Kathaleen McCormick of Delaware's Court of Chancery, who termed the compensation granted by the board as "an unfathomable sum" that was unfair to shareholders...