From Nasdaq:

A Delaware court rejected Elon Musk’s $56 billion pay package, sparking an investors’ push for board independence. Investors want Elon Musk tied to an independent board, arguing separate board members would further provide CEO oversight. Musk, who previously threatened to quit Tesla if he didn’t get a new pay package which gave him control, received options worth about $51 billion.

Most executives, including James Murdoch and Robyn Denholm, on the board were deemed to lack independence by the Delaware Judge who threw out Musk’s pay package. The ruling painted a board with very little control over an erratic CEO. Forbes estimates Musk’s net worth at $184 billion.

Musk brought Tesla to a market value of around $1.2 trillion, making it the world’s second bestselling car manufacturer, a dramatic improvement from its $53 billion value in 2018. Several shareholders are already pushing to give investors more control of the company through resolutions for annual director elections and eliminating a majority voting requirement.

Does Musk’s pay still make sense given Tesla’s success? The court posed that question, questioning whether Musk should be paid given the success he was enjoying personally through his Tesla stake. Judge McCormick used several renowned visionaries, including Zuckerberg, Bezos, and Gates, as examples of executives foregoing compensation given their large pre-existing equity holdings.

Read more: Musk, Tesla board have to start from scratch after $56 billion pay deal thrown out