The pay case went to trial in November.
Compensation cases have a high bar.
Ovitz was hired and fired by CEO-chairman Michael Eisner.
Elon Musk tells advertisers to “go f-ck yourself” at The New York Times Dealbook Summit in November.Slaven Vlasic/Getty Images for The New York Times
Shareholders said he lorded over a board stacked with his friends and associates.
He owned about 20% of the company.
Boards justify high pay as necessary to attract and retain executives.
Musk would never have resigned as chief of Tesla, the suit argues.
And his large stake was enough to align his interest with the companys performance with lesser incentives.
The first tranche vested in May of 2020 and directors said hes achieved 11 of the 12.
As Tesla shares skyrocketed subsequently, Musk became the richest person in the world.
Tesla shares fell after-market today on the ruling.
The 2018 plan was designed with Musk in mind.
