Goldman Sachs Says China Competition Weighs More on EU Growth Than Trade Deficit 
China Services PMI Beats Forecasts as Strong Demand Supports June Growth 
Turkey Vehicle Sales Fall 11.4% in June as Auto Market Weakens 
Brazil to Phase Out Gasoline Subsidy First as Diesel Support Stays Longer 
US Jobs Report Preview: June Payroll Growth Seen Slowing as Fed Rate Decision Looms 
Japan Signals Surprise Yen Intervention Strategy as BOJ Hawkish Stance Puts FX Traders on Alert 
US Stock Futures Hold Steady Ahead of June Jobs Report as Fed Rate Outlook Remains in Focus 
Asian Currencies Rise as Dollar Weakens; Yen Holds Steady Amid Japan Intervention Watch 
South Korea Warns Won Is Undervalued, Boosts FX Coordination With Japan 
Gold Price Holds Above $4,000 as Fed Rate Hike Expectations and U.S. Jobs Data Weigh on Market 
Oil Prices Slip as Oversupply Concerns and U.S.-Iran Talks Shape Market Outlook 
Gold Price Surges Above $4,120 as Weak US Jobs Data Lowers Fed Rate Hike Expectations 
Asian Currencies Stay Under Pressure as Dollar Holds Near 13-Month High Ahead of U.S. Jobs Report 
Mary Daly Says AI Uncertainty Clouds Fed Rate Outlook Despite Restrictive Policy 
US Resumes Dollar Shipments to Iraq After Months-Long Suspension 
Asian Stocks Rebound as Tech Shares Rally on Fed Rate Cut Hopes and Easing Iran Tensions 
Denmark Central Bank Intervenes to Support Krone Peg Against Euro 
Tesla shares dipped 1.3% in extended trading Monday after a Delaware court ruled against Elon Musk’s $56 billion pay package, deeming it excessive and void. The company announced plans to appeal while analysts predict a shift in board strategy.
Court Blocks Musk's $56 Billion Pay Package, Tesla Stock Falls
In extended trading on Monday, Tesla Inc. shares fell following Elon Musk's historic salary package being deemed illegal by a Delaware court, Investing.com reports
Despite a shareholder vote to reinstate the CEO's $56 billion compensation plan, the court determined that he is not entitled to it.
Because it was so much higher than similar corporate compensation requirements, the 2018 pay plan was found excessive according to the court. Musk would have received a substantial number of stock options as part of the package, which was linked to lofty company performance targets.
Tesla Shares Drop as Company Plans to Appeal
In the aftermath of the decision, shares dropped 1.3% to $352.36 in after-hours trading. Bloomberg noted that Tesla has announced its intention to appeal the ruling.
The decision by Delaware Court of Chancery Chancellor Kathaleen McCormick reaffirms her January verdict that found Musk's $56 billion compensation plan excessive and canceled it.
Analysts Predict Revised Compensation Plan for Musk
In order to bring Musk's objectives in line with shareholder priorities, analysts believe the Tesla board may propose a new compensation plan.
In the midst of regulatory headaches, the firm has been fighting off rising local competition and falling demand. The electric vehicle (EV) industry has had its profit margins eroded over the last two years due to the price war that Tesla started.
Musk's Political Influence Could Benefit Tesla
Nevertheless, due to Musk's relationship with President-elect Trump, Tesla is anticipated to gain from his growing influence in Washington. According to analysts, the company's full self-driving and robotaxi ambitions should be able to navigate smoother regulatory channels.
