Carney and Macron Strengthen Canada-France Defense Ties Amid US Trade Uncertainty 
Asian Currencies Mixed as Dollar Slips on Iran Peace Hopes and Fed Rate Outlook 
ECB Keeps July Rate Options Open Amid Iran War Energy Price Risks 
IMF Advances Ukraine Loan Program, Clears $690M Disbursement 
Russia Stocks End at Six-Month Low as MOEX Index Stalls, Gold Surges and Oil Retreats 
Wall Street Rallies as SpaceX IPO Soars and U.S.-Iran Peace Deal Hopes Grow 
Oil Prices Fall as U.S.-Iran Peace Deal Hopes Ease Supply Concerns 
New Zealand Manufacturing Slips Back Into Contraction in May 
Changchun Targets EV Growth as China’s Auto Industry Consolidation Accelerates 
ECB Set to Raise Interest Rates as Energy Shock Fuels Eurozone Inflation Concerns 
Dollar Stabilizes as Markets Weigh Middle East Ceasefire Prospects and Central Bank Policy Outlook 
Oil Prices Fall as Trump Signals Iran Deal, Reducing Supply Risk Concerns 
US Stock Futures Rally as U.S.-Iran Peace Talks Boost Market Sentiment Despite Ongoing Strikes 
Kremlin Says New EU Sanctions Won’t Hurt Russian Banks 
Trump Says Iran Peace Deal Near as Markets Rally and Oil Prices Fall 
US Stock Futures Rise on Iran Peace Deal Hopes as SpaceX Debuts After Record IPO 
Trump Signals Opposition to USMCA Renewal as U.S. Reviews Trade Relations with Canada and Mexico 
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.
