04:43 PM EDT, 11/01/2024 (MT Newswires) -- A decision whether to allow Tesla's (TSLA) lucrative compensation package for chief executive Elon Musk will be handed down by the end of 2024, the Delaware state judge weighing a shareholder suit said in a letter to attorneys this week.

"I write to inform you that I aim to issue that decision before the end of this year," Chancellor Kathaleen McCormick said in her letter Thursday.

A group of shareholders challenged stock options awarded to Musk in 2018 in in Delaware's Court of Chancery, contending the company's board members were too closely tied to the Tesla CEO to fairly judge his performance.

Participants at the company's annual meeting in June voted overwhelmingly in favor of the pay package, which is now worth as much as $56 billion.

Reuters reported the news earlier.

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