Musk Asks Judge to Reinstate $56 Billion Pay Deal After Vote (1)

Elon Musk and Tesla Inc. asked a Delaware judge Monday to reinstate the $56 billion pay package she struck down, citing last month’s investor vote overwhelmingly approving the compensation deal.

The company and its billionaire chief executive said the 72% vote in favor of reinstating the pay package operated to retroactively ratify it. Chancellor Kathaleen St. J. McCormick ruled in January that Musk’s “superstar CEO” status gave him excessive influence over the process the automaker’s board followed to set the largest compensation deal in US history.

Now that Tesla’s investors approved Musk’s pay through “one of the most well-informed stockholder ...