• Elon Musk's mega pay packet will be taken back to Tesla shareholders for another vote.
  • The $47 billion package, first approved in 2018, was voided by a Delaware court in January.
  • A statement filed with the SEC Wednesday says Musk hasn't been paid for his work at Tesla in six years.

Tesla will ask shareholders to vote again on Elon Musk's enormous pay package, which was previously overturned by a court.

The carmaker announced its plans for another vote in a proxy statement filed with the Securities and Exchange Commission on Wednesday.

"Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value," the proxy statement reads.

It adds: "That strikes us — and the many stockholders from whom we already have heard — as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it."

Tesla said that when 73% of shareholders voted for the pay package in 2018, it was a "big risk" targeting "unprecedented growth."

But in January, a Delaware judge sided with a Tesla shareholder who argued in a lawsuit that Musk's pay package was excessive.

The compensation involved Musk receiving stock options based on financial targets. It played a major role in the Tesla CEO's rise to becoming the world's richest person. He is now ranked third by the Bloomberg Billionaires Index, behind Amazon founder Jeff Bezos, and luxury tycoon Bernard Arnault.

When the package was voided in court, it was worth $55 billion — but The New York Times reports it is now valued at $47 billion.

The second shareholder vote is set to occur at the firm's annual meeting in June, per the proxy filing.

Read the original article on Business Insider