Elon Musk's bid to reinstate his $56 billion pay package is unsuccessful.

• On Monday, Elon Musk's $56 billion pay package was not reinstated, despite his attempt to regain it.
• A Delaware judge upheld her prior ruling regarding to the 2018 pay plan.
• Judge McCormick wrote that even if a stockholder vote could have a ratifying effect, it couldn't do so in this case.

On Monday, a Delaware judge upheld her earlier decision that Elon Musk's 2018 CEO pay package was granted improperly, resulting in the loss of his bid to have it reinstated.

The largest compensation plan in U.S. history for a public company executive was worth approximately $56 billion in the form of a package.

In an attempt to reverse the judge's decision, Musk's attorneys presented arguments in the Delaware business court after the trial. Tesla's shareholders voted to approve Musk's 2018 pay plan at the annual meeting in Austin, Texas, in June.

On Monday, Judge Kathaleen McCormick wrote in her opinion that a stockholder vote could not ratify the pay plan in question. The judge approved a $345 million attorney fee award for the lawyers who successfully sued on behalf of Tesla shareholders to void the pay plan.

The attorneys from Bernstein, Litowitz, Berger & Grossmann, who represent the plaintiff, expressed their satisfaction with Chancellor McCormick's ruling, which rejected Tesla's invitation to add more uncertainty to the court proceedings and thanked the Chancellor and her team for their exceptional efforts in managing this intricate case.

Musk can appeal the decision to the Delaware Supreme Court.

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