Musk Appeals Landmark Ruling Killing $56 Billion Tesla Pay Deal

Elon Musk on Wednesday appealed the court decision voiding his record $56 billion Tesla Inc. pay package, opening the next chapter in a years-long legal saga over the richest CEO compensation deal ever.

The widely expected move sends the case to Delaware’s top court almost a full year after the initial landmark ruling. Musk—who briefly surrendered his status as world’s wealthiest person last year but quickly regained it as Tesla shares soared—is now worth around $425 billion, roughly $185 billion more than Jeff Bezos, who holds the No. 2 slot, according to the Bloomberg Billionaires Index.

The six-year drama has ...