New Delhi, Dec. 20 -- Elon Musk, the world's richest man, is on his way to get even richer as a Delaware Supreme Court on Friday cleared the way for the tech tycoon to receive his 2018 CEO pay package from Tesla after a seven-year-long fight.

Musk's 2018 Tesla pay package is set to be reinstated as the Delaware Supreme Court reversed the ruling of a judge who previously found that the CEO had influenced board members, who came up with the compensation plan, improperly.

"We reverse the Court of Chancery's rescission remedy and award $1 in nominal damages," the Delaware judges wrote in their opinion.

The long-contested $56 billion Tesla pay package in 2018 was doled out as part of an incentive for Elon Musk to take the EV maker to new he...