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Tesla Shareholders Give Green Light To Elon Musk’s $56bn Pay Package, Internet Erupts In Celebration

Elon Musk announces Tesla shareholders voting on a $56 billion compensation package and potential HQ move to Texas, signaling a significant victory despite previous legal setbacks.

Edited By : Swechchha | Updated: Jun 13, 2024 14:10 IST
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Elon Musk
Elon Musk

Elon Musk took to social media to share that Tesla shareholders are currently voting on approving a $56 billion compensation package for him. Additionally, they’re also considering relocating the legal headquarters of the electric vehicle company to Texas.

Previously, a judge in a Delaware court invalidated the 2018 pay package plan, stating that the board was excessively influenced by Musk, the CEO. This plan, the largest in US corporate history at the time, was nullified. However, a favorable vote now will provide the electric carmaker with stronger legal leverage.

This represents a significant victory for both the board and Musk. They have staked their credibility on the line in their efforts to secure shareholder approval, despite facing opposition from investors such as Glass Lewis and Institutional Shareholder Services.

In a recent post, Musk wrote, “Both Tesla shareholder resolutions are currently passing by wide margins! Thanks for your support!”

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The result will be announced on Thursday, June 13, at Tesla’s headquarters in Texas at 4:30 pm ET. A source familiar with the preliminary voting tally indicates that both major institutional investors and retail investors have received the “yes” result. However, shareholders retain the power to change their vote up to the start of the annual meeting.

In Musk’s X post comment section, many users praised him and expressed their support. One said “Well deserved, Captain! Keep pushing forward and use scorn as fuel to achieve even more. Another stated “We will go through hell and high water and still support you, my friend.” Thank you for all you do @elonmusk.” Meanwhile, another user wrote, “This is the literal best news.”

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First published on: Jun 13, 2024 02:10 PM IST

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