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Elon Musk Celebrates As Tesla Shareholders Reinstate $56 Billion Pay Package With Dance

In New Delhi, Tesla shareholders approved CEO Elon Musk's USD 56 billion compensation package, despite legal challenges earlier this year. Elon Musk celebrated on X platform, dancing in a video. The package, aimed at retaining him, faces delays amid court battles. Musk aims for a substantial Tesla stake to secure his AI control and company commitment.

Edited By : News24 Desk | Updated: Jun 16, 2024 13:49 IST
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Elon Musk
Elon Musk

In New Delhi, Tesla shareholders voted on Thursday to approve CEO Elon Musk USD 44.9 billion compensation package, reinstating it after a Delaware judge had nullified it earlier this year.

On a video shared on Musk’s platform X, the 52-year-old billionaire danced in celebration of the overwhelming backing for his leadership at the premier electric vehicle manufacturer globally.

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Despite shareholder approval, Elon Musk won’t immediately receive the all-stock compensation package. Legal proceedings in Delaware Chancery Court and the Supreme Court may delay the payout for several months. Musk expressed uncertainties about his Tesla role this year, suggesting he desires a 25% stake to anchor his commitment to Tesla and control AI’s development. Concurrently, Tesla confronts obstacles including decreasing sales and profit margins amidst a global slowdown in electric vehicle demand.

During the annual meeting in Austin, Texas, Elon Musk reassured shareholders of his dedication to remaining with Tesla. ‘It’s not about cash, and I’m not looking to leave abruptly, nor do I have any desire to,’ he emphasized.

The company subsequently reported that shareholders had endorsed Musk’s compensation package, initially approved by the board and stockholders six years ago. Tesla recently valued the package at USD 44.9 billion in an April regulatory filing, down from its previous peak of USD 56 billion, mirroring the decline in Tesla’s stock, which has fallen approximately 25% this year.

First published on: Jun 16, 2024 01:49 PM IST

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