Elon Musk wins Tesla shareholder vote for $56 billion pay package
Tesla CEO Elon Musk won the backing of shareholders in his fight to reclaim a $56 billion pay package voided by a Delaware judge.
Tesla CEO Elon Musk won the backing of shareholders Thursday in his fight to reclaim a $56 billion pay package voided by a Delaware judge who ruled the record-breaking compensation was excessive.
Shareholders voted in favor of restoring the package they approved in 2018, Brandon Ehrhart, Tesla’s general counsel and board secretary, announced onstage at the company’s annual shareholder meeting. He did not announce the vote totals.
The crowd at the meeting in Austin, Texas, cheered after the announcement, according to the livestream of the event.
Ehrhart also said shareholders voted to move Tesla’s corporate home to Texas from Delaware, fleeing the state where most big companies are incorporated, after Musk said Delaware’s court system was “broken.”
The win for Musk came on the shoulders of Tesla’s individual investors, who Musk said backed him by a wide margin, in contrast to some institutional investors who criticized his pay. He used his account on X, where he has 187 million followers, to rally support among retail investors and criticize those who opposed him, such as a Norwegian sovereign wealth fund.
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