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Tesla Shareholders Approve Musk's $56B Pay Package, 73% Vote, Shares Surge 5.5%

Jun 13, 2024, 09:12 PM

Tesla shareholders have officially re-approved Elon Musk's 2018 compensation package, valued at $56 billion, and approved the company's reincorporation to Texas from Delaware. The vote, held during Tesla's annual meeting, saw approximately 73% of shareholders in favor, mirroring the support shown six years ago in a landslide vote. Following the announcement, Tesla shares surged by 5.5%. Elon Musk expressed his gratitude for the shareholders' support, emphasizing its significance for the company's future. This decision underscores the confidence investors have in Musk's leadership and vision for Tesla.