Court records and public announcements

Tesla Shareholders Approve $56 Billion Pay Package for Musk, Move to Texas

Jun 14, 2024, 10:29 PM

Tesla shareholders have overwhelmingly approved a $56 billion pay package for CEO Elon Musk, with 72% of votes in favor. The approval follows a previous rejection by a Delaware judge, who called the sum 'unfathomable.' The vote also included a decision to move Tesla's legal incorporation from Delaware to Texas, approved by 63% of shareholders, a significant shift for the company. The relocation aims to avoid Delaware's courts, which have been challenging for Tesla. The approval does not resolve ongoing legal battles, as a lawsuit regarding the pay package continues in Delaware court. Despite the legal hurdles, the shareholder vote, which saw 77% support for Musk's 10-year pay plan, demonstrates strong support for Musk's leadership and vision for Tesla's future.