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Tesla Shareholders Reapprove Elon Musk's $56 Billion Pay Package with 73% Approval, Stock Surges 6%

Jun 13, 2024, 03:41 AM

Tesla shareholders have reapproved CEO Elon Musk's $56 billion compensation package, initially set in 2018. The vote, which took place amid significant controversy and opposition from some investors, saw approximately 73% of shareholders in favor of the package. This decision follows a Delaware judge's earlier ruling that voided the package, citing concerns about board independence. The approval is seen as a major victory for Musk, who has actively campaigned for the package's reinstatement. Additionally, shareholders also voted to move Tesla's legal incorporation from Delaware to Texas. The news has positively impacted Tesla's stock, which surged over 6% in premarket trading. Over the past decade, Tesla has outperformed expectations by growing its revenue by 3,333%.