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Tesla Shareholders Approve Elon Musk's $56 Billion Pay Package with 77% Support, Move to Texas

Jun 14, 2024, 02:39 AM

Tesla shareholders have voted to reapprove CEO Elon Musk's $56 billion pay package, which had previously been struck down by a Delaware judge. The approval came during Tesla's annual shareholder meeting in Austin, Texas, where shareholders also voted to move the company's legal incorporation from Delaware to Texas. The pay package, which is one of the largest in U.S. corporate history, received support from approximately 77% of the votes cast, translating to 1.76 billion shares in favor and 528.9 million against. Excluding votes from Musk and his brother, 72% of shareholders approved the package. Despite this shareholder endorsement, legal challenges remain, as the Delaware court's ruling on the pay package is still pending.