Official filings or announcements from Tesla

Tesla Shareholders Reapprove Elon Musk's $56 Billion Pay Package with 73% Support on June 12

Jun 12, 2024, 05:15 PM

Tesla shareholders have voted to reapprove CEO Elon Musk's $56 billion compensation package from 2018. The decision comes amid significant debate and opposition from major investors and proxy firms. Despite concerns about the company's performance and Musk's leadership, approximately 73% of shareholders who voted supported the pay package. The vote took place on June 12 and was influenced by recommendations from firms like ISS and Glass Lewis, with Bernstein noting that 25% of shares were likely to follow their 'no' recommendation. This vote is seen as a pivotal moment for executive compensation and accountability in Silicon Valley. The shareholder meeting also included a resolution to reincorporate Tesla from Delaware to Texas, which was also approved.