Elon Musk believes that Tesla shareholders would vote to accept a $56 billion pay package, and this has made netizens happy. “You deserve it, buddy.”
Updated:13/06/2024 |12:30 PM | Edited by: Newsbudy |
On social media, Elon Musk disclosed that Tesla shareholders are voting to accept his $56 billion compensation plan. They are also voting to relocate the legal residence of the manufacturer of electric vehicles to Texas.
Previous to this, a Delaware court judge invalidated the 2018 pay package plan, citing the board’s “beholdenship” to CEO Elon Musk. At the time, the package plan was the biggest in US corporate history. A yes vote today, nevertheless, will provide the electric vehicle manufacturer with more legal leverage.
Both Tesla shareholder resolutions are currently passing by wide margins!
— Elon Musk (@elonmusk) June 13, 2024
♥️♥️ Thanks for your support!! ♥️♥️ pic.twitter.com/udf56VGQdo
This is a major victory for Musk and the board. Despite resistance from investors such as Glass Lewis and Institutional Shareholder Services (ISS), they have thrown caution to the wind in an effort to win over shareholders.
“At this time, both Tesla shareholder resolutions are passing with significant margins!” In the most recent post, Musk writes. “I appreciate your help so much!”
At 4:30 p.m. ET on Thursday, June 13, at Tesla’s Texas headquarters, the outcome will be revealed. Major institutional and retail investors combined to receive the “yes” vote, according to a person with knowledge of the preliminary vote total. However, shareholders retain the ability to amend their vote until the start of the annual meeting.