Tesla shareholders have approved Elon Muskrsquos 56 billion pay package reinstatement

The Tesla’s highly anticipated annual shareholder meeting in Austin, Texas, on Thursday, shareholders made significant decisions that could shape the company’s future trajectory. The most notable outcome was the reinstatement of CEO Elon Musk’s monumental $56 billion pay package, overturning a previous voidance by a Delaware judge. Concurrently, shareholders also endorsed Tesla’s proposal to shift its state of incorporation from Delaware to Texas, marking a pivotal move for the EV-maker.

Elon Musk, ever the vocal figure in Tesla’s journey, hinted at the likely approval of these proposals earlier in the day with a characteristic post on X (formerly Twitter). His anticipation was well-founded as the shareholder meeting saw overwhelming support for both initiatives. Musk, visibly appreciative during his address to shareholders, exclaimed, “I just want to start by saying, hot damn, I love you guys!” His sentiments were echoed by the resounding vote of confidence in his pay package, originally sanctioned back in 2018.

The reinstated pay package is uniquely structured, eschewing traditional salary and bonuses in favor of stock options contingent on Tesla’s market valuation soaring to as high as $650 billion over the next decade. This compensation model underscores Musk’s long-standing belief in tying executive compensation directly to the company’s performance and market success.

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