Tesla shareholders voted Thursday to restore CEO Elon Musk's record US$44.9 billion pay package that was thrown out by a Delaware judge earlier this year.
record US$44.9 billion pay package that was thrown out by a Delaware judge earlier this year, sending a strong vote of confidence in his leadership of the electric vehicle maker.
Vote totals on Musk’s pay weren’t immediately announced, but the company said shareholders voted for Musk’s compensation plan, which initially was approved by the board and stockholders six years ago. A separate vote approved moving the company’s legal home to Texas to avoid the courts in Delaware, where Tesla is registered as a corporation.“Its incredible,” a jubilant Musk told the crowd gathered at Tesla’s headquarters and large factory in Austin, Texas. “I think we’re not just opening a new chapter for Tesla, we’re starting a new book.”
Charles Elson, a retired professor and founder of the corporate governance center at the University of Delaware, said he doesn’t think the vote will influence McCormick, who issued a decision based on the law. Early Friday, Tesla disclosed that shareholders voted for Musk’s pay package by 1,760,780,650 to 528,908,419, with about 77% of all votes in favor. The company’s shares jumped 3% by the time the markets closed Thursday and were up 1.2% in pre-market trading early Friday.
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