DETROIT (AP) — Tesla shareholders on Thursday voted to restore CEO Elon Musk’s record $44.9 billion pay package that was thrown out by a Delaware judge earlier this year. Vote totals were not immediately announced.
DETROIT — Tesla shareholders on Thursday voted to restore CEO Elon Musk’s record $44.9 billion pay package that was thrown out by a Delaware judge earlier this year.
Shares of the company rose Thursday after Tesla said in a regulatory filing that stockholders are voting to approve Musk's pay, valued around $44.9 billion, by a wide margin. Shareholders can still cast votes online Thursday and in person Thursday afternoon at Tesla's annual shareholders meeting in Austin, Texas. They also can change previously cast votes.
But if shareholders were to vote against his pay, the CEO could deliver on threats to take artificial intelligence research to one of his other companies. Or he could even walk away from Tesla. Multiple institutional investors have come out against that sizeable payout, some citing falling vehicle sales, price cuts and the tumbling Tesla stock price. But Tesla’s top five institutional shareholders, Vanguard, BlackRock, State Street, Geode Capital, and Capital Research either said they don’t announce their votes or wouldn’t comment. They control about 17% of the votes.
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