Tesla: shareholders approve Elon Musk’s mega-compensation

“Two decisions of shareholders Tesla currently overwhelmingly accepted! “, he wrote Elon MuskTuesday in the U.S., citing resolutions aimed at approving the compensation plan 56 billion dollars and moving Tesla’s registration from Delaware (east) to Texas (south). The statement came just hours before the official results of the vote, effectively confirming Musk’s mega-award.

It’s true that the automaker campaigned in all directions until the last minute to get its shareholders to accept its boss’s giant pay plan. Votesla.com posted on Wednesday afternoon as the countdown began to 11:59 p.m. (04:49 GMT) in Texas, when polls close. “The vote you cast is critical to Tesla’s future growth and success and the value of your investment,” the electric car expert insisted in an explanatory video. his humanoid robot Optimus, how to vote

To promote the votes, the group even made fifteen trips to the mega-factory in Austin, Texas, by lottery, with Elon Musk and Tesla’s chief designer Franz von Holzhausen as guides. Along with the dedicated site and the help of Optimus, numerous messages were published on X as well as advertisements on the internet. It deserves an election campaign.

The prize is estimated at 56 billion dollars

The group has been counting on small investors to make up the difference against the big ones, several of whom have made it clear in recent days that they are against the bonus package. These institutional investors did the same on March 21, 2018, when this financing package was presented to shareholders at an extraordinary general meeting. Not counting the votes of Elon Musk and his brother Kimball, he won 73% of the yes vote.

Elon Musk’s compensation is valued at $56 billion and includes stock awards over ten years based on specific goals. But the shareholder’s appeal to a Delaware court was overturned by a judge in late January. In mid-April, the board of directors maneuvered to get it back on track by putting it on the agenda for Thursday’s regular general meeting.

“The council supports this compensation plan. We believed this in 2018 and asked Elon to achieve significant goals to grow the company,” he said.

The risk for proponents of this compensation plan was to see Elon Musk turn his back on Tesla and devote more time to his other companies (SpaceX, X, xAI, Starlink, etc.). However, for many Tesla is nothing without Elon Musk.

On the contrary, opponents consider this award “ridiculous” for Elon Musk with a salary of “140 times the average salary of an employee”.

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