Tesla shareholders have Elon Musk’s multibillion-dollar salary package.
The package is now worth $44bn (£34bn). The package once cost $56bn (£44bn) to last, but its price has fallen along with that of Tesla’s shares.
The proposal was approved despite opposition from some giant institutional investors and proxy companies.
At the annual shareholder meeting in Austin, Texas, the billionaire described himself as “pathologically optimistic. “
“If I wasn’t optimistic, this exists, this factory exists,” Musk said to resounding applause.
“But I end up keeping my promises. That’s the question. “
The approval, however, does not involve a wage lawsuit in a Delaware court, which some legal experts say could last only months.
The ruling overturned it in January, calling it “unfathomable. “
Musk may also face additional lawsuits over the deal, which would be the largest in U. S. corporate history.
Shareholders first approved the exceptional pay program in 2018.
“This case is over,” said Brian Quinn, a professor at Boston College Law School.
The Delaware judge will review the vote and ask Tesla to prove that the procedure was not restricted or inappropriately influenced by Musk, Professor Quinn said.
The ruling had criticized Tesla’s board for being “beholden” to Musk, saying the plan had been proposed through a “conflicted management board” with “close personal and financial ties” to its most level-headed executive.
Shareholders also submitted a proposal to move the company’s legal headquarters from Delaware to Texas.
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They also subsidized other proposals, adding the re-election of two board members, Kimbal Musk, Musk’s brother, and James Murdoch, son of media mogul Rupert Murdoch.
Shareholders greatly increase the point of investor scrutiny by approving proposals to shorten the board’s term to one year and reduce voting needs for the proposals to an undeniable majority, despite the board’s opposition to any of the proposals. proposals.
Tesla has revealed the vote count, which is expected to be revealed in the coming days.
At least part of a million viewers watched the montage on X, also owned by Musk, and about 40,000 on YouTube.
Tesla’s stock price has fallen about 55% from its 2021 peak as electric vehicle sales have slowed.
The stock closed up 2. 9% on Thursday.