Musk is already singing victory: «Ok from Tesla members to my maxi compensation» | EUROtoday

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Tesla shareholders are voting in favor of the multibillion-dollar pay package deal for CEO Elon Musk by “wide margins”: Musk himself wrote on X earlier than the tip of the vote. “Both Tesla shareholder resolutions are passing by wide margins!” Musk wrote, referring to resolutions to approve his $56 billion compensation package deal and a plan to maneuver Tesla headquarters from Delaware to Texas. The official outcomes of the vote haven’t but been launched and Tesla's annual shareholder assembly can be held within the afternoon.

The story

Shareholder approval of the most important payout in U.S. company historical past may allay investor considerations about Musk's future on the firm, whereas giving the electrical automaker a strong argument within the battle to reverse the choice of the court docket to cancel the remuneration package deal.

Musk will nonetheless face a protracted authorized battle to persuade the Delaware choose who declared that Tesla's board of administrators was “dependent” on him.

According to preliminary studies, a mixture of huge institutional traders and small shareholder votes meant that the pro-Musk proposal gained a majority, regardless of proxy advisors Glass Lewis and Institutional Shareholder Services urging shareholders to reject the compensation package deal and different giant traders, together with Norway's sovereign wealth fund, had mentioned they might vote in opposition to.

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