Tesla shareholders have reinstated Elon Musk’s enormous pay package, stirring both celebration and controversy. The decision follows a tumultuous period marked by legal battles and Musk’s dramatic threats. This pivotal move could reshape Tesla’s future and Musk’s role within the company.
Shareholders Restore Musk’s Massive Pay Package
Tesla shareholders have reinstated a nearly $45 billion pay package for CEO Elon Musk. Musk, also the owner of social media platform X, was confident shareholders would approve the payout previously denied by a Delaware judge in January.
Celebration at Shareholders Meeting
The reinstatement of the $44.9 billion package was confirmed at Tesla’s 2024 annual shareholders meeting on Thursday. The announcement was met with a standing ovation and chants of “Elon, Elon, Elon,” though vote totals were not immediately disclosed.
Musk’s Enthusiastic Response
Musk enthusiastically addressed shareholders following the announcement. He expressed his gratitude and promised that Tesla would soon be delivering significant changes.
Stock Surge Ahead of Vote
Earlier on Thursday, Tesla shares rose as the company indicated in a regulatory filing that stockholders were expected to approve the package. The filing included Musk’s posts on X, showing charts that suggested strong shareholder support.
Legal Home Move Approved
The charts also indicated shareholder approval for relocating Tesla’s legal home from Delaware to Texas. This move was also sanctioned by shareholders on Thursday.
Legal Battle Ahead
Despite the favorable vote, Musk’s all-stock compensation remains tied up in Delaware Chancery Court. In January, Chancellor Kathaleen St. Jude McCormick ruled that Tesla misled shareholders when the compensation was approved in 2018, leading to ongoing appeals by Tesla.
Uncertainty Before the Vote
Speculation about Tesla’s future intensified before the vote, with talk of Musk possibly shifting AI research to another of his ventures. There were even suggestions that he might walk away from Tesla if his payout was denied.
Musk’s AI Ultimatum
Musk has warned on X that he might develop AI at another company if he doesn’t secure a 25 percent stake in Tesla. His new venture, xAI, recently garnered $6 billion in funding for artificial intelligence development.
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