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Elon Musk Says Tesla Shareholders Have Voted To Restore His 2018 Compensation Package appeared on www.forbes.com by Siladitya Ray.
Topline
Tesla CEO Elon Musk said Wednesday night the company’s shareholders have voted to reinstate his massive 2018 compensation deal—estimated to be worth around $50 billion—months after it was invalidated by a Delaware judge.
Telsa CEO Elon Musk said the company’s shareholders have voted in favor of restoring his massive $50 … [+]
Key Facts
In a post on X, Musk said the shareholder resolutions on his remuneration and reincorporating the company in Texas were “passing by wide margins.”
The post included a graph showing both measures had already garnered significantly more votes than needed to guarantee their passage.
The push to change Tesla’s state of incorporation from Delaware to Texas was also spearheaded by Musk after he conducted a “public vote” on his X account.
Musk thanked Tesla shareholders and many of his supporters on X and even responded affirmatively when one of his followers said “we got you the options now you have to make Tesla the most valuable company on Earth.”
Tesla’s shares rose 0.46% to $178.10 in premarket trading early on Thursday.
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Crucial Quote
Texas Gov. Greg Abbott congratulated Musk in a X post saying: “Congrats Elon on getting the pay you were promised and on your new incorporation in Texas. Welcome to a state that has neither a personal nor a corporate income tax.”
What To Watch For
Although the shareholder vote has been in Musk’s favor, it does not immediately overturn Delaware Court of Chancery Judge Kathaleen McCormick’s January ruling. The company has even acknowledged in its security filings that a favorable vote may not resolve the remuneration issue. However, Tesla could use the result of the vote to signal to the judge that Musk’s pay package has broad shareholder support. According to Reuters, Tesla shareholder, Donald Ball, has already filed a legal challenge against the vote. In his suit, Ball accuses Musk of using “strong-arm, coercive tactics,” to get his desired outcome in the vote.
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This article originally appeared on www.forbes.com by Siladitya Ray – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
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