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Tesla Shareholders Reapprove Elon Musk’s Massive Pay Package


Jun 17, 2024

Tesla shareholders have voted to reapprove Elon Musk’s enormous pay package, following its earlier voiding by a Delaware court judge. In addition to this, investors approved the proposal to move the company’s legal base from Delaware to Texas and reappointed two board members: James Murdoch and Elon’s brother, Kimbal Musk.

This vote served as a significant referendum on Musk’s leadership amid a period of considerable turmoil for Tesla. The company has faced declining stock prices due to shrinking sales, weakening demand, and falling revenue. Furthermore, Tesla has laid off at least 10 percent of its workforce, and its vehicle lineup is aging and in need of innovation. The success of Musk’s ventures into AI and robotics also remains uncertain.

Despite these challenges, shareholders delivered a resounding victory for Musk by approving a compensation package that positions him as one of the highest-paid chief executives in modern history.

“I just want to start off by saying, hot damn, I love you guys,” Musk exclaimed, raising his arms in triumph as he took the stage.

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