Musk announces that Tesla shareholders approved his salary plan by a “large majority”

Tesla’s executive president, Elon Musk, stated that the group’s shareholders approved his remuneration plan “by a large majority”, in a message published on the social network X, before the conclusion of the vote.

“Tesla’s two shareholder resolutions were approved by a large majority!”, Musk wrote late Wednesday night in the United States, referring to the resolutions to approve his 56,000 million prize of dollars and the transfer of Tesla’s registration from Delaware (east) to Texas (south).

The official results of the vote have not yet been published.

The car manufacturer campaigned until the last moment for its shareholders to approve its president’s huge remuneration plan.

“Time is running out”, read, on Wednesday afternoon, on the website, created for the occasion, while a clock counting down marked the seconds to 11pm: 59 in Texas (04:49 GMT), voting closing time.

“Your vote is crucial to Tesla’s future growth and success and the value of your investment”, insisted the electric vehicle specialist in a video in which she explained, with the help of her Optimus humanoid robot, how to vote.

To encourage voting, the group organized a draw for 15 guided tours of the Austin (Texas) megafactory, with Elon Musk and Franz von Holzhausen, Tesla’s chief designer, as guides.

In addition to the dedicated web page and help from Optimus, numerous messages were published on X, as well as advertising on the Internet, as if it were an electoral election.

The group relies on small shareholders to make a difference compared to large investors, several of whom have announced in recent days that they oppose the remuneration package.

These institutional investors had already assumed this position on March 21, 2018, when this financial package was submitted to shareholders at an extraordinary general meeting. At the time, “yes” won with 73%, excluding the votes of Elon Musk and his brother Kimbal.

The package was valued at 56 billion dollars and provided for the distribution of shares over 10 years, based on specific objectives, but the appeal filed by a shareholder in a Delaware court led to its annulment. by a judge at the end of January.

However, in mid-April, the Board of Directors took steps to put the plan back into practice, including it on the agenda of today’s Annual General Meeting.

“The Board of Directors supports this remuneration plan. We believed in it in 2018, when we asked Elon to pursue notable goals to grow the business”, argued the board at the time.

The value of Tesla shares was $20.70 at the close of the stock market on Wall Street the day before the 2018 general meeting, and $177.29 at the close on Wednesday.

According to the Wall Street Journal, the “yes” and “no” votes were tied on Tuesday.


Francesco Giganti

Journalist, social media, blogger and pop culture obsessive in newshubpro

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