- Elon Musk took to social media platform X
- This shareholder vote strengthens Tesla's position
- The approval also represents a personal win for Musk
Tesla CEO Elon Musk took to social media platform X on Wednesday to announce that shareholders were overwhelmingly approving his controversial $56 billion pay package and the company’s relocation to Texas.
This vote is a significant victory for both Musk and the Tesla board. A Delaware judge had previously thrown out the 2018 pay package, citing concerns about the board’s impartiality in approving it for Musk. This shareholder vote strengthens Tesla’s position in the ongoing court case.
The approval also represents a personal win for Musk, who faced opposition from influential investor advisory firms like Glass Lewis and ISS. He took to X to express his gratitude to his supporters with a simple “Thanks for your support!!”
The official results will be announced at Tesla’s Texas headquarters on Thursday. Preliminary reports suggest a combination of large institutions and individual investors swung the vote in favor of the proposals. However, shareholders have the option to change their votes until the meeting begins.
The vote also covered other proposals, including the company’s move to Texas and the re-election of board members Kimbal Musk (Elon’s brother) and James Murdoch.
