Shareholders recently voted in favor of a roughly $48 billion award, but should they have?
Tesla shareholders recently voted to approve a massive performance award for Elon Musk . The payout was originally approved in 2018, but struck down by a judge earlier this year. Shareholders voted overwhelmingly in favor of the proposal, despite recent problems at the automaker. Tesla is facing a reckoning as sales are slowing in a number of markets and inventories are piling up. If that wasn’t bad enough, Elon Musk seems distracted with countless other things.
With all that being said, shareholders voted in favor of a proposal to give a “performance-based stock option award to Elon Musk that was proposed to and approved by our stockholders in 2018.” The vote followed a judge’s decision to rescind the multi-billion dollar award earlier this year, but it still doesn’t ensure Musk will get his huge payday. However, it certainly helps his case and a whopping 77% voted in favor of the move.
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