At Tesla’s annual meeting on Thursday, shareholders were asked to vote on a dozen proposals, including CEO Elon Musk’s 2018 pay package.
Tesla shareholders vote to ratify CEO Elon Musk's 2018 pay package, after a Delaware judge rescinded it in January.Tesla shares rose 2.9% on Thursday after Musk said shareholders were on track to approve his pay package and a resolution to move the company's incorporation to Texas.mammoth 2018 pay plan, five months after a judge in Delaware ordered the company to rescind the package, finding it had been improperly granted by the board.
Taking the stage after the preliminary results were announced, Musk said,"I just want to start off by saying hot d---! I love you guys."The compensation package was previously worth as much as $56 billion in Tesla stock. In January, a Delaware court called the pay"unfathomable.
Tesla shares rose 2.9% in regular trading on Thursday to close at $182.47 after Musk posted on X that the proposal was set to be approved. The stock is still down 27% for the year, as Tesla reckons with declining sales tied to an aging lineup of electric vehicles and increased competition in China.
However, during last year's meeting, Musk promised shareholders he would spend less time on the app going forward, calling the business a"short-term distraction." He's still spending plenty of time on other things. Musk is CEO of SpaceX and brain computer interface company Neuralink. Last year he also started a new company called xAI, which has raised billions of dollars to developing large language models and an AI chatbot called Grok that uses data and data center capacity from X.
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