Tesla Shareholders Reapprove Elon Musk's Controversial $56 Billion Pay Package
The vote, conducted during the annual meeting, follows a court ruling that voided the original compensation plan, raising questions about governance and Musk's influence.
- Shareholders also approved relocating Tesla's incorporation from Delaware to Texas.
- The reapproval does not automatically reinstate the pay package, pending further legal challenges.
- Musk's compensation plan is tied to Tesla's performance milestones, originally valued at $56 billion.
- The decision reflects strong support for Musk despite concerns about his focus and governance issues.
- Institutional investors and proxy advisors had recommended voting against the pay package.
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