New York: Tesla CEO Elon Musk said late Wednesday that the electric car company’s shareholders voted to approve the multimillion-dollar pay package by a “wide margin” in a post on the X social media platform before voting closed.
Both Tesla shareholders are now on the move! Musk wrote, citing the decision to approve a $56 billion pay package and plans to move Tesla’s headquarters from Delaware to Texas.
The official vote has not yet been announced, and Tesla’s annual shareholder meeting is scheduled for Thursday afternoon.
Tesla is campaigning to get shareholders to approve Musk’s massive compensation package.
The company said on its annual meeting website that “the value we will deliver to you in the future is at risk,” adding that “we need your voice now to protect Tesla and your investment.”
Tesla is also creating a variety of models where 15 voting investors will be randomly selected for a tour of the Austin, Texas factory, led by Musk and vehicle designer Franz von Holzhausen.
Shareholders overwhelmingly supported Musk’s compensation plan in March 2018, but it was thrown out by a Delaware judge in January.
This year’s vote is expected to be closer than the 2018 vote after influential advisory firms Investment Equity Services and Glass Lewis came out against the wind, with ISS rejecting its proposal as “excessive”.
In April, Tesla revived the package, with CEO Robin Denholm advising investors to “get over it” after the Delaware decision.
In a letter to shareholders, he said the company had generated more than $735 billion in value over the past six years.
