Shareholders are charting Tesla's future as voting on CEO Elon Musk's pay package comes to a head
Tesla shareholders are charting the future of the electric vehicle company Thursday as they wrap up voting whether or not to restore CEO Elon Musk’s massive pay package that was thrown out by a Delaware judge
DETROIT — Tesla shareholders are charting the future of the electric vehicle company Thursday as they wrap up voting whether or not to restore CEO Elon Musk's massive pay package that was thrown out by a Delaware judge.
Shares of the company jumped Thursday after the company said in a regulatory filing that stockholders are voting to approve Musk's pay, valued around $44.9 billion, by a wide margin.
In a filing with the U.S. Securities and Exchange Commission on Thursday, Tesla published Musk's own posts late Wednesday on X, the social media platform he owns, with charts that appeared to show that shareholders were in favor of his compensation package, as well a measure to move Tesla's legal home from Delaware to Texas.
The company sought the votes after a Delaware judge threw out the pay package, worth $44.9 billion in January. Chancellor Kathaleen St. Jude McCormick determined that Tesla deceived shareholders when the pay package was approved in 2018, so Musk is not entitled to the landmark package, which climbed to nearly $56 billion before a stock slide this year.
Legal experts say that releasing vote totals while balloting is in progress could present problems for Tesla, and that may be why the company made the filing with the SEC, which is likely to look into the matter.
Shareholders can still cast votes online Thursday and in person Thursday afternoon at Tesla's annual shareholders meeting in Austin, Texas. They also can change previously cast votes.
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