14 Jun 2024


Tesla Inc. investors voted for Chief Executive Officer Elon Musk’s compensation package and moving the company’s state of incorporation to Texas, signaling confidence in his leadership despite slumping sales and a precipitous drop in the stock price. The electric-car maker announced the results at its annual meeting Thursday in Austin without disclosing the breakdown of votes. Musk had foreshadowed the outcome the night before in a post on X, saying both resolutions were “passing by wide margins.” The pay vote is only advisory and doesn’t guarantee Musk will get his money. A Delaware judge nullified Musk’s 2018 compensation plan in January, and Tesla is expected to appeal. If that appeal fails, moving the company’s legal home to Texas would allow the board to revive the pay package in a new state with potentially more favorable courts. Source: Bloomberg


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