Tesla Shareholders Approve Musk Compensation Package
Tesla Shareholders Approve Musk Compensation Package
The Facts
On Thursday, Tesla shareholders will cast their votes to approve CEO Elon Musk's $56 billion compensation package and to move the EV maker's legal headquarters to Texas. Musk expressed his gratitude in a post on X.
On Thursday, Tesla will announce the result of the shareholders vote to approve CEO Elon Musk's $56 billion compensation package and to move the EV maker's legal headquarters to Texas. Musk expressed his gratitude in a post on X on Wednesday.
The Spin
While Tesla's stock price has certainly dropped since the deal was first proposed, the agreed-upon terms were previously met and the board, as it was in 2018, seems set on fulfilling its promise. This vote isn't just about money —Musk requires full control over the company if his innovative ideas are to remain the backbone of Tesla.
Tesla has gone from a world-leading EV maker in hot pursuit of giving everybody affordable and effective green energy cars, to one advertising unnecessary cyber trucks and spending time debating pay packages. Tesla's success should be based on manufacturing and sales, not casino-style money transfers to satisfy shareholders.
