Approval of Musk's compensation package removes $25 overhang on stock, says Wedbush
) shareholders have voted to approve a $56 billion pay package for Elon Musk and to move the electric vehicle maker's legal headquarters to Texas, the CEO announced on social media on Wednesday."Thanks for your support!!,” he wrote on his social media X, formerly known as Twitter.
“This removes a $20- $25 overhang on the stock in our opinion that has weighed on shares since the head-scratching Delaware ruling set this Twilight Zone soap opera on earlier this year,” analysts at Wedbush said. "Even if the shareholders do approve the old package, it is not clear that the Delaware court will allow that vote to be effective," said Adam Badawi, a law professor at UC Berkeley.Scan QR code to install app
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