Tesla shareholders have voted in favour of a $56 billion compensation package for South Africa-born CEO Elon Musk.
Image: Apu Gomes / AFP Image: Apu Gomes / AFPLooking for insight into the South African property market? Click here for more“I just want to start off by saying, hot damn, I love you guys,” a euphoric Musk said as he took the microphone after the preliminary vote results were announced.The package was originally approved by investors in 2018, but a Delaware court struck it down in January 2024, prompting Tesla to launch a campaign to revive it.
Analysts said passage of the compensation package will likely ensure Tesla continues to be led by Musk, who had hinted he might exit without an adequately large stake in Tesla. Musk had about 20.5 percent of Tesla shares at the end of 2023.Shareholders overwhelmingly backed the Musk compensation plan in 2018, but it was struck down by Delaware
In April, Tesla revived the package, with chair Robyn Denholm imploring investors to “fix this issue” after the Delaware ruling, arguing ratification would “restore Tesla’s stockholder democracy” after the 2018 shareholder vote.“Shareholders should ask themselves this question: is Tesla better off with or without Elon,” Baron said in a public letter.
Dorothy Lund, an expert in corporate governance at Columbia Law School in New York, said the effect of the latest shareholder vote was uncertain because the plan has still been blocked by the Delaware court.
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