By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    Two Gulf states pledge to settle some of Syria’s foreign debt — RT World News
    Two Gulf states pledge to settle some of Syria’s foreign debt — RT World News
    April 28, 2025
    Asia markets live: Stocks mixed
    Asia markets live: Stocks mixed
    April 28, 2025
    After being on the lam for 529 days, Valerie the dog finally rescued – National
    After being on the lam for 529 days, Valerie the dog finally rescued – National
    April 28, 2025
    Elementary school custodian charged with pandering obscenities of a minor
    Elementary school custodian charged with pandering obscenities of a minor
    April 28, 2025
    “Cool” years are now hotter than the “warm” years of the past: tracking global temperatures through El Niño and La Niña
    “Cool” years are now hotter than the “warm” years of the past: tracking global temperatures through El Niño and La Niña
    April 28, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Monero price hits 5-year high with 3 ATH in sight
    Monero price hits 5-year high with $543 ATH in sight
    April 28, 2025
    Peirce, Uyeda criticize crypto custody chaos at SEC roundtable
    Peirce, Uyeda criticize crypto custody chaos at SEC roundtable
    April 28, 2025
    DOGE and SHIB Rival Solana Memecoin 'Trump Ends Tariffs' (TRUMPTAR) Set for Massive 9,000% Rally
    DOGE and SHIB Rival Solana Memecoin 'Trump Ends Tariffs' (TRUMPTAR) Set for Massive 9,000% Rally
    April 28, 2025
    Shiba Inu Price Poised For Massive 17X Explosion As SHIB Hits Prime Buy Zone
    Shiba Inu Price Poised For Massive 17X Explosion As SHIB Hits Prime Buy Zone
    April 28, 2025
    Tariff Carnage Starting to Fulfill BTC’s ‘Store of Value’ Promise
    Tariff Carnage Starting to Fulfill BTC’s ‘Store of Value’ Promise
    April 28, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Tesla Shareholders Approve Elon Musk’s Big Payday
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Trend > Tesla Shareholders Approve Elon Musk’s Big Payday
Tesla Shareholders Approve Elon Musk’s Big Payday
Trend

Tesla Shareholders Approve Elon Musk’s Big Payday

Published June 14, 2024
Share
4 Min Read
SHARE

Under CEO Elon Musk, Tesla has been credited with revolutionizing the auto industry, jump-starting the electric revolution, and racking up billions in profit in the process. Now Musk is set for a record payday worth around $50 billion, after the electric car company’s shareholders approved a compensation plan that had been previously blocked by a federal judge.

The preliminary outcome of the vote was announced Thursday afternoon during an annual shareholder meeting at Tesla’s newest auto and battery factory in Austin, Texas.

The setting was apropos: Shareholders also approved a measure to move Tesla’s corporate registration away from Delaware and to Texas. The company’s board argued that Delaware’s court system—where a judge struck down Musk’s pay scheme in January—has been unfair to Tesla.

“Hot damn, I love you guys,” an ebullient Musk told shareholders from the stage of the meeting in Austin, after the pay package approval was announced.

This vote was a referendum on Musk’s leadership at Tesla, as some shareholders argued the CEO has grown more visibly distracted with his other companies, which include SpaceX, the tunneling venture the Boring Company, the social media site X, and the artificial intelligence firm xAI. The electric car company has also lost more than half its value since its highest heights, when it was worth some $1.24 trillion in late 2021. Slower car sales, increased competition in the electric car market, and a pivot to robotics and autonomous vehicle technology have left some shareholders confused about the future of Tesla.

In a letter published before the vote, the proxy advising firm Glass Lewis said it was concerned that the compensation package would give Musk too much power over Tesla by making him the company’s largest shareholder “by a healthy margin.”

But proponents for the package—who prevailed in Thursday’s vote—said the compensation was fair payment for Musk’s performance at Tesla. “If Tesla is to retain Elon’s attention and motivate him to continue to devote his time, energy, ambition and vision to deliver comparable results in the future, we must stand by our deal,” board chair Robyn Denholm wrote in a letter to shareholders ahead of the vote.

Musk’s compensation package, tied to a series of ambitious financial targets, was first approved by more than 70 percent of Tesla shareholders in 2018. But a group of investors challenged the package in a Delaware court, and in January a state chancery judge threw it out, ruling it should be undone. The package, she wrote, was an “unfathomable sum” and had been approved by a board of directors made up of less-than-impartial members.

Now, Musk will have even greater control over his electric car company. What he does with that power remains to be seen.

#Tesla #Shareholders #Approve #Elon #Musks #Big #Payday

TAGGED:approvebigElectric vehiclesElonElon Muskevs and hybridsMuskspaydayShareholdersStocksTesla
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article ‘Roaring Kitty’ Appears to Have Exited GameStop Call Options ‘Roaring Kitty’ Appears to Have Exited GameStop Call Options
Next Article Biden, Zelenskyy sign 10-year U.S.-Ukraine security pact: ‘Not backing down’ – National Biden, Zelenskyy sign 10-year U.S.-Ukraine security pact: ‘Not backing down’ – National

You Might Also Like

MSI Katana 15.6-inch gaming laptop with Intel i7-12650H and RTX 4070 discounted to US,159.99
Trend

MSI Katana 15.6-inch gaming laptop with Intel i7-12650H and RTX 4070 discounted to US$1,159.99

August 11, 2023
Nvidia aims to captialize on generative AI growth with launch of new Grace Hopper super chip, world’s first with HBM3e RAM
Trend

Nvidia aims to captialize on generative AI growth with launch of new Grace Hopper super chip, world’s first with HBM3e RAM

August 13, 2023
After getting crushed by Apple and Google in smartphones, BlackBerry is in their sights again
Trend

After getting crushed by Apple and Google in smartphones, BlackBerry is in their sights again

January 28, 2024
Stock market news today: US stocks steady after steep Big Tech-led sell-off
Business

Stock market news today: US stocks steady after steep Big Tech-led sell-off

July 25, 2024

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?