{"id":928,"date":"2024-06-14T12:02:33","date_gmt":"2024-06-14T12:02:33","guid":{"rendered":"https:\/\/tradetrovex.com\/index.php\/2024\/06\/14\/tesla-shareholders-approve-elon-musks-56bn-pay-package\/"},"modified":"2024-06-14T12:02:33","modified_gmt":"2024-06-14T12:02:33","slug":"tesla-shareholders-approve-elon-musks-56bn-pay-package","status":"publish","type":"post","link":"https:\/\/tradetrovex.com\/index.php\/2024\/06\/14\/tesla-shareholders-approve-elon-musks-56bn-pay-package\/","title":{"rendered":"Tesla shareholders approve Elon Musk\u2019s $56bn pay package"},"content":{"rendered":"<div>\n<p>Tesla shareholders have approved Elon Musk\u2019s $56bn (\u00a344bn) pay package.<\/p>\n<p>The proposal passed despite opposition from some large institutional investors and proxy firms.<\/p>\n<div class=\"sdc-site-outbrain sdc-site-outbrain--AR_6\">    <\/div>\n<p>Onstage at the annual shareholder meeting in Austin, <strong>Texas<\/strong>, the billionaire described himself as \u201cpathologically optimistic\u201d.<\/p>\n<p>\u201cIf I wasn\u2019t optimistic this wouldn\u2019t exist, this factory wouldn\u2019t exist,\u201d <strong>Musk <\/strong>said to resounding applause.<\/p>\n<p>\u201cBut I do deliver in the end. That\u2019s the important thing.\u201d<\/p>\n<div class=\"ad ad--teads\">        <\/div>\n<p>The approval does not, however, resolve a lawsuit on the pay package in a <strong>Delaware<\/strong> court, which some legal experts believe could last months.<\/p>\n<p>The judge <strong>invalidated it in January<\/strong>, describing it as \u201cunfathomable\u201d.<\/p>\n<p>Musk may also face fresh lawsuits on the deal, which would be the largest in American corporate history.<\/p>\n<p>Shareholders had first approved the bumper pay packet in 2018.<\/p>\n<p>\u201cThis thing is not over,\u201d said Brian Quinn, a professor at Boston College Law School.<\/p>\n<p>The Delaware judge will scrutinise the vote and require <strong>Tesla<\/strong> to prove the process was not coerced or improperly influenced by Musk, Professor Quinn said.<\/p>\n<p>The judge had criticised Tesla\u2019s board fore being \u201cbeholden\u201d to Musk, saying the plan was proposed by a \u201cconflicted board\u201d with \u201cclose personal and financial ties\u201d to its top executive.<\/p>\n<p>Shareholders also approved a proposal to move the company\u2019s legal home to Texas from Delaware.<\/p>\n<p>They also backed other proposals, including the re-election of two board members, Musk\u2019s brother Kimbal Musk and James Murdoch, son of media mogul Rupert Murdoch.<\/p>\n<p>Shareholders did increase the level of investor control by passing proposals in favour of shortening board terms to one year and lowering voting requirements for proposals to a simple majority, despite board opposition to both.<\/p>\n<p>Tesla did not disclose the voting tallies, which are expected to be revealed in coming days.<\/p>\n<p>At least a half-million viewers watched the meeting on the livestream on X, which Musk also owns, and about 40,000 watched on YouTube.<\/p>\n<p>Tesla\u2019s share price has dropped about 55% from its 2021 peak as electric vehicle sales have slowed.<\/p>\n<p>The stock closed up 2.9% on Thursday.<\/p>\n<\/p>\n<div>This post appeared first on sky.com<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tesla shareholders have approved Elon Musk\u2019s $56bn (\u00a344bn) pay package. The proposal passed despite opposition&hellip;<\/p>\n","protected":false},"author":0,"featured_media":929,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech-news"],"_links":{"self":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts\/928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/comments?post=928"}],"version-history":[{"count":0,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts\/928\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/media\/929"}],"wp:attachment":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/media?parent=928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/categories?post=928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/tags?post=928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}