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Musk says his pay package is approved by Tesla shareholders
Musk says his pay package is approved by Tesla shareholders
Investors and Musk’s supporters, including X CEO Linda Yaccarino, applauded the preliminary results
By Faiz Siddiqui and Trisha Thadani
Updated June 13, 2024 at 4:29 a.m. EDT | Published June 13, 2024 at 12:00 a.m. EDT
SAN FRANCISCO — Tesla shareholders re-approved Elon Musk’s controversial 2018 pay package by a wide margin, Musk posted on X Wednesday night, appearing to resolve an uncertainty that has loomed over his future with the company.
A Delaware judge invalidated the package, worth as much as $56 billion earlier this year, arguing that the process that led to the deal had been unfair. As part of the deal, Musk was granted stock options as Tesla hit certain valuation milestones, accumulating massive amounts of shares that led to a record pay deal and played a hand in making Musk the richest person in the world.
Musk, in his post, indicated that the number of votes in favor of restoring his pay had surpassed a threshold needed to guarantee a victory on his part. The full results are expected to be revealed Thursday at Tesla’s shareholder meeting in Austin.
{snip}
By Faiz Siddiqui
Faiz Siddiqui is a technology reporter with The Washington Post's Business Desk covering companies such as Tesla and Twitter. His area of coverage has also included ride-hailing and the race to build autonomous cars. Prior to that, he covered the D.C. Metro and local transportation scene. Twitter https://twitter.com/faizsays
By Trisha Thadani
Trisha Thadani joined The Washington Post in 2023 from the San Francisco Chronicle. She covers the technology industry. Twitter https://twitter.com/TrishaThadani
Investors and Musk’s supporters, including X CEO Linda Yaccarino, applauded the preliminary results
By Faiz Siddiqui and Trisha Thadani
Updated June 13, 2024 at 4:29 a.m. EDT | Published June 13, 2024 at 12:00 a.m. EDT
SAN FRANCISCO — Tesla shareholders re-approved Elon Musk’s controversial 2018 pay package by a wide margin, Musk posted on X Wednesday night, appearing to resolve an uncertainty that has loomed over his future with the company.
A Delaware judge invalidated the package, worth as much as $56 billion earlier this year, arguing that the process that led to the deal had been unfair. As part of the deal, Musk was granted stock options as Tesla hit certain valuation milestones, accumulating massive amounts of shares that led to a record pay deal and played a hand in making Musk the richest person in the world.
Musk, in his post, indicated that the number of votes in favor of restoring his pay had surpassed a threshold needed to guarantee a victory on his part. The full results are expected to be revealed Thursday at Tesla’s shareholder meeting in Austin.
{snip}
By Faiz Siddiqui
Faiz Siddiqui is a technology reporter with The Washington Post's Business Desk covering companies such as Tesla and Twitter. His area of coverage has also included ride-hailing and the race to build autonomous cars. Prior to that, he covered the D.C. Metro and local transportation scene. Twitter https://twitter.com/faizsays
By Trisha Thadani
Trisha Thadani joined The Washington Post in 2023 from the San Francisco Chronicle. She covers the technology industry. Twitter https://twitter.com/TrishaThadani