Tesla (TSLA) shareholders voted in favor of CEO Elon Musk’s massive $56 billion pay package. In addition to this innovative compensation plan, shareholders also greenlit Tesla’s redomestication from Delaware to Texas, a strategic relocation that Musk had previously pursued after his payment was initially denied by a Delaware judge.
Yahoo Finance Auto Reporter Pras Subramanian details the details.
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This post was written by Angel Smith
Follow Yahoo Finance’s coverage of Musk and his salary package saga:
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Is Elon Musk the right choice as Tesla CEO?
Learn from 3 Tesla shareholders: From unenthusiastic yes to unequivocal no as Musk awaits vote on his salary
Musk Pay Package: What’s Incentivizing Shareholder Votes
Elon Musk’s $46 Billion Tesla Pay Package: Explained
Video transcript
I think it’s interesting.
They announced that they won the vote, but then they played the please vote again promotional video just to show how great everything was.
Uh, since they approved that prayer packet, you’ve scored a victory.
I think that’s it.
Um So, we’ll see, it looks like maybe Elon Musk is coming out and, greeting that there he is, he’s there greeting the faithful.
Now after he won this vote.
Yes, looking very excited, very excited.
He got his pay at least for now, right?
We still need to go through the court system again.
But, uh, it looks like Red Dometic happened, which he, of course, pressured after his pay package was denied.
Uh So now the salary vote will pass.
He, he’s on the path to achieving that.
Tesla shares are obviously higher here.
Uh So, you know, I think we saw this was going to happen.
The question is what will the vote totals be?
They haven’t released that yet.
So it will be interesting to see how, how close it came.
I don’t think it will be that close.
The question is, will it be less than 20 total eighteen for your, at least for your salary package?
Uh And I’m also curious to know what the Red Dometic vote would be like, just like you were following.
I mean, because you were following this story so closely.
Are you surprised by what you heard today or?
No?
That’s how you saw it all happen.
I, I mean, iii I thought this would pass no matter what.
But then we started to hear these larger funds coming down and openly saying we’re not actually going to approve this payment package, given what we’ve seen and the dilution effects and just the overall size of the award.
Uh And then on the other side, he saw people like Ron Baron and people like Cathy, we’re talking about, well, that’s where he’s aligned with our interests.
So I guess that wasn’t surprising, but I think when the vote totals come out, maybe it will be significantly lower than 73%.
We’ll see.
It could be more than half.
I mean, obviously, obviously after more than half, but the question is, how much more than half will it be?
So that’s going to be interesting to watch for her.
