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Tesla hits the road to persuade shareholders to pay Elon Musk $46 billion

Livemint

Livemint · 1y ago

Tesla hits the road to persuade shareholders to pay Elon Musk $46 billion

Tesla shareholders will vote on whether to reinstate stock options worth $46 billion to CEO Elon Musk, following a judge's decision to strike down the award earlier this year. Tesla's board, led by chair Robyn Denholm, is rallying support from shareholders, seeking to remind them of the ambitious plans set in 2018 when the original pay package was approved. The vote carries significance for Tesla as it hopes approval will dispel concerns that Musk may leave the company. The outcome will also impact Tesla's stock price and potentially avoid a lengthy appeals process.

Related News

Elon Musk may leave Tesla if $56 bn pay not approved, Denholm warns shareholders

Livemint

Livemint · 1y ago

Elon Musk may leave Tesla if $56 bn pay not approved, Denholm warns shareholders

Tesla's Chairperson, Robyn Denholm, has stated that CEO Elon Musk may leave the company if shareholders vote against his $56 billion pay package during the upcoming shareholders meeting. Denholm emphasized that motivating someone like Musk requires a different approach, and if shareholders reject the pay package, Musk may take his talents elsewhere. The approval process for Musk's compensation package was recently voided by a Delaware judge for being "deeply flawed". Denholm argued that the package is not about the money but about retaining Musk's focus and commitment to Tesla.

Elon Musk's friends and fans applaud shareholder vote on his payday

Economic Times

Economic Times · 1y ago

Elon Musk's friends and fans applaud shareholder vote on his payday

Tesla shareholders have confirmed a pay award of over $45 billion for CEO Elon Musk. Musk took to his social media platform X to announce the news ahead of the official announcement at the company's annual meeting. The pay package has been a topic of controversy, with some investors concerned that Musk's involvement in X has distracted him from Tesla. However, Musk's supporters on the platform celebrated the approval, highlighting the overwhelming support from retail investors and the importance of their backing for both Musk and Tesla's future. Critics of Musk did express their dissent, but overall, many shareholders who were critical leading up to the vote remained silent after the decision.

Tesla urges Delaware Supreme Court to restore Musk's $56 billion payday - The Economic Times

Economic Times

Economic Times · 25d ago

Tesla urges Delaware Supreme Court to restore Musk's $56 billion payday - The Economic Times

Tesla's $56 billion pay package for Elon Musk, rescinded by a lower court in 2024, is being appealed by Tesla at the Delaware Supreme Court. The case questions the independence of Tesla's board and information provided to shareholders. Delaware's corporate law and the state’s reputation are affected as companies consider moving legal homes. Tesla proposed a new pay plan amidst legal challenges and corporate departures, emphasizing confidence in Musk's leadership despite hurdles.

The big loser in Tesla’s shareholder vote is Delaware

Livemint

Livemint · 1y ago

The big loser in Tesla’s shareholder vote is Delaware

Electric car giant Tesla's move to reincorporate in Texas goes beyond mere cost savings. By leaving Delaware, where two-thirds of S&P 500 companies are incorporated, Tesla CEO Elon Musk aims to challenge the state's dominance in corporate affairs. Musk's recent defeat in a Delaware court over his pay package valued at $46 billion may have influenced the move. Shareholders approved the plan to reincorporate in Texas, where the company is based and where officials offer lower taxes and a specialized business court system. The move could signal a shift in perception of Delaware's shareholder protections.

Delaware judge rejects Elon Musk's $56 billion Tesla pay - again

Economic Times

Economic Times · 11m ago

Delaware judge rejects Elon Musk's $56 billion Tesla pay - again

A Delaware judge has ruled that Tesla CEO Elon Musk is still not eligible for a $56 billion compensation package, despite a shareholder vote in June to reinstate it. The judge's ruling follows her previous decision in January that deemed the pay package excessive and rescinded it. Tesla plans to appeal the ruling, stating that the judge overruled a majority of shareholders. Musk and Tesla can appeal to the Delaware Supreme Court once a final order is entered. The appeal process could take up to a year.

Tesla blasts Glass Lewis, defends Elon Musk's $56 billion pay package

Livemint

Livemint · 1y ago

Tesla blasts Glass Lewis, defends Elon Musk's $56 billion pay package

Tesla Inc. has criticized proxy adviser Glass Lewis for recommending the rejection of CEO Elon Musk's proposed $56 billion pay package. In a letter to shareholders, Tesla accused Glass Lewis of omitting key considerations and relying on speculation. The company urged shareholders to ignore Glass Lewis's advice and support Musk's compensation package. The board is working to rally support for the package ahead of the annual meeting in June after it was nullified by a Delaware judge. Musk has previously criticized proxy advisers for holding too much power in shareholder voting decisions.

The case against Elon Musk’s $46 billion pay deal

Livemint

Livemint · 1y ago

The case against Elon Musk’s $46 billion pay deal

The upcoming annual general meeting at Tesla will see a vote on Elon Musk's controversial $46 billion pay deal. Critics argue that the deal is disproportionate, being nearly 300 times higher than the salary of America's highest-paid CEO. Furthermore, it is more than double Tesla's cumulative free cash flows and represents about 8% of the company's market value. Proponents argue that Musk deserves this compensation for his outstanding performance, and that denying it now would be biased hindsight. However, the focus on this issue highlights the governance problem at Tesla, where Musk dominates the board that is meant to oversee him.

Elon Musk Dances With Robot After $1 Trillion Tesla Pay Deal

StartupTalky

StartupTalky · 2d ago

Elon Musk Dances With Robot After $1 Trillion Tesla Pay Deal

Elon Musk celebrated the approval of his $1 trillion Tesla compensation package by dancing with Tesla’s humanoid robot, Optimus, during the company’s annual meeting in Austin. The package, securing Musk’s pay for the next decade, was approved despite opposition from some major investors. Musk aims to transform Tesla into a robotics and AI powerhouse. The compensation requires specific milestones, benefiting shareholders if achieved, linking future Tesla success closely with Musk’s strategic goals.

What does $48 billion get Tesla investors? A return of the old Elon Musk

Livemint

Livemint · 1y ago

What does $48 billion get Tesla investors? A return of the old Elon Musk

During Tesla's recent shareholder meeting, CEO Elon Musk expressed his excitement for the future, envisioning a world with billions of humanoid robots and a potential valuation of $30 trillion for Tesla. Shareholders voted to reauthorize Musk's $48 billion pay package, allowing him to regain his enthusiasm. However, concerns remain over Tesla's car business, with falling sales and emerging competition from China. Musk also faced lawsuits accusing him of wrongdoing and creating a separate AI company. Despite these challenges, Musk's vision of a robot-filled future and his ability to accelerate Tesla's growth resonated with shareholders.

Musk shifts Neuralink incorporation from Delaware to Nevada as he rails against $55 billion pay ruling

Business Insider

Business Insider · 1y ago

Musk shifts Neuralink incorporation from Delaware to Nevada as he rails against $55 billion pay ruling

Elon Musk has shifted the incorporation location of his brain-chip implant company Neuralink from Delaware to Nevada. The move comes after legal setbacks for Musk in Delaware, including a judge striking down his $55 billion pay package. Musk recommended incorporating in Nevada or Texas for shareholders to have more decision-making power. This is not the first time Musk has relocated his companies, previously moving X and expressing his intent to reincorporate Tesla. Delaware is known as the US's incorporation capital, but Musk has criticized it and advocated for Texas as a better option.

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