Twitter, now X. Corp, and Tesla CEO Elon Musk meets France's Finance Minister Bruno Lemaire, unseen, during the 6th edition of the "Choose France" summit, in Versailles, outside Paris, France, Monday, May 15, 2023. Tesla shareholders approved CEO Elon Musk's US$56 billion pay package, the electric vehicle-maker said on Thursday, a big thumbs-up to his leadership and an enticement for keeping his focus on his biggest source of wealth.
Shareholder approval for the compensation serves as both an endorsement of Musk's tenure and an acknowledgment that investors do not want to risk the company's future. "This vindicates Musk and allays some investor concerns around his waning interest in Tesla," said Sandeep Rao, senior researcher at Leverage Shares, which owns Tesla's stock.
While Musk is undoubtedly Tesla's driving force, and is credited with much of its success, the company's sales and profit have slowed. There are concerns that he is spreading himself too thin. The Delaware judge who ruled against the package criticized Tesla's board for being "beholden" to him, saying the plan was proposed by a conflicted board with close personal and financial ties to its top executive.
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