Chief Executive Officer of SpaceX and Tesla and owner of Twitter Elon Musk gestures as he attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris June 16, 2023. — Reuters picNEW YORK, June 13 — Tesla shareholders were voting in favour of a US$56 billion pay package for Elon Musk and to move the electric vehicle maker’s legal home to Texas, the CEO said on social media yesterday.
Tesla shares were up 6.7 per cent in premarket trading today after rising 3.9 per cent a day before the shareholder meet. Tesla’s stock has lost nearly 60 per cent of its value from its peak in 2021, when Musk started selling billions of dollars’ worth of his stake partly to help finance his purchase of Twitter, sparking concerns that he would be spread too thin. He now runs six firms, including rocket-builder SpaceX, social media giant X — formerly Twitter — and the artificial intelligence firm xAI, which Musk created in 2023.
Tesla has been drumming up support for Musk’s pay package, especially from retail investors, who make up an unusually high percentage of its ownership base but who often do not vote. The pay package is also needed to keep Musk devoted to Tesla, the board said, even though the Delaware judge said the 2018 pay plan failed to make sure that Musk committed a substantial amount of time to Tesla, a concern echoed by investors as well.
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