These must-have Insider Deal household items are at unbeatable prices!FILE - Tesla CEO Elon Musk leaves the Tesla Gigafactory for electric cars after a visit in Gruenheide near Berlin, Germany, March 13, 2024. If Tesla shareholders vote against restoring Elon Musk's $44.9 billion pay package that was tossed out by a Delaware judge, the CEO could deliver on threats to take artificial intelligence research to another firm, or even leave Tesla.
shareholders do officially approve his compensation package at Tesla's annual shareholders' meeting Thursday According to Musk, early indications suggest that shareholders also back the relocation of Tesla's legal home to Texas, and out of Delaware.that invalidated Musk's pay package. In a January opinion on a shareholder lawsuit, the judge determined that Musk controlled the Tesla board and is not entitled to the landmark package once worth nearly $56 billion.
One institutional investor who came out against the package is California's State Teachers Retirement System. The large pension fund said Tuesday that it would vote against Musk's pay"based on its sheer magnitude, and because the award would be extremely dilutive to shareholders. We also have concerns with the lack of focus on profitability for the company.
Tesla has said the 2018 award incentivized Musk to create over $735 billion in value for shareholders in the six years since it was approved. In an order denying Tornetta’s motions, Chancellor McCormick wrote that she interprets Tesla’s letters to mean it has no intention of relocating the case to Texas. “The defendants’ statements give me great comfort,” she wrote.
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