FILE PHOTO: Tesla CEO Elon Musk and his security detail depart the company's local office in Washington, U.S. January 27, 2023. REUTERS/Jonathan Ernst//File Photo
A person familiar with the preliminary voting tally confirmed that Musk posted an accurate count of the figures. The result will be announced at a meeting at Tesla's headquarters in Texas at 4:30 pm ET on Thursday.The Tesla CEO could still face a long legal fight to convince a Delaware judge who invalidated the package in January, describing it as"unfathomable".
Board chair Robyn Denholm said in a regulatory filing earlier this month that reinstating the pay package was necessary for"retaining Elon's attention and motivating him." 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 source familiar with the figures said a combination of big institutional investors and retail investor votes were responsible for the support.
Musk's outspokenness and knack for creating controversy have also weighed on Tesla's reputation and sales. The company has faced numerous lawsuits claiming it tolerated harassment of workers, which it denies. "Even if the shareholders do approve the old package, it is not clear that the Delaware court will allow that vote to be effective," said Adam Badawi, a law professor at UC Berkeley.
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