Tesla's Musk wins shareholder approval for US$56 billion pay package, touts his ability to 'deliver'

Tesla shareholders approved CEO Elon Musk's US$56 billion pay package, the electric vehicle-maker said on Jun 13, 2024. 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 incentive to keep his focus on his biggest source of wealth.

The approval does not, however, resolve a lawsuit on the pay package in a Delaware court, which some legal experts think could stretch out for months.Musk may also face fresh lawsuits on the package, which would be the largest in US corporate history. Shareholders had voted for this package in 2018. Shareholders did increase the level of investor control by passing proposals in favor of shortening board terms to one year and lowering voting requirements for proposals to a simple majority, despite board opposition to both.

"They are brushing aside essentially key man risks, where Tesla has become even more dependent on Musk going forward," said Jason Schloetzer, a business professor at Georgetown University with expertise in corporate governance. He talked at length about plans for autonomous cars, though he gave no time frame for a launch of self-driving vehicles.

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