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Tesla shareholders voted to pay Elon Musk a giga sum

Tesla shareholders voted to pay Elon Musk a giga sum

Tesla shareholders voted in favor of the payment package, on the basis of which CEO Elon Musk could be enriched with a salary of $45 billion. Musk's leadership strategy has previously sparked controversy within the company, as the billionaire had to fight to maintain the largest pay package ever given to the head of a US-listed company.

“I'd like to start by saying I love you all so much!”

– The company director responded after the shareholders voted for him to pay in gigabytes. The vote was taken after a Delaware judge invalidated Musk's $56 billion salary in January. The argument was that Tesla's board of directors was influenced by Musk, so Musk obtained the huge sum through an illegal process.

Both Tesla's board of directors and Musk campaigned extensively to approve Musk's higher salary. The board's argument was that otherwise Musk would walk away from the company. Many shareholders, such as Norway's sovereign wealth fund and other foreign companies, voted against the payment.

Right now, the vote doesn't mean Musk will definitely get the money. Questions remain, for example, about whether the board is independent and whether the remuneration is fair after having previously been overturned by a court decision. New lawsuits may begin in this case. However, the matter is further complicated by the fact that Tesla's headquarters has been moved from Delaware to Texas.

Tesla developed Elon Musk's pay package in 2017, which was approved by shareholders in 2018. But an investor filed a lawsuit, saying the board was misleading in negotiating the package and that Musk's pay was unfair. A Delaware court then ruled that the board was guilty of misrepresentation, and that the board itself was made up of close allies of Musk.

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