Elon Musk Dances as Tesla Shareholders Restore $56B Pay
In New Delhi, Tesla shareholders voted on Thursday to approve CEO Elon Musk USD 44.9 billion compensation package, reinstating it after a Delaware judge had nullified it earlier this year.
On a video shared on Musk’s platform X, the 52-year-old billionaire danced in celebration of the overwhelming backing for his leadership at the premier electric vehicle manufacturer globally.
Elon Musk dance is 🔥. Tesla shareholders have spoken. pic.twitter.com/GiLWOtt8ZI
— Tesla Owners Silicon Valley (@teslaownersSV) June 13, 2024
Despite shareholder approval, Elon Musk won’t immediately receive the all-stock compensation package. Legal proceedings in Delaware Chancery Court and the Supreme Court may delay the payout for several months. Musk expressed uncertainties about his Tesla role this year, suggesting he desires a 25% stake to anchor his commitment to Tesla and control AI’s development. Concurrently, Tesla confronts obstacles including decreasing sales and profit margins amidst a global slowdown in electric vehicle demand.
During the annual meeting in Austin, Texas, Elon Musk reassured shareholders of his dedication to remaining with Tesla. ‘It’s not about cash, and I’m not looking to leave abruptly, nor do I have any desire to,’ he emphasized.
The company subsequently reported that shareholders had endorsed Musk’s compensation package, initially approved by the board and stockholders six years ago. Tesla recently valued the package at USD 44.9 billion in an April regulatory filing, down from its previous peak of USD 56 billion, mirroring the decline in Tesla’s stock, which has fallen approximately 25% this year.