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Tesla Shareholders Approve Elon Musk’s $50 Billion Payday

Tesla shareholders approve Elon Musk's $50 billion payday, granting him unprecedented control over the electric car giant.

Photo by Prometheus 🔥 / Unsplash

Compensation Package Gets Green Light

At Tesla’s annual shareholder meeting held in Austin, Texas, shareholders cheered as the preliminary outcome was announced. Musk, visibly elated, exclaimed, “Hot damn, I love you guys!” The vote not only approved Musk’s massive payday but also greenlit the company’s move from Delaware to Texas.

Musk’s Performance and Challenges

Musk’s leadership has been under scrutiny. While some shareholders expressed concerns about his divided attention across various ventures (including SpaceX, the Boring Company, X, and xAI), others argued that his compensation was justified. Tesla’s stock value has fluctuated significantly, and the pivot toward robotics and autonomous vehicles has left investors pondering the company’s future.

The Glass Lewis Concern

Proxy advising firm Glass Lewis raised a red flag, fearing that Musk’s compensation would grant him excessive power as Tesla’s largest shareholder. However, proponents of the package emphasized that it was essential to retain Musk’s focus and drive.

Musk’s compensation package, initially approved by over 70% of shareholders in 2018, faced legal challenges. A Delaware judge ruled in January that the package was an “unfathomable sum” and should be undone. Now, with the shareholders’ renewed approval, Musk gains even more control over the electric car giant.

With this monumental payday secured, all eyes are on Musk. How he wields his newfound power remains a tantalizing question—one that could shape Tesla’s trajectory in the years to come .