Shareholders approve Elon Musk's $44.9 billion Tesla pay package

14 Jun 2024 CW Team

Tesla shareholders voted to reinstate CEO Elon Musk's record $ 44.9 billion pay package, which had been nullified by a Delaware judge earlier this year. This decision indicates strong confidence in Musk's leadership of the electric vehicle manufacturer.

However, the approval does not guarantee Musk will receive the all-stock compensation soon. The package is expected to remain entangled in the Delaware Chancery Court and Supreme Court for several months as Tesla appeals the judge's decision.

Musk has expressed uncertainty about his future with Tesla this year. On X, the social media platform he owns, he wrote that he sought a 25% stake in the company to prevent him from shifting artificial intelligence development to other ventures. He stated that the increased stake is necessary to manage AI use effectively.

Tesla has also faced challenges with declining sales and profit margins amid a global slowdown in demand for electric vehicles. Despite these issues, Musk reassured shareholders at the company's annual meeting in Austin, Texas, that he plans to stay with Tesla. He informed them that he cannot sell any stock from the compensation package for five years.

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