Elon Musk said the vote on Tesla’s pay agreement is in his favor

Tesla boss Elon Musk said shareholder votes on his multibillion-dollar pay package and plans to move the company’s legal headquarters to Texas “are now over a huge margin!” “

Tesla shareholders voted on several proposals, including one that would have confirmed Musk’s pay deal, which was worth $56 billion when first agreed in 2018.

The company is expected to make a formal announcement about the voting results at a meeting on Thursday.

Tesla did not immediately respond to a request for comment from BBC News.

In a post on social platform X, formerly known as Twitter, Mr. Musk thanked his supporters.

However, legal experts say it remains unclear whether the court will accept the re-vote, which is non-binding and allows the company to reinstate its payment plan.

Earlier this year, a Delaware judge threw out the settlement after a small investor sued.

The judge ruled the amount was “unfair” and that the process by which the bid was determined, by a panel dominated by Mr Musk, was “seriously flawed”.

Tesla called the decision “fundamentally unfair and inconsistent with the will of shareholders.”

The company then submitted the deal for another vote – and asked shareholders to support a plan to reincorporate the company outside the state of Delaware.

The board said Mr. Musk deserved the package because Tesla had achieved ambitious goals under his leadership and needed to ensure he remained dedicated to the company.

Tesla executives also expressed support for the package in social media posts, saying Mr. Musk was important to the company’s success.

Meanwhile, this billionaire promised to personally tour the Tesla factory in Texas with some shareholders who support him.

The package – worth an estimated 300 times what America’s highest-earning boss earned last year – won support from 73% of shareholders who voted six years ago.


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