Tesla shareholders voted to restore CEO Elon Musk’s $44.9 billion pay package, but the compensation remains tied up in legal proceedings in Delaware, Associated Press reports.
Musk reassured shareholders of his commitment to Tesla and addressed issues like the company’s falling sales and profit margins. The meeting also approved relocating Tesla’s legal home to Texas and changing board member terms. Musk also discussed advancements in Tesla’s “Full Self-Driving” system and the Optimus humanoid robot, emphasizing the company’s progress in these areas. Tesla’s stock saw a boost following the vote.
The pay package, initially approved in 2018, faces legal challenges due to allegations of board control by Musk and insufficient shareholder information. Despite opposition from some institutional investors, individual shareholder support likely ensured the pay package’s approval.
