It appears to be like just like the proprietor of X and the CEO of Tesla and SpaceX are going to want a much bigger pockets, as Tesla shareholders voted Thursday to reinstate his huge $56 billion pay package deal after a Delaware choose spat in January. Shareholders additionally permitted Musk’s bid to maneuver the corporate’s company headquarters from Delaware to Texas, the place the automaker has its largest manufacturing unit. Tesla shares jumped 2.9 p.c on the information.
Musk was ecstatic after the vote, simply as I’d have been if I had recognized I might make $56 billion:
Elon Musk danced 🔥 Tesla’s shareholders have spoken. pic.twitter.com/GiLWOtt8ZI
— Tesla Homeowners Silicon Valley (@teslaownersSV) June 13, 2024
It’s unclear whether or not he’ll truly obtain the cash, although his battle will proceed:
However the struggle over the $56 billion is not over. The Delaware choose who struck down Musk’s compensation in January could also be requested to rule on whether or not the most recent shareholder vote is truthful beneath state enterprise legislation. And final week, a separate Tesla shareholder from the one concerned within the earlier case filed a brand new lawsuit, arguing that the second vote needs to be declared invalid.
Both manner, Texas Governor Greg Abbott is glad to have him within the state:
Congratulations Elon on receiving your promised wage and your new addition to Texas.
Welcome to a state with no private or company earnings tax https://t.co/HOKd9oOcFA
— Greg Abbott (@GregAbbott_TX) June 13, 2024
The choose beforehand dominated that the pay, which consisted of inventory choices tied to Tesla’s numerous efficiency benchmarks, was extreme:
The compensation package deal was beforehand price $56 billion in Tesla inventory. In January, a Delaware courtroom known as the wage “unfathomable.” Choose Kathleen McCormick discovered that Tesla’s board members lacked independence from Musk, didn’t correctly negotiate with the CEO and didn’t give the complete image earlier than asking shareholders to vote on his pay plan.
Apparently pumped-up Musk instructed shareholders he cherished them:
Scorching rattling I really like you guys! ♥️
1 Elon Musk pic.twitter.com/mIt1fZ9Qi3
— DogeDesigner (@cb_doge) June 13, 2024
He is hardly strapped for money, although, and has a web price of about $207 billion, making him the world’s richest particular person at present (although on any day Amazon founder Jeff Bezos or French businessman Bernard Arnault might take the highest spot, relying on the inventory market).
Whereas that is clearly excellent news for Musk, Tesla has had a bumpy street recently as electrical automotive gross sales have slumped amid low demand. The inventory rose almost three p.c on Thursday, as famous, however continues to be down 27 p.c for the 12 months:
Tesla inventory takes a beating as demand for electrical vehicles slows
Nonetheless… it positive is nice to be Elon Musk.
