I don't see how he deserves a $56B pay package considering his company's performance in the last 6-9 months. His board of directors are under his thumb.
This is the second time the board voted to give him such an excessive amount of pay package. Tesla re-incorporated in Texas from Delaware after losing in Delaware.
The Delaware judge had a conscience and struck down the pay package. Hopefully the new judge in Texas will do the same but it is Texas so maybe not.
I am just glad our own SAS CEO is not greedy like E. E is already one of the richest men, if not the richest man in the world and it does not seem like it is enough for him but he wants more pay.
Tesla CEO Elon Musk won the backing of shareholders Thursday in his fight to reclaim a $56 billion pay package voided by a Delaware judge who ruled the record-breaking compensation was excessive.
Shareholders voted in favor of restoring the package they approved in 2018, Brandon Ehrhart, Tesla’s general counsel and board secretary, announced onstage at the company’s annual shareholder meeting. He did not announce the vote totals.
Ehrhart also said shareholders voted to move Tesla’s corporate home to Texas from Delaware, fleeing the state where most big companies are incorporated, after Musk said Delaware’s court system was “broken.”
The win for Musk came on the shoulders of Tesla’s individual investors, who Musk said backed him by a wide margin, in contrast to some institutional investors who criticized his pay. He used his account on X, where he has 187 million followers, to rally support among retail investors and criticize those who opposed him, such as a Norwegian sovereign wealth fund.
But the fight over the $56 billion isn’t over. The Delaware judge who struck down Musk’s compensation in January is likely to be asked to rule on whether the latest shareholder vote was fair under the state’s business laws. And last week, a different Tesla shareholder from the one involved in the earlier case filed a new lawsuit, arguing that the second vote should be ruled invalid.
Musk all but threatened to leave Tesla if shareholders didn’t grant him more shares.
Isn't this illegal for blackmailing shareholders?
Source:
https://www.nbcnews.com/tech/tech-news/elon-musk-wins-tesla-shareholder-vote-56-billion-pay-package-rcna156892