Sunday, July - Unleash the News at the Speed of Thought!

Tesla Shareholders to Vote on Elon Musk’s Pay Package

Under Elon Musk’s leadership, Tesla popularized electric vehicles and became the most valuable auto company in the world. Mr. Musk became a billionaire many times over while generating huge profits for investors.

Even so, Tesla’s shareholders may decide this week that Mr. Musk has been paid too much.

In a vote whose results will be announced on Thursday, the investors could strike down a compensation package — paid in stock options and currently worth $45 billion — that makes up a substantial portion of Mr. Musk’s wealth.

With it, he is probably the richest person in the world, worth well over $200 billion. Without it, he could rank behind other billionaires like Jeff Bezos of Amazon.

Shareholders approved the pay formula in 2018 but are voting on it for a second time because a judge in Delaware voided the package in January. She ruled that Mr. Musk had largely dictated the terms to a board of directors stacked with close friends, people he made rich and his brother.


Leave a Reply

Your email address will not be published. Required fields are marked *