Elon Musk Secures $56bn Tesla Pay Package

Elon Musk has secured a substantial pay package, potentially worth up to $56 billion, dependent on Tesla’s share price. 

Recall that earlier this year a judge in Delaware blocked the package, citing concerns that shareholders might be affected.
But the shareholders had unanimously approved the package to his (Musk) victory.

Musk excited about the endorsement said, “Hot damn, I love you guys,” at the firm’s annual meeting in Texas. 

Musk received a vote of approval of shareholders but  legal experts cautioned that the court might not accept this re-vote and allow the company to reinstate the package.

“The vote changes nothing,” said Mathieu Shapiro, managing partner at law firm Obermayer Rebmann Maxwell & Hippel. It only offers Tesla opportunities to try to use the vote to obtain a better decision going forward,” he added.

Although, the exact vote margin was not disclosed, Musk hinted at the results on his social media platform, X.com, with shares closing nearly 3% higher.

Despite Judge Kathaleen McCormick’s ruling that the package was “unfair” and the board’s process “deeply flawed,” Tesla defended the package as aligned with shareholder interests.