Tesla Shareholders Approve Elon Musk’s Historic $56 Billion Pay Deal

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Tesla shareholders showed tremendous support as they strongly voted in favor of Elon Musk’s $56 billion pay package and the relocation of the company’s legal headquarters to Texas. Musk expressed gratitude for the shareholders’ support despite the legal challenges. Notably, it is the largest pay deal in U.S. corporate history, which the Tesla board believes should be awarded to Musk for achieving specific market value, revenue, and profitability milestones. A Delaware judge had previously criticized the board, citing the amount as ‘unfathomable’ and pointing out the failure to ensure proper shareholder consent.