TESLA

Elon Musk has super salary of $56 billion approved

Without official results yet, it was on his X network that Elon Musk announced that Tesla group shareholders will have approved his remuneration plan “by a large margin”.

In a message published on the social network to the resolutions to approve its $56 billion prize and the transfer of Tesla's registration from Delaware (east) to Texas (south).

The official results of the vote have not yet been published.

The car manufacturer campaigned until the last moment for its shareholders to approve its president's enormous remuneration plan. “Time is running out”, read, on Wednesday afternoon, on the website votetesla.com, created for the occasion, while a clock counting down marked the seconds to 11:59 pm in Texas (4:49 am GMT), voting closing time.

“Your vote is crucial to Tesla’s future growth and success and the value of your investment”, insisted the electric vehicle specialist in a video in which she explained, with the help of her humanoid robot Optimus, how to vote.

To encourage voting, the group organized a draw for 15 guided tours of the Austin (Texas) megafactory, with Elon Musk and Franz von Holzhausen, Tesla's chief designer, as guides.

In addition to the dedicated web page and help from Optimus, numerous messages were published on the X, as well as advertising on the Internet, as if it were an electoral election.

The group relies on small shareholders to make a difference compared to large investors, several of whom have announced in recent days that they oppose the remuneration package.

These institutional investors had already taken this position on March 21, 2018, when this financial package was submitted to shareholders at an extraordinary general meeting. At the time, “yes” won with 73%, excluding the votes of Elon Musk and his brother Kimbal.

The package was valued at 56 billion dollars and provided for the distribution of shares over 10 years, based on specific objectives, but an appeal filed by a shareholder in a Delaware court led to its annulment by a judge at the end of January.

However, in mid-April, the Board of Directors took steps to put the plan back into practice, including it on the agenda of today's Annual General Meeting.

“The Board of Directors supports this remuneration plan. We believed in him in 2018, when we asked Elon to pursue notable goals to grow the business”, argued the board at the time.

The value of Tesla shares was $20.70 at the close of the stock market on Wall Street the day before the 2018 general meeting, and $177.29 at the close on Wednesday.

According to the Wall Street Journal, the “yes” and “no” votes were tied on Tuesday.

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