Tesla shareholders set to approve Elon Musk's $84b pay package
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The news: Elon Musk has said Tesla's shareholders will vote to approve his USD56 billion ($84 billion) pay package, and to move the carmaker's legal home to Texas.
The numbers: The proposed compensation package does not include salary or cash bonus, but sets rewards based on Tesla’s market value increasing to as much as USD650 billion in the next decade.
The context: Posting on X, Musk said: "Both Tesla shareholder resolutions are currently passing by wide margins!"
A person familiar with the preliminary tally confirmed Musk's post, and said that approval of the resolutions were boosted by big institutional investors and a retail investor, Reuters reported.
The voting results, which could see Musk receive the largest incentive package in US corporate history, will be announced at Tesla's annual general meeting on Thursday.
In January, a Delaware court, where Tesla is currently incorporated, voided Musk's proposed remuneration package, with judge Kathaleen McCormick ruling that the pay stub had been improperly approved by the company’s board and had short-changed shareholders.
A lawsuit had been filed by a number of Tesla shareholders who claimed the award was excessive, despite shareholders having previously approved the pay deal in 2018.
Tesla shareholders are also set to vote on other proposals including the re-election of two board members: Musk's brother Kimbal Musk and Rupert Murdoch's son James Murdoch who was the former CEO of 21st Century Fox.
