Singapore markets close in 3 hours 41 minutes
  • Straits Times Index

    -25.20 (-0.73%)
  • Nikkei

    -1,182.36 (-3.02%)
  • Hang Seng

    -243.26 (-1.41%)
  • FTSE 100

    -13.68 (-0.17%)
  • Bitcoin USD

    -1,507.59 (-2.29%)
  • CMC Crypto 200

    -56.39 (-4.13%)
  • S&P 500

    -128.61 (-2.31%)
  • Dow

    -504.23 (-1.25%)
  • Nasdaq

    -654.99 (-3.64%)
  • Gold

    -41.20 (-1.71%)
  • Crude Oil

    -0.66 (-0.85%)
  • 10-Yr Bond

    +0.0470 (+1.11%)
  • FTSE Bursa Malaysia

    -4.44 (-0.27%)
  • Jakarta Composite Index

    -43.07 (-0.59%)
  • PSE Index

    -74.29 (-1.10%)

Musk says Tesla shareholders on track to approve massive pay package

Elon Musk said late Wednesday night that Tesla shareholders are on track to approve a massive pay package worth as much as $56 billion, after it was struck down by a Delaware judge earlier this year.

In a post on his social media platform X, Musk said the votes on both his pay package and reincorporating the electric vehicle company in Texas were passing by “wide margins.”

He shared two graphs showing the votes in favor of both measures had surpassed the level needed to ensure a “guaranteed win.”

“Thanks for your support,” Musk added in the post.

The controversial 2018 compensation agreement was struck down by a Delaware judge in January, who found it was not negotiated fairly.

A group of Tesla shareholders sued over the pay package, which granted Musk a 1 percent stake in the company for each of 12 stock price and revenue milestones that were ultimately met.

They argued that the massive pay package, which would see Musk’s control over Tesla rise from 21 percent to 28 percent, was approved because Musk effectively controlled the board.

Chancery Judge Kathaleen McCormick, who stuck down the agreement, said in her ruling that the bonus grant was the largest ever in the history of U.S. private business.

Musk announced his plans to hold a shareholder vote on moving Tesla’s incorporation to Texas shortly after the ruling.

“Never incorporate your company in the state of Delaware,” he said in a post on X at the time.

He has since also moved the site of incorporation for his spacecraft and satellite communications company SpaceX and his neurotechnology company Neuralink from Delaware to Texas.

Copyright 2024 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

For the latest news, weather, sports, and streaming video, head to The Hill.