Tesla shareholders have voted to reinstate around $49 billion worth of compensation for company co-founder Elon Musk after a Delaware judge blocked the pay in January , which represents the largest CEO package ever granted. Stockholders had until the start of the meeting, which began at 3:30 pm central time, to cast or change their votes. In 2018, Tesla’s board agreed to pay Musk the lofty sum in stock options upon completing several ambitious company goals, which the CEO fulfilled.
Incredible Tesla factory satellite images show unsold cars piling up in EV graveyard Mechanic urges drivers used Tesla shopping watch out for three common failure points The 2018 payday included 303 million split-adjusted stock options for the automaker’s co-founder. However, a Tesla shareholder letter later expressed concern over the compensation plan’s amount, resulting in Delaware Chancery Court Judge Kathaleen McCormick blocking the payment. Judge McCormick wrote that the process of coming up with the compensation was “deeply flawed,” partly because he had “extensive ties” to some of the people negotiating on behalf of Tesla.
Ahead of the shareholder’s meeting, several prominent voices lobbied for whether or not Musk should receive his board-approved stock options. Musk appeared to have hinted at a possibility of leaving Tesla if he didn’t get his requests, which included the compensation and over 20 percent company voting control, by posting on X , formerly Twitter: “I am .