Tesla shareholders have re-approved Elon Musk’s multibillion-dollar pay package, months after a Delaware lawsuit. he During the electric carmaker’s annual shareholder meeting, the company’s shareholders signed off on a proposal to restore Musk’s pay package, which is now worth about $48 billion. .
Delaware Court of Chancery Judge Kathaleen McCormick previously called the Tesla CEO’s $56 billion salary “an insane amount” when it was first confirmed in 2018. Musk responded by threatening to move the company’s state of incorporation to Texas during Tesla’s shareholder meeting.
Confirmation of Musk’s compensation does not guarantee that his eye-watering salary will be reinstated. As Bloomberg points out, the vote does not overturn the judge’s original decision, but Tesla will likely appeal and show a recent shareholder vote that proves the company’s shareholders have approved it.
Not surprisingly, Musk seemed pleased with the vote. “I just want to start for the hell of it. I love you,” he said after taking the stage at the shareholders’ meeting. He later said the reinstatement of his salary would not affect his short-term commitment to Tesla. “It’s important to emphasize that my five-year holding is Tesla stock. It’s not really cash and I can’t cut and run, nor would I want to.”
