The automaker’s shareholders also approved the proposal to move the company’s legal headquarters from Delaware to Texas

Tesla shareholders, meeting in Austin, Texas (United States), this Thursday (June 13, 2024), approved a salary package of US$56 billion for the CEO of the North American automaker, Elon Musk. The company’s board argued that the businessman deserves the change for having achieved the established objectives of market value, revenue and profitability.

The decision, announced by Tesla, not only reaffirms support for Musk, but also approves the change of the company’s legal headquarters from Delaware to Texas. The billionaire, who had already expressed strong support for the proposals, thanked shareholders on his profile on X (formerly Twitter).

“Both Tesla shareholder resolutions are currently passing by wide margins! Thank you for your support!!”he wrote.

The approval came despite opposition from large institutional investors and a Delaware court ruling in January that invalidated the package, calling it “inconceivable”. Musk’s legal battle to reverse this decision remains ongoing, with possible new lawsuits.

Recently, Tesla has faced a slowdown in sales and profits, with its shares falling almost 60% since their peak in 2021. Controversies involving Musk, such as accusations of anti-Semitism and xenophobia at X (formerly Twitter), which he owns, have also impacted the company’s reputation and sales.


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