Tesla’s (TSLA) shareholders have voted in favor of the whopping $56 billion pay package for CEO Elon Musk. In addition to this groundbreaking compensation plan, shareholders have also greenlit Tesla’s redomestication from Delaware to Texas, a strategic relocation that Musk had previously sought after his pay was initially denied by a Delaware judge.
Yahoo Finance Autos Reporter Pras Subramanian breaks down the details.
For more expert insight and the latest market action, click here to watch this full episode.
This post was written by Angel Smith
Follow along with Yahoo Finance’s coverage of Musk and his pay package saga:
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Is Elon Musk the right fit as Tesla’s CEO?
Takes from 3 Tesla shareholders: Unenthusiastic yes to unequivocal no as Musk awaits vote on his pay
Musk pay package: What’s incentivizing shareholder votes
Elon Musk’s $46B Tesla pay package: Explained
Video Transcript
I think it’s interesting.
They announced that they won the vote but then they played the the please vote hype video again just to show how great everything has been.
Uh since they approved that pray package, you take a victory.
I guess that’s what it is.
Um So uh we’ll see, it looks like maybe Elon Musk is coming out and, and greeting that there he is, he’s out there greeting the faithful.
Now the after he’s won this vote.
Yeah, looking very excited, very pumped.
He got his pay at least for now, right?
We it still needs to be kind of gone through possibly the court system again.
But uh it sounds like uh the Red Dometic happened which he of course pushed for after he, after his pay package was, was denied.
Uh So now the pay vote will go through.
He, he’s on the path towards getting that.
Um Tesla shares are obviously higher here.
Uh So, you know, I think we kind of saw this was gonna happen.
The question is what will the vote totals be?
They didn’t, they didn’t get divulge those yet.
So that’ll be interesting to see how, how close it came.
I don’t think it’ll be so close.
The question is, will it be less than 20 eighteen’s totals for his, for his pay package at least?
Uh And also I’m curious what the Red Dometic vote would be as well as you were following.
I mean, priz you were following this story so closely.
Are you surprised by what you heard today or?
No?
This is how you saw it playing out.
I, I mean, iii I thought that it was gonna pass no matter what.
But then we started hearing these bigger funds kind of come down and vocally say we’re not going to actually approve this pay package given what we’ve seen and dilution effects and just the overall size of the award.
Uh And then on the other side, he saw people like Ron Baron and people like Cathy, we talking about, well, it’s where he’s aligned with our interests.
So um I guess that was not surprising, but I think when the vote total comes out, maybe it will be significantly less than 73%.
We’ll see.
It may be over half.
I mean, obviously, obviously after over half, but uh the question is, how far above half will it be?
So that’s gonna be interesting to watch for her.
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