24hoursworld

Elon Musk won approval for his millionaire compensation package at Tesla

Elon Musk won approval for his millionaire compensation package at Tesla
Elon Musk won approval for his millionaire compensation package at Tesla

Tesla holds its annual shareholder meeting after the market closes on Thursday. Musk couldn’t wait, posting on X late Wednesday that both resolutions are “currently moving forward with wide margins.”

Reuters

The actions of Tesla (TSLA) experience a sharp increase after Elon Musk hinted that the vote on his compensation package is moving forward by wide margins.

Tesla’s CEO revealed Wednesday night that shareholders were ready to approve his $56 billion 2018 pay package and the electric vehicle giant’s reinstatement in Texas, moving it from Delaware. Thus, the shares of the electric car firm rise this Thursday before the market opens.

Tesla shares climbed more than 6% in pre-market trading, adding to Wednesday’s 3.9% gain, when shares they regained their 50-day moving average later having fallen below that key level on Tuesday for the first time since May 13.

Tesla: what the market analyzes

Tesla holds its annual shareholder meeting after the market closes on Thursday. Musk couldn’t wait, posting on X late Wednesday that both resolutions are “currently moving forward with wide margins.”

Musk’s post included two charts, one for each vote, showing that both his compensation deal and reinstatement questions had surpassed the “guaranteed win” level. The Tesla leader’s social media announcement was made at 10:50 pm EST.

Final vote totals will be announced at Tesla’s annual shareholder meeting on Thursday after the market closes. The vote on compensation Musk requires a simple majority of votes, excluding those of Musk and his brother Kimbal. Meanwhile, the vote to reinstate Tesla in Texas requires a majority of all outstanding shares, with any votes not cast counting as “no.”

Before the meeting, There were concerns that Musk would leave the electric vehicle company or redeploy resources if he was not awarded his compensation package, currently valued at about $45 billion.

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts