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Tesla Investors Get Behind Musk’s Fight for $56 Billion Pay Deal
- Proposal passes with 72% of votes, just shy of 2018 percentage
- Shareholders also sign off on moving legal domicile to Texas
WATCH: Tesla CEO Elon Musk and General Counsel Brandon Ehrhart on stage at the shareholder meeting.
Source: OtherTesla Inc. investors re-approved Elon Musk’s compensation and cleared the company moving its legal home to Texas, offering votes of confidence in the chief executive despite a sales slump and falling stock price.
The proposal to ratify an award of stock options worth up to $55.8 billion passed with around 72% of votes cast in favor, Tesla said in a regulatory filing Friday. That’s roughly one percentage point shy of the support Musk received when the company first proposed the pay package in 2018.