Tesla Shareholders Approve Elon Musk's $56B Pay Package & Relocation to Texas

Tesla shareholders have officially approved Elon Musk’s $56 billion pay package and relocation plan to Texas. The shareholders met at a meeting in Austin, TX on Thursday, signaling strong support for his leadership despite recent controversies.

This decision comes after a Delaware judge voided the original compensation plan earlier this year. As Reuters reported on June 13, Tesla shareholders have re-approved a pay package for CEO Elon Musk worth billions that was already thrown out by a Delaware judge earlier this year in a vote that June 13 (Reuters) - Tesla, opens new tab shareholders approved CEO Elon Musk's $56 billion pay package, the electric vehicle-maker said on Thursday, a big thumbs-up to his vision for the company.

The vote not only reaffirms Musk's compensation but also endorses the move to reincorporate Tesla in Texas. Tesla shareholders on Thursday voted to reinstate CEO Elon Musk's $56 billion pay package that was voided by a Delaware judge and change the company's state of incorporation. This represents a significant victory for Musk and underscores the shareholders’ confidence in his ability to drive future growth and innovation.

The approval of the pay package, which ties Musk's compensation to ambitious performance goals, demonstrates the belief that he is crucial to Tesla's continued success. The relocation to Texas is expected to offer greater operational flexibility and potential cost savings for the company.