financetom
Business
financetom
/
Business
/
Tesla CEO Musk's pay package gets support from 77% of votes at investor meet
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Tesla CEO Musk's pay package gets support from 77% of votes at investor meet
Jun 14, 2024 3:54 AM

SAN FRANCISCO (Reuters) - Elon Musk's $56 billion pay package won an overwhelming 77% of votes cast by Tesla investors at its annual meeting, a company filing showed on Friday, despite vocal opposition from a number of institutional investors and proxy advisory firms.

The filing did not break down the vote based on the type of investor, but it underscored the support that Musk enjoys from retail investors, many of whom are fans of the mercurial billionaire.

Shares rose 1% before the bell Friday, after rallying nearly 3% in the previous session following a Musk post ahead of the vote that said the package was being approved by "wide margins".

Investors holding 1.76 billion shares voted in favor of the pay package, which is the largest in U.S. corporate history, while 528.9 million shares voted against and 20.6 million shares abstained, Friday's filing showed.

In 2018, 73% of Tesla investors had voted in favor of the same pay package, which was voided by a Delaware judge this year.

The approval does not, however, resolve a lawsuit on the pay package in a Delaware court, which some legal experts said could stretch out for months. The judge invalidated the pay in January, describing it as "unfathomable".

(Reporting by Hyunjoo Jin in San Francisco and Aditya Soni in Bengaluru; Editing by Arun Koyyur)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
SoftBank to invest in search startup Perplexity AI at $3 bln valuation, Bloomberg reports
SoftBank to invest in search startup Perplexity AI at $3 bln valuation, Bloomberg reports
Jun 26, 2024
June 27 (Reuters) - Japanese technology investor SoftBank Group Corp's ( SFTBF ) Vision Fund 2 is investing between $10 million and $20 million in U.S. search startup Perplexity AI at a valuation of $3 billion, Bloomberg News reported on Thursday. SoftBank will make this investment as part of a larger $250 million funding round, the report, said, citing people...
Fairfax India Holdings unit sells 9.7% stake in CSB Bank for $70 mln
Fairfax India Holdings unit sells 9.7% stake in CSB Bank for $70 mln
Jun 26, 2024
MUMBAI, June 27 (Reuters) - Fairfax India Holdings Corp ( FFXDF ) said on Thursday its wholly-owned subsidiary, FIH Mauritius Investments, sold a 9.7% stake in Indian private lender CSB Bank to comply with regulatory norms. The proceeds of the sale amounted to 5.9 billion rupees ($70.7 million) in gross terms, Fairfax India ( FFXDF ) said in a release....
SoftBank to invest in search startup Perplexity AI at $3 billion valuation, Bloomberg reports
SoftBank to invest in search startup Perplexity AI at $3 billion valuation, Bloomberg reports
Jun 26, 2024
(Reuters) - Japanese technology investor SoftBank Group Corp's ( SFTBF ) Vision Fund 2 is investing between $10 million and $20 million in U.S. search startup Perplexity AI at a valuation of $3 billion, Bloomberg News reported on Thursday. SoftBank will make this investment as part of a larger $250 million funding round, the report, said, citing people familiar with...
Canada's WestJet to cancel flights again after second strike notice
Canada's WestJet to cancel flights again after second strike notice
Jun 26, 2024
June 26 (Reuters) - Canada's WestJet Airlines has begun cancelling flights again after a union representing its maintenance engineers rejected a new pay offer and served a second strike notice, the carrier said on Wednesday. WestJet said this action would lead to an estimated 25 flight cancellations from June 27-28 and impact over 3,300 travellers. The airline had earlier in...
Copyright 2023-2026 - www.financetom.com All Rights Reserved