Elon Musk hailed “the most impressive shareholder base” after Tesla investors backed his record £44bn pay deal.
Despite opposition from major investors, 77 percent of shareholders backed the largest pay award in U.S. history.
Influential proxy advisors Institutional Shareholder Services and Glass Lewis opposed the deal, and Tesla’s eighth-largest shareholder, Norway’s sovereign wealth fund, came out against the package.
But after the pay deal was finally approved at the annual shareholder meeting in Austin, Texas, Musk took the stage and said, “I just want to start by saying, damn, I love you guys.” “We have the most impressive shareholder base of any public company.”
Critics of the pay deal have raised concerns about Musk’s erratic behavior and his ability to compromise, given his roles at other companies, including social media platform X, formerly called Twitter.
Record award: But critics of the pay deal have raised concerns about Elon Musk’s erratic behavior
A Delaware judge struck down the package in January, ruling that the board had set it up inappropriately. The deal was struck six years ago and is tied to performance targets.
But the Delaware judge will now examine the vote and must decide whether Musk, 52, improperly influenced the result.
Shareholders also agreed that the company would move its legal domicile to Texas from Delaware.
Musk posted on