Connect with us

Hi, what are you looking for?

THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle



Elon Musk says Tesla shareholders are voting in support of his $56 billion pay plan.

Listen to the article now

Tesla shareholders approved Elon Musk’s $56 billion remuneration proposal, a vote of confidence in his leadership and an incentive to focus on the electric vehicle company.

image credit:Medium

Musk counted the preliminary voting results accurately, according to a source. A meeting at Tesla’s Texas headquarters on Thursday at 4:30 p.m. EDT (2030 GMT) will decide.
“Thanks for your support!” Musk stated.
Shareholder approval would confirm Musk’s term and show investors’ reluctance to risk the company’s future.
Musk vowed in January to build AI and robotics technologies outside Tesla if he did not acquire enough voting authority, which would require 2018 pay package approval.

The company has abandoned inexpensive mass-market electric vehicles to focus on robotaxis, disappointing investors who feel the autonomous technology will be tough to perfect.

Tesla’s share price has plummeted over 60% since its 2021 peak as EV shipments slow and Musk’s focus shifts between Tesla and other firms. Tesla stock rose 3.8% Thursday afternoon.

Tesla Responds to Falling Sales with Price Reductions

Tesla slashes prices of cars globally amid falling sales

“This vindicates Musk and allays some investor concerns about his waning interest in Tesla,” said Leverage Shares senior research analyst Sandeep Rao, who owns Tesla stock.
Board chair Robyn Denholm claimed in a regulatory filing earlier this month that continuing the pay package was essential for “retaining Elon’s attention and motivating him.”
The board said Musk deserved the package for meeting his ambitious market value, sales, and profitability goals.
Tesla has been campaigning for Musk’s pay deal, especially among retail investors, who hold a disproportionate percentage of the firm but rarely vote. Support came from large institutional and retail investor ballots, according to a source.
Musk is crucial to Tesla’s growth, according to Platform X remarks. Tesla sponsored social media ads, and Musk promised to offer voting shareholders a visit to the Texas factory.
Tesla shareholders also chose to re-elect Musk’s brother, Kimbal Musk and Rupert Murdoch’s son, James Murdoch.


Comment Template

You May Also Like


  Ukrainian troops describe Russian tactics they see everyday with a brutal word. They call them “meat assaults”—waves of Russian troops attacking their defensive...


US President Joe Biden calmed top Democrats and campaign workers after rumors claimed he was considering his departure following last week’s dismal debate with...


Family members prayed and honored Patricia Portillo and Brayan Godoy. On Saturday, people gathered outside a closed Las Colinas Chick-fil-A to memorialize two employees...


South Dallas AT&T customers lose service following copper cable theft. Due to copper wire theft, AT&T customers in South Dallas are experiencing lengthy service...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.