Elon Musk says Tesla pay deal vote is going in his favour

[Pelican Press 0]

Elon Musk says Tesla pay deal vote is going in his favour

Tesla boss Elon Musk has said shareholder votes on his multi-billion dollar pay package and a plan to move the firm’s legal headquarters to Texas are “currently passing by wide margins!”

Tesla shareholders have been voting on several proposals, including one that could confirm a pay deal for Mr Musk, that was worth $56bn (£43.8bn) when it was first agreed in 2018.

Tesla did not immediately respond to a request for comment from BBC News.

The company is due to make an official announcement on the result of the vote at a meeting on Thursday.

In a post on social platform X, formerly known as

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, Mr Musk also thanked his supporters.

Earlier this year, a Delaware judge voided the compensation deal after a small investor sued.

The judge ruled the sum was “unfair” and the process for determining the package, by a board dominated by Mr Musk, was “deeply flawed”.

Tesla called the decision “fundamentally unfair, and inconsistent with the will of the stockholders”.

The company then submitted the deal to another vote – and asked its shareholders to back a plan to reincorporate the company outside the state of Delaware.

The package – worth an estimated 300 times what the top-earning boss in the US made last year – won backing from 73% of shareholders who voted six years ago.

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