Tesla Shareholders Approve CEO Elon Musk’s $56 Billion Compensation

Shareholders at Tesla on June 13 voted to ratify CEO Elon Musk’s $56 billion compensation package and approved a plan to move the electric vehicle maker’s legal headquarters to Texas.

On the social media platform X, which he owns, Mr. Musk shared what appeared to be two charts showing the results of the vote ahead of Tesla’s annual meeting in Austin, Texas.

The Space X founder said both shareholder resolutions were “currently passing by wide margins” but stopped short of disclosing the exact results of the vote.

“Thanks for your support,” he wrote.

The pay package shareholders voted to approve was initially granted by Tesla to Mr. Musk in 2018.

Under the compensation plan, Mr. Musk could secure 12 tranches of Tesla stock options, which would vest if Tesla achieved various market capitalization and operational “milestones,” such as a $50 billion increase in its market capitalization.

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