Elon Musk has thanked Tesla shareholders for voting to approve his $56billion pay package and to move the electric vehicle maker's legal home to Texas.
Musk, in a post on his social media platform X, claimed the shareholder resolutions had passed by 'wide margins', adding: 'Thanks for your support!!'
But the vote does not guarantee the move will be approved. Musk could still face a lengthy legal battle to convince the Delaware judge who said the Tesla board was 'beholden' to him, while potentially fielding fresh lawsuits over the latest vote.
Musk's shareholder update came just hours after he took to social media to brand the New York Times as 'disrespectful' and 'unkind' over its recent report that a remote Amazon tribe became addicted to porn after the arrival of Starlink internet.
The leader of the Marubo tribe rejected the newspaper's claims, which made headlines worldwide. The Times has since issued a clarification stating that the 'Marubo people are not addicted to pornography'.
Elon Musk (pictured in June 2023) has thanked Tesla shareholders for voting to approve his $56billion pay package and to move the electric vehicle maker's legal home to Texas.
Elon Musk (pictured in June 2023) has thanked Tesla shareholders for voting to approve his $56billion pay package and to move the electric vehicle maker's legal home to Texas.
The CEO, in a post on X, claimed the shareholder resolutions had passed by 'wide margins'
Tesla shares were up 6.6 percent in premarket trading on Thursday after rising 3.9 per cent a day before the shareholder meet.
Overwhelming shareholder approval of the largest remuneration terms in US corporate history could allay investor concerns about Musk's future at Tesla.
It could also give the electric carmaker ammunition in its fight to reverse a court decision to void the pay package.
The result will be announced at a meeting at Tesla's headquarters in Texas today at 4.30pm (2130 GMT).
A person familiar with the preliminary voting tally said a combination of big institutional investors and retail investor votes got the 'yes' result over the line.
However, Adam Badawi, a law professor at UC Berkeley, warned: 'Even if the shareholders do approve the old package, it is not clear that the Delaware court will allow that vote to be effective.'
Major proxy firms Glass Lewis and Institutional Shareholder Services (ISS) had urged shareholders to reject the pay package, and large investors including Norway's sovereign wealth fund had said they would vote against it.
Tesla shareholders also cast ballots on other proposals including the move of its legal headquarters from Delaware to Texas, as well as the re-election of two board members: Musk's brother Kimbal Musk and James Murdoch.
Texas Governor Greg Abbott congratulated Musk after his post, saying on X: 'Welcome to a state that has neither a personal nor a corporate income tax.' Daily Mail
