Web Desk 
Jun 14, 2024
In a surprising string of events, the previously-rejected huge pay package of Elon Musk has been approved by the key Telsa shareholders.
Elon Musk pay deal approved
The enormously salary package, dragged without a grant for too long, was put down by a Delaware court judge earlier this year. Not only did the stakeholders approve formerly-overdue pay package, but also the reinstatement of two crucial members of the board, including James Murdoch and Kimbal Musk, Elon’s brother.
During a period of intense turmoil for Tesla, where reports of diminishing sales, softer demand, and falling revenue have caused the stock price to plummet, the vote was widely interpreted as a referendum on Musk's leadership.
The business needs to restructure its outdated vehicle lineup, has let go of at least 10% of its personnel, and Musk's bet on AI and robotics may or may not pay off.
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Notwithstanding all of this, Tesla's shareholders gave him a huge boost when they approved a remuneration plan that places him among the best paid CEOs in contemporary history.
“I just want to start off by saying, hot damn, I love you guys,” Musk said, after taking the stage with this arms raised in victory.
The result was, in a sense, quite foreseeable. It's obvious that investors wanted to reward Musk for turning Tesla into the most valuable automaker in the world and for making a ton of money for himself along the way.
Additionally, they wished to disprove those who have questioned his leadership decisions in the past few years, particularly because his focus has shifted to other endeavours like the business that was formerly known as Twitter.
Compared to big institutional investors, Tesla has an exceptionally high percentage of retail investors, commonly referred to as mom-and-pop investors. Retail shareholders of the corporation vehemently disagreed with the recommendation of multiple prestigious proxy consulting firms to vote against the proposal.
