world : Musk says Tesla investors backing pay deal

world : Musk says Tesla investors backing pay deal
world : Musk says Tesla investors backing pay deal

Thursday 13 June 2024 10:30 PM

Nafeza 2 world - 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 board has said Mr Musk deserves the package because Tesla achieved its ambitious targets under his leadership and that it is necessary to ensure he remains dedicated to the company.

Tesla executives also expressed support for the package in social media posts, saying that Mr Musk is crucial to the company's success.

Meanwhile, Mr Musk promised a personal tour of Tesla's factory in Texas to some shareholders who cast votes.

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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