Tesla shareholders voted for Elon Musk’s $56 billion payout

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Tesla CEO Elon Musk says that the firm’s shareholders are “currently passing wide margins” on a plan to pay the multi-billionaire an unprecedented payout as well as to move the firm’s legal headquarters to Texas after Musk’s plans are approved by the company’s board.

Tesla shareholder proposals have been put to a vote by the company’s board of directors, which includes one that is potentially going to confirm the $56 billion (£43.8 billion) pay deal that Musk was offered at the beginning of 2018, when it was originally agreed upon.

There is an announcement due to be made by the company on Thursday following the vote that took place at a meeting on Thursday.

Aside from that, Musk also sent out a message on social media platform X, formerly known as Twitter, to thank his supporters.

In an attempt to allay fears that Musk might leave the company, the stock of the company traded more than 6.5% higher than it had been in the previous trading session, which according to analyst Dan Ives of Wedbush Securities indicates investor confidence that the deal is on track.

I have summed up my feelings by saying that the failure of this proposal would have resulted in a great deal of bad outcomes, one of which would have been Musk starting on a path to no longer being CEO of Tesla.”

It isn’t clear, however, whether a court that has blocked the deal will agree to accept the re-vote that is non-binding and allow Ford to restore its pay package if the re-vote is not accepted by the court.

Timenews1 provided that information.

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