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Tesla asks shareholders to vote again on Musk’s $56 billion payout

Posted on AllSides April 17th, 2024
From The Center
Aude Guerrucci | Reuters

Tesla said Wednesday it will ask shareholders to reinstate CEO Elon Musk’s $56 billion pay package, which a Delaware judge voided earlier this year after ruling that the record-setting compensation deal was “deeply flawed.”

Tesla also said it would ask shareholders to approve moving the company’s incorporation from Delaware to Texas. Musk had suggested the move after his pay package was ruled illegal. The announcement Wednesday came days after the automaker said it would cut its workforce by 10%.

Tesla said the court decision created a “fundamental problem for the company.”

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